The illness of your parent will mean a change in your life. Your advisor can help you to understand the issues at stake and how they can be resolved to ensure that this difficult time can be dealt with as painlessly and efficiently as possible for the entire family. Take this opportunity to review the situation and consider asking your advisor the following questions:
- What are the implications if my parent is unable to make their own decisions?
- Who will be in control of my parent’s finances?
- What are the sources of funding available to ease the financial burden?
- What are the implications for my parent’s estate plans?
- What sort of living arrangements are available if my parent needs in-home assistance or needs to consider out-of-home care?
- How can I evaluate the sort of care that is available?
- Is there tax relief available if my parent is incapacitated?