Elder Care Financial Checklist

It is common for adult children or loved ones of an aging parent to be concerned about their financial situation and long-term care as they reach and surpass their retirement years.



While it can be difficult, it is an important and necessary conversation to have. Doing so warrants them to make certain that their parents are prepared to get through their retirement years once they are not drawing in a steady income from gainful employment.

Finances

• Obtain contact information for any financial advisors (It can also be helpful to arrange a meeting with their financial advisor to review investments, asset allocation, and to make sure there are adequate resources to support your parent or loved one’s lifestyle)
• Ensure that the proper names and permissions are on each account
• Make a list of all accounts and where they are held
• Review Social Security benefits
• Consolidate accounts where possible
• Update beneficiary designations
• Streamline bill paying by setting up automatic payments where possible, etc.

Investments

• What investments do they have?
• CDs
• IRAs
• Stocks, bonds, mutual funds
• Annuities
• Real estate
• Other
• Where are these investments?
• Where is the original documentation for all investments?
• What are the amounts of each investment?

Insurance Policies

• Schedule a meeting with your parent or loved one’s insurance advisor to review policies or to set up a long-term care insurance policy if there isn’t one already
• Make a list of all insurance policies and locate copies of each:
• Life Insurance Policies
• Health Insurance Policies
• Long-term care policies
• Other policies (life, health, long-term care, etc.) 
• Review and update health insurance coverage and Medicaid planning strategies (ie: determine if a Medigap policy will be needed to pay for costs not covered by Medicare)
• Review and update any auto, homeowners or umbrella liability policies

Legal Documentation

• Is there a will or estate plan in place and does it need updating to reflect current wishes regarding executors, beneficiaries, etc.?
• Is there a durable and up-to-date medical power of attorney in place that includes an advance directive outlining wishes for life-prolonging care?
• Is there a durable and up-to-date power of attorney for finance in place?

Living Arrangements

• Is there money available to pay for those contingencies (ie: savings or long-term care insurance)?
• What is the current living/housing situation and is it working?
• What are the plans for illness, disability or death of a spouse/partner?
• Do you have caregiver agreement documents in place?

Healthcare

• Make a list of all doctors and medications currently prescribed
• Make sure health insurance and supplemental policies support those wishes (ie: does the nearby hospital accept the current insurance, etc.)
• Make a list of wishes for various medical scenarios
• Make a copy of healthcare cards (these are important when applying for benefits and going to the doctor)

Aging and decisions of long-term and estate planning can be emotional and challenging for both the aging parent, loved one, and their adult child or relative. However, it is significant to make sure things are in order to ensure that these matters are handled as smoothly and effectively as possible. 


The goal of elder care planning is to ensure that your loved one’s wishes and needs are met. Understand that you can help them execute those wishes in a manner that doesn’t become your own financial issue. Making these specific arrangements before an emergency situation happens will give your whole family peace of mind and help avoid stressful family or financial conflicts in the future. 

Interested in Working Together?

If you need any help regarding your business or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.