Elderly Parent

Discussing health care and estate planning concerns with an aging parent and family may be uncomfortable, but initiating the conversation provides family members an opportunity to indicate their personal needs and wishes.

Managing parents' financial affairs

Plan:

• Work with parents to understand their financial goals and income sources, such as Social Security or pensions.
• Assist parents with managing income and expenses using a Budget Worksheet.
• Help your parents protect their interests and their intentions by encouraging them to establish a durable power of attorney and health care proxy.
• Obtain an understanding of estate planning strategies. Match strategies to goals and products by visiting the Estate Planning Action Center^SM.
• Review your parents' health care options.
• Investigate term life insurance at Fidelity's Insurance Center.

Long-term care

Accepting the fact that your parent could need long-term care is never easy. Consider purchasing long-term care insurance if your parents are concerned that:

• They may require long-term nursing care.
• Have more than $150,000 but less than $450,000 in retirement assets, including their home.
• Feel strongly about preserving for their heirs what remains of their assets.

Tax planning

• Visit Fidelity's Tax Center for assistance with tax preparation.