What Issues Do You Need to Consider For Aging Parents?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 4 August 2020

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is the issues you need to keep in mind when helping your aging parents with their finances and estate plans. James describes the five main categories of issues that need to be considered: cash flow and living arrangements, estate planning, insurance, tax planning, and asset and debt. No one is really ever prepared to walk through these categories with their aging parents, but with the help of this podcast and the downloadable check...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:29.7	Hi everyone and welcome back to another episode of Ready for Retirement. I'm your host,
0:33.2	James Cannell. And we've got an important topic that we're going to discuss today.
0:38.8	And that topic is what issues should you consider for your aging parents? And as you're approaching retirement, oftentimes people think about what do I need to do to prepare for my retirement.
0:42.8	But that's sometimes just one of the things that you're thinking about. Depending upon your age
0:47.5	and what your family circumstances look like, this is also a time where maybe kids are just
0:52.4	barely out of the house, maybe just barely through
0:54.3	school, maybe you're still supporting children while the same time you're thinking about your own
0:57.7	retirement and while at the same time you may have aging parents and aging parents that you need to
1:01.5	care for and or think about what it looks like as they continue to age and eventually pass.
1:06.9	And so it's not always a fun thing to think about, but it's an incredibly important thing to think
1:11.2	about. And what we're going to do is we're going to break down the issues that you need to consider
1:14.9	into five distinct issues. Number one, we're going to talk about cash flow and living arrangement.
1:19.5	Number two, we're going to talk about estate planning issues. Third, we're going to talk about
1:23.0	insurance issues. Fourth, we'll talk about tax planning issues. And then finally, fifth, we'll talk
1:28.5	about asset and debt issues. And so what are the things that you need to be looking out for
1:32.5	as you are planning for aging parents? And just as a side note before we get started on the podcast
1:38.3	website, which is ready for retirement. So ready for retirement.com, I'm going to have a
1:43.2	worksheet that just summarizes all these issues.
1:45.4	So as you're listening to this, listen so you can understand, okay, that's something that maybe I could
	...

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