Find out as much as you can about their sources of income, their assets and their debts. Do they have enough income to do what they want to do? Are they making the most of their assets, or might they benefit from a visit to a financial planner who could suggest ways to deploy their resources to better advantage?
Locate your parents' important documents. Find out where they keep their wills, insurance policies, pension and Social Security records, and tax returns. Make sure each knows where to find these records in an emergency. Ask for copies to keep yourself. Suggest that they review their wills with a lawyer if they haven't done so within the past five years or if they have moved from one state to another since the document was drawn up. For more information, see What You Should Know About Your Parents' Finances.
Kiplinger's Your Family Records Organizer, available as a PDF download or in print, offers an easy-to-use series of forms on which you or your parents can record where all important documents are kept and how to reach key advisers.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Insurance coverage for aging parents. Your parents should be covered by a Medigap policy, which picks up the deductible and payments not reimbursed by Medicare.
Long-term-care insurance should also be considered because Medicare generally won't pay nursing-home bills or the cost of in-home nursing care. See The Ins and Outs of Long-Term-Care Insurance.
-
Nasdaq Sinks 418 Points as Tech Chills: Stock Market TodayInvestors, traders and speculators are growing cooler to the AI revolution as winter approaches.
-
23 Last-Minute Gifts That Still Arrive Before ChristmasScrambling to cross those last few names off your list? Here are 23 last-minute gifts that you can still get in time for Christmas.
-
The Rule of Compounding: Why Time Is an Investor's Best FriendDescribed as both a "miracle" and a "wonder," compound interest is simply a function of time.
-
What DOGE is Doing NowThe Kiplinger Letter As Musk's DOGE pursues its ambitious agenda, uncertainty and legal challenges are mounting — causing frustration for Trump.
-
What Does Medicare Not Cover? Eight Things You Should KnowMedicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
15 Reasons You'll Regret an RV in RetirementMaking Your Money Last Here's why you might regret an RV in retirement. RV-savvy retirees talk about the downsides of spending retirement in a motorhome, travel trailer, fifth wheel, or other recreational vehicle.
-
Estate Planning Checklist: 13 Smart Movesretirement Follow this estate planning checklist for you (and your heirs) to hold on to more of your hard-earned money.
-
COVID Hospitalization Rates See an Uptick As Winter Looms — The Kiplinger LetterThe Kiplinger Letter A new Omicron booster is available, but the elderly are still at risk and winter is right around the corner.
-
Should You Rent in Retirement?Making Your Money Last Renting isn't right for all retirees, but it does offer flexibility, and it frees up cash.
-
Will Weight-Loss Drugs Spike Medicare Costs?: The Kiplinger LetterEconomic Forecasts Lawmakers are trying to get weight-loss drugs like Wegovy covered by Medicare. Long-term savings are possible, but it could cost the program $27 billion.
-
Greenland, U.S. Plans to Boost Tourist Economy: Kiplinger Economic ForecastsEconomic Forecasts A U.S. congressional effort could see some Canadian visitors get longer stays, meanwhile, Greenland bids to be the next vacation hotspot.
