Many adult children are willing to help with the financial future of their aging parents, but oftentimes, they do not know what responsibilities they should assume. Any miscommunication in this process can create emotional and financial problems in the future. Aging parents should make sure that they communicate the various aspects of aging effectively with their children, including who will be their caregiver when assistance is needed, who will maintain financial records, and who will be the executor of their estate.
If there is miscommunication, it can lead to unfulfilled goals at this crucial time in life. These conversations should happen before retirement age, so that the family feels secure about the upcoming life stages.
If you would like to discuss establishing a plan for your future or the future of your loved ones, please contact the Law Office of Steven G. Storrs, PLC at 269-945-2242 or via the online contact form to schedule a consultation. I look forward to working with you.