Things you may need to know about your parents, before it's too late. Having the talk with aging parents can often be difficult, however, not having the talk, will likely prove to be much more difficult, later! This information will help you guard against some of the estate pitfalls that are about to hit the baby-boomers.

1. Having “the talk” with your parents
Do you remember when your parents
sat you down to have “the talk”? At that
time, it was the last thing you wanted
to hear and likely included some anxious
moments and uncomfortable feelings.
Well, it could be time to think about
another “talk” but, not with your kids –
with your parents. Many of us are
reluctant to discuss health and finances
with our parents until a crisis occurs.
A sudden health issue can reduce
estate planning options, as well as
increase costs. That’s why discussions
and pre-planning are so crucial. “The
talk” can be a difficult and emotional
conversation to have. However, the
benefits of knowing your parents’
wishes can be extraordinary.
Having “the talk”
If your parents’ health allows it, they
should be involved in making decisions
about their living arrangements, level
of care and estate plans. Your role is
that of supporter and information
gatherer. Here are some tips that can
make having “the talk” easier and
assist you in finding answers to your
questions and theirs:
3 Timing is everything–have your
conversation well before a
crisis occurs.
3 Consider that your parents may also
be waiting for an opportunity to
have a discussion about their future
with you, and you are providing a
welcome opening.
3 Use ice-breaking strategies such as
offering to help with their estate
planning or seeking their help with
your retirement planning.
3 Keep in mind that your parents
want and need to maintain their
independence and dignity.
3 Listen, and try to understand their
fears and anxieties.
3 Make sure that the conversation
focuses on your parents’ health and
well being and your love and
concern for them.
What to discuss
Once you feel comfortable approaching
your parents about having “the talk”,
it is important to know what to
discuss. Here are some tips on
what to talk about:
3 Income – what are your parents’
sources of income, and do any con-
ditions apply? For example, do they
know how their monthly income
will change when one of them
passes on?
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3 Investments – have your parents
designated beneficiaries for their
registered investments and insurance
policies? If so, who are they?
3 Expenses – what are your parents’
expenses and will their income
(along with any government aid) be
sufficient to cover projected home or
personal care costs that may escalate
with age?
3 Insurance – what types of insurance
coverage do your parents have?
Are there any holes that may need
to be filled to protect the value of
their estate?
3 Wills – do your parents have up-to
date wills? Without a will, unnecessary
costs may be incurred upon their
death, there is an increased potential
for contentious litigation, and the
very real possibility that their estate
won't be distributed as they intended.
3 Executor – have your parents
designated a personal representative
(sometimes called an executor, or
liquidator in Québec) in their wills?
This person (or trust company) is
responsible for winding up their
affairs and distributing assets and
bequests in accordance with
their wills.
ED MADRO B.A. Econ., CPCA
Consultant

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continued from previous page
3 Enduring Power of Attorney – have
your parents given someone the
power to make financial decisions on
their behalf if either or both of them
become incapacitated?
3 Living will – (sometimes called a health
directive) have your parents provided
explicit directions about the personal
and medical care they desire should
they become incapacitated? Have they
appointed someone to make these
decisions on their behalf? Have they
considered a successor?
Have them show you where
everything is
Be sure you know the location of your
parents’ wills and other legal papers,
as well as the location and content of
their bank accounts and safety
deposit boxes.
There are many financial and estate
planning strategies available to your
parents as they age.We can help sort out
the details and ease the awkwardness
of “the talk”, by bringing an outside
perspective to your discussion.
And, while you’re at it, we can take
a look at your own situation. Let's
talk soon.
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“Having “the talk” with your parents” © Investors Group Inc. 2012 MP1359 (06/2012)
Investors Group Financial Services Inc.
ED MADRO B.A. Econ., CPCA
Consultant
edward.madro@investorsgroup.com
(403) 220-9654
1-866-424-6392