One of the greatest challenges a child can witness is their parent aging and struggling to live independently. To make the transition easier, having early and frequent conversations about their wishes is advised to adequately prepare.
“There are key questions to discuss as a family”, suggests Liz Camp, Senior Vice President, Financial Advisor, of the Green Jade Group at Morgan Stanley, “such as: where will your parent(s) live if they can no longer live independently? How will the cost of care be covered? Will a child or a third party take on the role of caregiver?” Setting these expectations up front will avoid confusion when the time comes for hard decisions to be made.
Get Organized
Staying informed of your parents’ financial resources, where accounts are located and what plans they have for the future will help prevent stressful miscommunication and rushed decision-making during an emotional time. The first step is to compile a complete picture of their assets which includes all financial accounts, life and long-term care insurance, estate planning documents, public benefits and account passwords. “Our team has created an effective, stream-lined process for our clients to consolidate documents and information so that when there is an emergency, the family has one call to make in order to take action,” says Liz Camp.
Put Your Team in Place
Managing your parents’ needs can be challenging and by planning before physical or cognitive challenges arise, you’re taking proactive steps to help ensure their well-being and your peace of mind. According to Camp, “it is imperative to build a circle of trusted advisors including an estate planning/elder care attorney, financial advisor and the relevant healthcare providers who you can lean on, ensuring every aspect of your parents’ care is managed with confidence and expertise.”
Be Patient but Proactive
Starting the conversation can sometimes be half the battle. Some parents may be reluctant to share information or even scared to talk about losing their independence. Set up a time and place for a quiet and calm discussion. Focus the conversation on your parents’ choices and how you can work together to jointly support their wishes. Camp shared, “the Green Jade Group at Morgan Stanley understands and works with the Sandwich Generation to solve these challenges. Our mission is to take the complexity out of managing your family’s life. We use our “Three ‘S’ Philosophy” of Simplifying, Supporting and Steering your unique financial journey to ensure your financial preparedness.”
If you would like to learn more about how to navigate your wealth challenges, please reach out to The Green Jade Group at thegreenjadegroup@morganstanley.com or 833-659-0379.
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Lori Rabinowitz and Liz Camp are Financial Advisors/Private Wealth Advisors with the Wealth Management division of Morgan Stanley in Morristown, NJ. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC. SIPC – Securities Investor Protection Corporation. Lori Rabinowitz and Liz Camp may only transact business in states where they are registered or excluded or exempted from registration The Green Jade Group | Morristown, NJ | Morgan Stanley Wealth Management. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Lori Rabinowitz and Liz Camp are not registered or excluded or exempt from registration.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
Life insurance, disability income insurance, and long-term care insurance are offered through Morgan Stanley Smith Barney LLC’s licensed insurance agency affiliates.
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