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.
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.
- Learn more about the Long-term Care Solutions available through Fidelity.