HELPING OUR PARENTS
If you have aging parents, or even grandparents, you may be seeing that they need you to help and guide them, much as they did for you as child, to help them understand and make important health and financial decisions. They may not think they need your help and be very resistant to any assistance or advice you are offering, but that doesn’t mean you shouldn’t keep trying. Be there for them. Protect them as they used to protect you (even when you didn’t know or think you needed protecting!).
Take it even further, spend some good, quality time with them. We are all busy, but make an effort to visit with your parents. Reminisce about the old days and encourage them to talk about people and events in their lives that meant a lot to them. Watch old movies and game shows, or do crossword puzzles, with them, if that’s what they enjoy. And then talk to them about what they should do now to be sure someone will be able to continue to help them and make decisions for them if they are no longer able to do so for themselves.
Some suggestions to consider for Estate Planning:
- Execute a Will.
- Create and fund a Revocable Living Trust that includes provisions to hold their assets for their own benefit during their lifetime, and distribute assets outright to, or in trust for, their chosen beneficiaries, considering special needs and circumstances of their beneficiaries.
- Execute Durable Powers of Attorney appointing agents to help them manage their finances and make medical decisions if they are ever unable to do so for themselves.
We are taught to honor and respect our parents. Perhaps your parents are no longer here, or maybe you don’t get a chance to see them as often as you would like. Maybe you have in-laws or others who are like parents to you. Whatever your personal situation, there are likely some special people in your life who fall into that “parental role” for you, and who may appreciate your willingness to help them as they age.
Please encourage you parents to call Waltz, Palmer & Dawson, LLC at (847)253-8800 or contact us online to schedule a free initial consultation to begin discussing their estate plan with one of our experienced attorneys.
Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law, Collaborative Divorce & Mediation.
This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.