Mother's Day is just a few days away. Many people are always looking for ways to show their moms that they care. Talking with your mom about how to plan for her future might be the best gift a family member can offer. Helping your mother figure out her financial future and ensure that she receives the proper care when she needs it is one of the most important gifts.
While estate planning and making sure your mother has a living will isn't always an easy subject to bring up, it will be well worth it when the plan starts becoming necessary. Not only does estate planning include a will, but it can include trusts and power of attorneys to make sure your mother's plan for her money is implemented and safeguarded. According to a report Alzheimer's, a degenerative memory and brain disease, affects one in eight people over 65 in the United States. This statistic makes it more important than ever that estate planning starts early.
Bringing up the subject lightly, and telling your mother or parents that the reason you are mentioning it is because you care and you want to be involved in their care when they can no longer care for themselves is important. Since memory loss can come at any time, it is important that these discussions happen as early as possible.
Once a parent starts to lose their memory or becomes unable to care for themselves, taking over control of their care decisions becomes more difficult. Having a living will allows your mother to legally plan for her own care if she is not able to make decisions for herself. While not an easy thing to start talking about, care decisions and estate planning can be essential in ensuring your parent's future care.
Source: Smart Money, "Talking to Mom About Alzheimer's and Her Money," Glenn Ruffenach, May 7, 2012