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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.

Fidelity solutions

Long-term care

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.