5 Things You Should Know About Your Parents


Video Transcript:

Hi, I’m Dave Shepherd with Shepherd Wealth and Retirement.

I just want to give you a quick thought today about planning for our parents or helping with our parents.

And we were just at my mom’s 80th birthday the other day. And we had four generations there, which was really awesome. We had a lot of fun. But we also had my parents and Maryann’s mom, were there.

So we had 88, 82, and 80, my mom’s 80th birthday. And love you lots mom, thanks, thanks for everything. But I got to thinking about one thing as we were sitting there that could maybe be helpful to you with your parents and thinking about how you might care for them or help them. So there was actually five things I knew about all three of those people. And I do have an advantage of being a financial advisor and I am at least co-trustee on all the trusts and personal representative and all that, so I do have that advantage and in talking about finances maybe a little bit because of my position. But there were five things that I knew for sure that would be helpful if you know for sure or some member of your family can know for sure about your parents and I wanted to go over those with you.

First, they all have long term care insurance. They got it from me. Again, I got a little bit of that advantage. But I know what it is, how it’s gonna pay, and one is actually getting paid right now for assisted living care. And feel very comfortable with that.

Number two, I know how they want to be cared for if they get sick, disabled, incapacitated one way or another. We’ve talked about that quite a bit. I think that’s really important to know.

Number three, I know their burial plans, where plots are, what they want, all those kinds of things. And that’s really important because the last thing you want is to maybe not be sure well, do they want cremation or do they want this or do they want? And then there’s that emotional tug of war with that and maybe with other siblings.

And number four, I know where all the documents are. I’ve read the documents, I’ve seen them. I know where to go get them, and I know exactly how everything’s supposed to unfold when they pass away.

And number five, probably another key thing is I know where all the property is. So I know where everything is. And anything that I might have a little bit of hesitation on, I know where to go find it.

So, with those five things I feel like we’re in really good shape for taking care of whatever comes up, be it disability, mental incapacity, or passing away, when that happens. And I think that’s very important for you or your family, spouse’s family, somebody in the family to know all those things. I think that will really give you a leg up on taking care of things when something happens that’s inevitable with our parents.

So I hope that’s helpful. If you have any questions or comments, be happy to talk to you at any time. We’re just a phone call away. Doing long term care insurance for a long time, been helping people with long term care claims for a long time. Been working through these kind of things when people pass away for a long period of time.

So there might be a way I can shortcut something for you if you ever have a question. So thanks a lot, have an awesome day.

Give us a call if you need anything.

About Dave Shepherd, ChFC, CFP®

Dave is the founder of Shepherd Wealth & Retirement in Tucson, Arizona. Dave is a Chartered Financial Consultant (ChFC) and Certified Financial Planner™ practitioner (CFP®). Have a financial question? Click Here to contact Dave Shepherd.

Investment advice offered through Shepherd Wealth Group, a Registered Investment Adviser doing business as Shepherd Wealth & Retirement.

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