Your Parents' Income and Assets
Know how much money they have, locate their important documents and make sure they have the right insurance coverage.
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.
Sign up for Kiplinger’s Free E-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.
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
-
Stock Market Today: Nasdaq Soars Ahead of Tesla Earnings
The EV stock rose nearly 2% ahead of its highly anticipated Q1 earnings report, due after tonight's close.
By Karee Venema Published
-
GM Stock Accelerates After Earnings Beat
General Motors beat expectations for the first quarter and raised its outlook for the year. Here's what you need to know.
By Joey Solitro Published
-
7 Things Medicare Doesn’t Cover
Healthy Living on a Budget Medicare Part A and Part B leave some pretty significant gaps in your health-care coverage. But Medicare Advantage has problems, too.
By Donna LeValley Last updated
-
COVID Hospitalization Rates See an Uptick As Winter Looms — The Kiplinger Letter
The Kiplinger Letter A new Omicron booster is available, but the elderly are still at risk and winter is right around the corner.
By David Payne Published
-
Rent or Buy? Which Is Best in Retirement?
Making Your Money Last Renting isn't right for all retirees, but it does offer flexibility and it frees up cash.
By Sandra Block Last updated
-
10 Things You Need to Know About Retiring to Florida
Making Your Money Last If Florida is part of your retirement plan, we offer up a few tips to help you find your way.
By Bob Niedt Last updated
-
Will Weight-Loss Drugs Spike Medicare Costs?: The Kiplinger Letter
Economic 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.
By John Miley Published
-
Greenland, U.S. Plans to Boost Tourist Economy: Kiplinger Economic Forecasts
Economic Forecasts A U.S. congressional effort could see some Canadian visitors get longer stays, meanwhile, Greenland bids to be the next vacation hotspot.
By Sean Lengell Published
-
Medicare Drug Price Negotiations Latest: Kiplinger Economic Forecasts
Economic Forecasts Medicare drug price negotiations: Early signs have emerged of how these key talks will be handled.
By Matthew Housiaux Published
-
6 RMD Changes We Could See This Year
Making Your Money Last Congress is considering two bills that would make major changes to required minimum distributions. Could your RMDs be affected?
By Rocky Mengle Last updated