When to talk with your parents about cognitive decline?

When to talk with your parents about cognitive decline, is not an easy question. Waiting until a senior’s decline is apparent may already be too late, says CNBC’s recent article entitled “Waiting to talk finance with an aging parent in cognitive decline is a mistake, experts say.”

Adult children should be talking to their elderly parents about this while they’re still working because they’re still competent and still able to fund long-term care and pay the premiums from income.

Some incidents that could trigger these conversations include a parent thinking about downsizing, claiming Social Security, going on an extended trip, or finding out one of their friends is going into long-term care.

Adult children should ask questions to get a clear sense of their parents’ financial situation. However, they should understand that getting this information may take several discussions.

Here are questions to ask in stages, over a period of time (from least uncomfortable to most):

• Where do you keep your financial and estate planning documents?
• What assets do you have and what are your debts?
• Is it possible to meet with your advisors to have a good understanding in the event of a crisis?
• Who are your healthcare professionals?
• What medications do you take and where’s your pharmacy?
• Do you have long-term care insurance or other plans for long-term care?
• What are your wishes as to end-of-life care and funeral plans and expenses?
• If you have a medical crisis, what kind of treatment do you want?

There’s some paperwork that should be done at this point, if it hasn’t already. This includes a power of attorney, healthcare directive and a living will. Contact us to give you tips as to how to begin the conversation.

Reference: CNBC (Nov. 30, 2021) “Waiting to talk finance with an aging parent in cognitive decline is a mistake, experts say”