As life expectancy gets longer, the financial needs get greater. It takes a lot of financial planning to navigate the later years in life. If you have aging parents and relatives, it’s important to start planning now.
Dave Ramsey & daughter, Rachel Cruze were recently featured in April 2015’s Woman’s Day Magazine. They ran through four very important tips of family finances if you have aging parents that you are fond of in your life. Having the finance ‘talk’ with our parents is vital but one that is difficult to bring to the table if you’ve ever broached the topic with your parents, you are aware of the irony of it all. However, it remains a topic to stay on top of for your family’s sake.
When you bring this topic to the table, make sure you discuss:
- Term life insurance with your parents (review monthly premiums with your family/shop around for various quotes)
- A will—what are their wishes from physical care to estate matters
- Parents at 60+ need long-term care insurance–do they have it?
- A legacy box—a last gift of peace of mind for your family
Rachel’s legacy box suggestion is a superb last gift to our family whether we are aging seniors or not. “It is a simple box or drawer in which one puts everything that is needed to take care of an estate when the current person responsible of the estate is gone. It should include insurance documents, a copy of the will, keys to a safety deposit box, online passwords, and so on.”
Are you prepared to face these financial matters with your family?
Thank you Woman’s Day for publishing this crucial information.
Latest posts by Litsa @How to Have it All (see all)
- Mushrooms: Portobello, Morels, & More - April 25, 2016
- Giving Back: Get Involved - December 2, 2015
- The Autumn Advantage - December 1, 2015
