Go over the details of your parents' finances.
Determining what your parents can afford will go a long way toward shaping your list of options. Many parents will be reticent to talk about this sensitive subject and -- depending on their mental state and your relationship with them -- they may suspect that you're angling for access to their money for personal gain. Explaining to your parents what long-term care is likely to cost (the average fee of a private room in a nursing home has reached $75,000 per year) and what financing options are available may help them understand your need to know.
Question | Answer | Follow-up | Done |
How much money do you have saved? | |||
Where is it invested? Do you have a checking account? Savings account? A brokerage or investment account, including IRA or 401(k)? | Create a spreadsheet with a list of assets, their location, account numbers, balances, and contact information. | ||
Do you receive social security payments? How much are they and when do they arrive? | Add to spreadsheet, find out where the documentation is and make a copy. | ||
Who can access these accounts? Are any of these accounts jointly held? | Make a list of who has access to each account and find out how to transfer power of attorney to a family member should your parents' condition decline. | ||
Is there any other income you expect in the future from investments, a pension, or government benefits? | Add this to the spreadsheet. | ||
Have you had your home appraised? If so, how much is it worth? How much is paid off? How much are monthly mortgage payments? Do you want to keep your home? | Make a note in the spreadsheet. Follow-up questions for self: What will it cost to maintain the home? Consider whether a reverse mortgage is a good option. |
I suggest starting with a search using www.YourCity.MD by putting in your zip code then picking one of the cities to get all the local information about senior living facilities available to the public. The reports are all free. The facilities in each city are rated and after you search for any facility you can click on it to see which are best for your family. Thisd is a great site to find out the information you seek.