It's a hard topic to talk about, but knowing how to talk to parents about estate planning is important! Research from the National Alliance for Caregiving (NAC) and AARP shows that more than 50 million Americans currently serve as unpaid caregivers. This number has increased by nearly 25% since 2015. Statistically, baby boomers and women take on the biggest caregiving burden when it comes to providing care for aging family members. As life expectancy increases, and baby boomers advance well into senior years of their own, the need for caregiving will only continue to rise.
Forbes’ recent article entitled “Holiday Season Tips For Caregivers” says that as the number of seniors in America continues to grow, we find ourselves on the verge of the largest transfer of wealth in history. It is estimated that 45 million Americans will transfer some $68 trillion over the next 25 years.
As a result, having estate planning conversations has become more important than ever! Discussions about money and mortality can be challenging and emotional. Here are some tips on how to broach this sensitive subject with family and loved ones.
Schedule a time: This can be an overwhelming topic, but don’t ignore it. Scheduling dedicated time to open the dialogue and creating a timeline to complete the basic estate planning documents can make the process more manageable and keep everyone involved accountable.
Share your wealth of knowledge: Share your knowledge about what the documents mean, how and when they come into play, as well as what happens if there’s no estate plan in place. Remind them that this is their chance to ensure that their wishes are carried out.
Ask questions: Provided the person is in a sound state of mind, they’re in a position to be involved in the decision-making. Ask open-ended questions like what steps have already been taken and document as much as possible without judgment.
Share your plan: Sharing your ideas and discussing your own plans can ease tension and help eliminate fears. It shows others that they're not alone in the planning process.
Leave the conversation open-ended: The key to these planning conversations is empathy because many seniors are experiencing a variety of emotions. Reassure them that you’re available for future conversations and will plan to check back in at the times set forth in the timeline you created together.
Do you have questions about how to talk to parents about estate planning? You should also ask an experienced estate planning attorney for assistance. If you or a loved one are concerned about issues with situations like this, and in estate planning and elder law concerns including Asset Protection/Medicaid Planning and questions regarding long-term care and the nursing home, reach out to us! Book a call with us on our website: www.VAElderLaw.com to get started. We have offices in Bassett, Danville and Lynchburg to serve you.
Reference: Forbes (Nov. 29, 2022) “Holiday Season Tips For Caregivers”