Managing your finances is an important part of caring for yourself—and your aging parents. Although many adult children find it difficult to ask aging parents about their finances, it is important to talk to your parents about the future . The following is a checklist of financial information you should ask your aging parents before it’s too late.
Bank Accounts
Checking
Institution
Address
Phone
Contact person
Account #
Name on account
Names on signature card
Bank Accounts: Savings
Institution
Address
Phone
Contact person
Account #
Name on account
Names on signature card
Investments
Where are they? Where is the original document? What are the amounts?
- CDs
- IRAs
- Stocks, bonds, mutual funds
- Annuities
- Real estate
- Other investments
Safety Deposit Box
Institution
Address
Where is the key?
Who can sign?
Medical Insurance
What type of insurance is it: Medicare, HMO, a pension plan, TRICOR?
Insurer
Policy #
Phone #
Is there a supplemental insurance plan (i.e., Medigap ) that covers the 20% deductible not covered by Medicare ?
Insurer
Policy #
Phone #
Is there a Medicare Part D policy for prescription drugs?
Insurance company
Policy #
Phone #
Web site
Life Insurance Policy
Where is it?
Beneficiary
Long-Term Care Insurance
Insurer
Policy #
Phone #
Agent's name
What does the policy pay for and for how long? How long is the waiting period on the long-term care insurance ? What deficiencies must be present before the policy can be activated (e.g., how many ADLs must the beneficiary need help with)?
Funeral Policy
Where is it kept?
Funeral home
What does it cover?
Most people who think they have a funeral policy have only purchased a plot.
Do the plans involve taking a body to another state?
Find out how: there are laws covering transportation of bodies across state lines.
Is there a plan for the funeral service?
This should include readings, speakers, hymns and location.
Is the obituary written?
This can be written now. It is much easier now than at the time of death.
| Income | Amount | Mailed or direct deposit |
| Retirement or pension | $___________ | ____________ |
| Social Security | $___________ | ____________ |
| Investment | $___________ | ____________ |
| Other | $___________ | ____________ |
Expenses
| Mortgage amount | $_____________ | Monthly payment | $_____________ |
| Mortgage company | $________________________________ | ||
| Car loan amount | $_____________ | Monthly payment | $_____________ |
| Other monthly payments | $________________________________ | ||
| Financial Plannert | $_____________ | Phone # | ______________ |
Trust
Established by
Trust for
Attorney
Phone #Location of trust
Name of person(s) with copies of trust papers
After gathering this basic information, use it to determine whether the person has adequate income to cover their expenses for the remainder of their life. Keep in mind that most people do not die suddenly in their home. It is much more common to die after a lengthy illness for which in-home care or care in a long-term care facility is required. Can the person afford this? That can be a difficult question to answer, but assessing your financial picture can be helped by finding a financial planner .
Ask about his or her plan for transportation once driving is no longer possible. This is a given, not a maybe. How does your parent plan to get to the doctor's office, to the pharmacy and grocery? Early planning for transportation needs helps prevent fatal traffic accidents and arguments about giving up the keys.