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.
- Use our Budget Snapshot tool to help manage your parents' income and expenses.
- Our Estate Planning section can help you match strategies to goals and products.
- Refer to Tips for Estate Planning Conversations for more guidance.
- Our Taxes section offers assistance with tax preparation.
- Investigate Life Insurance available through Fidelity.
Accepting that your parent could need long-term care is never easy. Consider purchasing long-term care insurance if one or more of the following is true about your parents:
- They may require long-term nursing care.
- They have more than $150,000 but less than $590,000 in retirement assets, excluding personal residence and vehicle.
- They feel strongly about leaving their remaining assets to their heirs.