Is it Time to Speak Up?
Before ATI Investment Consulting, Inc. was born, Tony and I had a wake-up call. We were fortunate to get it, as often times life’s harsh realities can land without warning and without time to prepare. My father became ill, and was unable to handle the financial matters. My mother was busy taking care of my father, and sorting out the finances was not only foreign to her, but it was overwhelming. Luckily, we were able to assist them in getting the files in order, consolidating accounts to streamline the recordkeeping, and of course, adjusting the portfolio to reflect some new financial goals (namely, meeting the challenge of affording indefinite health care costs, and rising costs of this care). It was not an easy discussion to have – but luckily they had a reason to bring it up to us. But what if they hadn’t?
At the bare minimum, someone needs to know what your loved ones want for themselves; where the financial and legal records are kept; and who the contact persons are. If legal documents are not in order, such as a will, a durable power of attorney and a healthcare proxy, encourage your loved ones to find an elder care attorney to assist them in their estate planning. If you have siblings, it may be a good idea to involve them in the discussion, as well. Approach the topic with sensitivity, and let them know you want to make sure their wishes are carried out, but you will need to know what those wishes are. Of course, by setting a good example and getting your finances in order, you can share this experience with them, and let them know you are there to help them in any way. Once you open up the conversation and share what you are doing, it may seem less about them “getting old" and more about making sure everything is where it needs to be. Follow their lead on this. If they don't want to talk about it, respect that; but let them know you don't think of this as a burden in any way, and they may just enlist your help.
We are here to help, as well. As a courtesy to clients, ATI is always available to provide a complimentary consultation on estate planning considerations. Knowing that they can receive an unbiased, third party opinion on these personal matters may make it easier for them to open up. Call us if we can help in any way 631.675.1420.
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