Generation X will have its first official fifty year old group next year. It’s hard to imagine for a Gen Xer because we are still convinced that bands like Huey Lewis and The News and Foreigner are kind of cool when officially on the music circuit they are considered ‘oldies’ already. Most of our parents are hitting that late 60’s to mid 70’s range and now we are wondering who is going to take care of Mom and Dad. You may have even joked last Thanksgiving by putting your finger on your nose and declaring NOT IT when asked this very question by your sister or brother. Here are four important ideas to be thinking about when it comes to who will take care of your aging parents.
- Who Is Playing Quarterback?
The bigger your family, the more of a likelihood that someone has become the favorite son and there is a black sheep lurking in the family as well. Do you know amongst your siblings who is going to play quarterback for Mom and Dad’s affairs or have you talked to Mom and Dad about who they may have put in charge if something should happen to their health?
- Do You Need To Buy Insurance To Protect Your Future?
You might want to find out if Mom and Dad have insurance in case they need long term in home care or nursing home care. It can be a tough subject to broach, but despite one siblings bravery to claim they will tend to Mom and Dad it’s likely that they won’t have the skill to do this work even if they have the will.
- Don’t Let Them Make Stupid Financial Decisions At this age, Mom and Dad may be attending the Olive Garden dinner circuit. People put these dinners together to do one thing and one thing only . . . sell stuff. Thus, make sure you do your job of talking about wills, trusts, gifting, and other items before a third party convinces them to do something that may not be in the best interest of your family.
- Make Sure You Have Some Good Memories In The Later Years Everybody realizes that in these Golden Years it is important to enjoy some special time together no matter how the past has gone. For all of us who have lost a parent, make sure you let them enjoy you, the grandchildren, and special events before the time comes where they are simply unable to do this anymore.
This issue will become a larger object in the rear view mirror of Generation X over the next 10 to 15 years. By getting your siblings together along with Mom and Dad and hashing out a plan now, it will most certainly be a smarter money move for the future.