If your parents’ have no last will and testament, power of attorney or healthcare proxy forms in place, they should see an attorney as soon as possible to get at least those basic forms in place. Who would your parents select to manage their affairs if they were unable to manage alone? What are their wishes regarding end-of-life care if they are terminally ill?
   If your parents own a home, they should seek the advice of an elder law attorney as to how to protect their home should they require nursing home care at any point in their lives. Would they consider transferring title of the home to a trust that can avoid losing any part of the value of the home to finance long-term care?
   If your parents have substantial liquid assets (more than $200,000), they should seek the advice of an elder law attorney to protect the liquid assets as well.
   Perhaps your parents have a substantial amount of assets. How will that affect your estate planning? Will an inheritance from your parents increase the size of your estate resulting in estate taxes upon your death? Should your parents consider lifetime gifts? Should they finance college savings plans for your children? Planning in advance can avoid that scenario as well.
   When you talk to your parents, you might find that they have done little or no planning at all. Perhaps they made wills many years ago and those no longer reflect their wishes.
   Is the executor appointed in the will still the person they would like to serve as executor? Does the will provide for who will inherit a particular child’s share if that child should predecease them?
   Even if they have old wills, it is likely that they never completed power of attorney forms or healthcare proxy designations. All too often in our practice we see families of loved ones who have suffered a catastrophic illness or event and the families have no idea where important legal and financial documents are kept. Perhaps one of your parents manages the finances. If that parent becomes ill or passes away, will the surviving parent be able to manage?
   In addition to talking about legal and financial planning, you should talk about things that have no monetary value, but are equally as important to them — like keepsakes for family members, values and memories that they have and would like to pass on to you and your children.
   You should talk to your parents about their wishes for their funeral and burial as well. Often we find the parents are grateful and relieved to have these conversations and planning done well ahead of time.
   For additional information contact Brady & Marshak, LLP, Attorneys at Law, at (718) 738-8500.
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