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Caring for an Elderly Parent Checklist

Discussing health care and estate planning concerns with an aging parent or relative can be uncomfortable, but initiating the conversation gives family members the chance to voice their personal needs and wishes.

Managing parents' financial affairs

  • Work with your parents to understand their financial goals and income sources, such as Social Security, insurance plans, stock dividends, or pensions.
  • 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.
  • Review your parents' health care options.

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Considering Long-term care

Accepting your parent could need long-term care is never easy. Long-term care insurance may be appropriate if your parents:

  • Are concerned about their health deteriorating in the future.
  • Worry that long-term care expenses might deplete their retirement savings and degrade their lifestyle or type of care received.
  • Want to leverage a portion of their savings to help pay for future long-term care expenses.

Fidelity solutions