When your family gathers over the festive season, it might present an opportunity to start planning for future care needs.
Christmas is a time for families and the New Year is for resolutions. This year, combine the two by making a resolution to pay more attention to how your older parents are coping and start family conversations to develop a plan for future care and support.
You may have been busy through the year and not noticed the small things. But how well parents are coping may become more obvious when you have time to catch up with family over the festive season.
You might not want to face that your parents are getting older and may need help. If you are the older person, asking for help does not have to be the start of a slippery slope. Rather, it might be the first step to having greater control over your future independence and reduce some of the daily strain on yourself and other family members.
It might be time for a family meeting
Planning is the key. And planning early gives the best outcomes.
Retirement plans should consider how to manage the frailty risk that might be experienced in the later stages of retirement. Bringing family into the conversation may help to minimise conflicts within your family and help everyone be comfortable with decisions that need to be made.
Families getting together at Christmas, might offer one of the rare opportunities within a busy year to hold a family meeting. For the older parent, this offers the chance to make yourself heard and express your wishes. For the children, it can help to remove uncertainty and share the responsibilities. These discussions are more effective if they are started early, while parents are still able to maintain control and independence.
A well-run family meeting can allow parents, children and other important family members to discuss issues and preferences, express concerns and make decisions that work for the family as a whole.
If thought of this discussion fills you with dread, we can offer support and advice. We inject a neutral voice and experience into what can be an emotional discussion.
Tips for starting a conversation
Some tips for families to consider over the festive season include:
Make an appointment to discuss options and actions needed to be taken.
The information in this article does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Capstone Financial Planning nor their directors, employees or authorised representatives gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative (CAR 277821) of Capstone Financial Planning Pty Ltd ABN 24 093 733 969 Australian Financial Services Licence (AFSL) No. 223135.