General Information
1. Has relevant personal information been gathered?
- Name, phone number, and address of parent
- Parent’s date of birth
- Parent’s Social Security number
- Name, phone number, and address of attorney, physician, geriatric care manager, or other advisor
- Parent’s legal state of residence
- Parent’s health status
- Parent’s marital status
- Family members available for support
2. Has the parent’s financial situation been assessed?
- Income from pension, Social Security, employment, or other source
- Expenses
- Assets
- Liabilities
Insurance Planning
1. Does the parent have life insurance?
2. Does the parent have long-term care insurance?
3. Does the parent have adequate health insurance?
- Medicare
- Medigap
4. Does the parent have an adequate amount of other types of insurance?
- Homeowners insurance
- Auto insurance
- Umbrella liability insurance
Estate Planning
1. Does the parent have an updated will?
2. Has the parent prepared advanced directives?
- Durable power of attorney
- Living will
- Health-care proxy
3. Has the parent prepared letters of instruction?
4. If the parent’s estate is likely to be subject to estate tax, have ways to minimize estate taxes been considered?
5. Has the parent made funeral arrangements?
Housing Issues
1. Is the parent’s current housing situation satisfactory?
2. If so, have contingency plans been made in case a housing change is necessary in the future?
3. Have the parent’s wishes regarding housing been considered?
4. Have the child’s wishes regarding housing been considered?
5. Does the parent currently need nursing home care?
6. Have alternative housing options been explored?
- Remaining in home (possibly with in-home care)
- Moving in with relative
- Assisted living
- Continuing care retirement communities
- Senior apartments
- Nursing home
7. Have adult day-care options been discussed and evaluated?
Financial Issues
1. Does the parent have enough money from income and savings to sustain his or her lifestyle?
2. Is his or her asset allocation still suitable?
3. Is the parent able to make appropriate financial decisions?
4. Should the child’s name be added to accounts?
5. Does Medicaid planning need to be considered?
6. Will the parent be dependent on the child for financial support?
7. If so, have the child’s financial needs been considered?
8. Have distribution strategies been discussed and evaluated?
Other
1. Has a list of important documents and records been prepared?
- Bank account records (statements and passbooks)
- Stock certificates, bonds, and other investment records
- Credit card statements
- Mortgage, insurance, utility bills
- Retirement plan statements
- Income tax returns for the last three years
- Real estate deeds, mortgages, and other property ownership records
- Vehicle titles
- Business agreements
- Insurance policies
- Will, trust, advanced directives, letters of instruction, and other documents
- Location of and key to safe-deposit box
- Birth certificate and marriage or divorce certificates
- Citizenship records
- Passport
- Military records
2. If the parent has an interest in a business, have arrangements been made to continue or dispose of the interest in the event of incapacity or death?
If you have questions or need assistance, contact the experts at Henssler Financial:
- Experts Request Form
- Email: experts@henssler.com
- Phone: 770-429-9166
Disclosures: The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. This article is meant to provide valuable background information on particular investments, NOT a recommendation to buy. The investments referenced within this article may currently be traded by Henssler Financial. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing. Henssler is not licensed to offer or sell insurance products, and this overview is not to be construed as an offer to purchase any insurance products.
