“Most adults are in denial about their parents’ mortality and avoid asking questions about estate transfer and wills. Oftentimes they do not want to appear greedy about their inheritance or controlling of their parents’ personal matters”, said Clayborne Cotton, founder of PrepSmart.com, “but you need to begin now, especially with long term care insurance quotes.

We all live in an age where planning ahead makes a big, big, big difference. Many families do not discuss finances until a crisis occurs, and then, of course, it can be too late. It is far easier to talk with parents when they are healthy and vibrant than when they are incapacitated or hospitalized.

Adult children must play an important role in making sure their parents’ estate is in order, as well as ensuring they are capable of taking care of themselves for the remainder of their lives. Statistics show people are living much longer, and their retirement savings must be stretched to last longer. It is likely that at least one parent will need some sort of assisted care in their elder years, making long term care insurance a very wise purchase.

The American Health Care Association estimates that the cost of a nursing home can exceed $50,000 a year, while assisted-living facilities average $24,000 annually.

Having open discussions with aging parents now, so you can help to improve their financial health, reduce potential problems and ease burdens in the future. We put together the following tips to help make that conversation easier and more productive.

1. Pick the right time to open discussions. Make sure to have the conversation when you won’t be interrupted and when everyone is relaxed. The holidays may not be the best time. You also might want to cover things in more than one conversation.

2. Maintain a sensitive, receptive posture. Don’t be judgmental. Remember, this is a difficult subject for them to discuss. You may not agree with their decisions, but keep in mind they are competent adults. A good way to set a good tone is by saying, “It’s important for me to understand your finances in case I need to help you in the future.”

3. Involve an expert if needed. In some cases, it might be easier for your parents to talk about these matters with an outsider than with family.

4. Make a list of assets and liabilities. This is an important place to begin once the conversation starts. You’ll want to note the date and cost of assets, as this information will be needed for tax purposes if any assets are sold.

5. Establish arrangements for financial crisis management. Your parents will want to consider establishing a durable power of attorney.

6. Know where important documents are kept. Make a list, including birth and marriage certificates, wills and trust agreements, Social Security records, burial instructions, insurance policies, bank and investment statements, mortgage and real estate deeds and auto ownership records. Be sure to get bank information, including safe deposit box number and key location. Also make a list of important contacts with phone numbers such as financial advisers, doctors and attorneys.

7. Review estate planning and investments. If they haven’t done so already, encourage your parents to develop a plan to maximize their legacy for their heirs. Also be sure to discuss their investment strategy so you have an understanding of their financial well-being.

8. Understand your parents’ health care wishes. You’ll need to know where your parents stand on health care issues should they ever become incapacitated. If that should occur, long term care planning is essential.

So get free comparative LTC insurance quotes online through the Buyer’s Advocate.

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