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Overcoming the Generational Communication Gap:How to Approach Your Parents About Their Estate Planning
Overcoming the Generational Communication Gap
How to Approach Your Parents About Their Estate Planning
PMA often hears from people who are concerned that their parents may not have an estate plan in place. They are worried that if something happens to one or both parents, they will not be equipped to assist their parents, and many times have no idea where the parents stand financially. Understandably, these subjects may be hard for families to discuss.
How can you approach your parents about these issues? First, you should get your own house in order; make sure that you have executed your own will, durable power of attorney, and designation of patient advocate. After you learn about these tools, then you should be able to approach your parents by referring from your experience with an elder law attorney and the information you found out. Then ask your parents if they have done the same planning. The goal is to balance safety with independence, and to not wait until an emergency strikes to start planning.
Ten conversation-starting questions that adults should ask their parents
1. Do you feel comfortable about your financial situation? Would a financial planner be helpful?
2. Do you have an estate plan?
3. Who should handle your finances if you become ill?
4. In the event you become seriously ill, what level of care and intervention would you like?
5. Do you have enough health insurance?
6. Do you feel your physician is well-informed about issues common to older patients?
7. Can we make your home more comfortable?
8. Are you feeling secure about driving?
9. Can you share your thoughts about your funeral?
10. Can you compile a list of all your important information?
PMA can assist families with their estate and long-term care planning needs. If plans need to be made, or existing plans need to be updated, then the time to accomplish these objectives is prior to an emergency while the parents still have the capacity to get their affairs in order. If you have concerns please feel free to contact Elder Law Attorney, Brian J. Plachta, for a free consultation. 616-458-3994
About the Author
Jeremy M. Johnson
Client Relations Director
Plachta, Murphy & Associates, P.C.
What branch of law does a confidentiality agreement fall under?
I’m currently searching for a lawyer to draft a non-disclosure / confidentiality agreement for an idea of mine, but I’m not sure what type of lawyer I need to find. There are so many specialties
(Criminal, Traffic, Litigation, Estate Planning, etc…), that I’m not sure which category to look under. Please let me know which category / branch of law this relates to, to help me narrow my search for a good lawyer. Thanks…
It depends. If this is an original idea, product, or service, it maybe better to retain a lawyer that specializes in intellectual property.
If this idea is not really new but still something you want to protect from business partners or employees then you should get a business lawyer particularly one that specializes in non-disclosure/confidentiality agreements. This lawyer may also advise you to include in the non-disclosure agreement a non-compete clause and liquidated damages clause, just in case someone does attempt to use your idea without your permission.
Estate Planning: How To (Part 1 of a Series)
Village OKs Plan for Main Street Enhancements
New banners for Main Street, better parking on the Roycroft Campus, new signs welcoming visitors to East Aurora, improvements to local alleys—the East Aurora Village Board recently heard about these changes, which are to be paid for through the federal Transportation Enhancement Program. If all goes according to plan, the work will be completed by the fall.