{"id":14723,"date":"2025-05-07T17:51:21","date_gmt":"2025-05-07T17:51:21","guid":{"rendered":"https:\/\/finderica.com\/?p=14723"},"modified":"2025-05-07T17:51:21","modified_gmt":"2025-05-07T17:51:21","slug":"a-mothers-day-financial-planning-guide","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=14723","title":{"rendered":"A Mother\u2019s Day Financial Planning Guide"},"content":{"rendered":"\n<div>\n<figure class=\"embed-base image-embed embed-0\" role=\"presentation\"><figcaption><fbs-accordion class=\"expandable\" current=\"-1\"><\/p>\n<p class=\"color-body light-text\" role=\"button\">Make this Mother\u2019s Day count: Discover how to support your mom in planning for the future with <span class=\"plus\" data-ga-track=\"caption expand\">&#8230; More<\/span><span class=\"expanded-caption\"> practical advice on estate, legal, and care decisions.<\/span><\/p>\n<p><\/fbs-accordion><small>Getty Creative<\/small><\/figcaption><\/figure>\n<p>Mother\u2019s Day is a time for celebration, reflection and maybe a moment to talk about the hard stuff. As our parents age, many of us find ourselves navigating unfamiliar territory: future care, legal paperwork, long-term expenses and awkward but necessary conversations about estate planning.<\/p>\n<p>But planning for the future doesn\u2019t have to be grim. It can be a gift; a way to ensure your parents\u2019 wishes are honored, their care is managed with dignity and your family avoids emotional and financial chaos if an unexpected health crisis hits.<\/p>\n<p>We spoke to elder law attorneys, financial planners and aging experts to break down the key steps families can take now to prepare for future medical and financial decisions.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Why It Matters: The Cost of Waiting<\/h2>\n<p>\u201cThe biggest mistake families make is avoiding the issue and not planning,\u201d said Richard Wexler, CEO of APlan2Age, a care planning and coordination firm. \u201cThese can be awkward and uncomfortable conversations, but without a comprehensive plan, many families find out too late that care for mom, after a fall or illness, can be lengthy and expensive.\u201d<\/p>\n<p>A proactive approach can help reduce long-term costs and avoid court entanglements when a loved one becomes incapacitated without the proper documents in place.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Documents Every Family Needs<\/h2>\n<p>There\u2019s near-unanimous agreement among experts on what paperwork to prioritize to make sure a family member\u2019s care and finances are taken care of, should they be unable to attend to them themselves, which includes:<\/p>\n<ul>\n<li>A durable power of attorney (POA) for financial decisions<\/li>\n<li>A health care proxy or advance directive<\/li>\n<li>A last will and testament or a living trust<\/li>\n<li>A living will or POLST (Physician Orders for Life-Sustaining Treatment)<\/li>\n<li>A letter of instruction and a complete asset inventory<\/li>\n<li>Updated beneficiary designations on life insurance policies and retirement accounts<\/li>\n<\/ul>\n<p>Powers of attorney are essential tools that allow a trusted individual to act on a parent\u2019s behalf when they can no longer do so. A durable power of attorney for finances enables someone to pay bills, manage property and make decisions without court involvement, while a health care power of attorney allows medical advocacy.<\/p>\n<p>\u201cWithout these, families often face court conservatorship, which is expensive, time-consuming and emotionally draining,\u201d said Dr. Lucy Andrews, founder of BrainGuardSystem.com, a cognitive health and aging consultancy. \u201cYou need both financial and healthcare powers of attorney in place before a crisis occurs.\u201d<\/p>\n<p>Denise D. Nordheimer, partner at Fox Rothschild LLP, a national financial planning firm, echoed the urgency. In one common scenario, an adult child might discover they can\u2019t access their parents\u2019 bank account after a medical emergency, leading to months in probate court and thousands in legal fees, all during a time of crisis.<\/p>\n<p>\u201cSo many times, we conclude a lengthy and expensive matter and say, &#8216;This all could have been avoided with a simple power of attorney,&#8217;\u201d Nordheimer said.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Talking About the Future Without Starting a Family Feud<\/h2>\n<p>The first step in any plan isn\u2019t paperwork, it\u2019s people.<\/p>\n<p>\u201cStart with love and curiosity, not logistics,\u201d Andrews said. \u201cSay something like, \u2018I want to understand your wishes so we can support you the way you\u2019d want. What matters most to you as you age?\u201d<\/p>\n<p>Dana Walsh Sivak, partner and chair of the Elder Law Practice Group at Falcon Rappaport &amp; Berkman, said it\u2019s key to approach aging parents as the adults they are. \u201cIt\u2019s important to include parents in the discussion, rather than assume you know what they want. Listen more than you talk.\u201d<\/p>\n<p>Wexler recommends starting with siblings first. \u201cFigure out who has the closest relationship with Mom. That person might be best positioned to initiate the conversation,\u201d he said. And yes, ask Mom for advice. It flips the dynamic in a respectful, empowering way.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Know About Long-Term Care Insurance<\/h2>\n<p>Long-term care insurance is shrinking as an option, but if your parent can get it, many experts agree: it\u2019s probably worth it.<\/p>\n<p>\u201c[These policies] are very rare now, but there are hybrid policies that convert from life insurance to long-term care that are still being written,\u201d Nordheimer said.<\/p>\n<p>If insurance isn\u2019t feasible, families may need to plan for Medicaid eligibility, tap VA benefits or rely on personal funds.<\/p>\n<p>Constantina Papageorgiou, an elder law attorney, emphasized discussing this with both an attorney and a financial advisor. \u201cYou may be able to protect assets and still qualify for assistance,\u201d she said.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">The Most Common Oversights (And How To Avoid Them)<\/h2>\n<p>Family conflict over inheritance and money is more common than most people realize, and the consequences can last for years.<\/p>\n<p>According to the Institute on Aging, unresolved tensions around estate planning can tear families apart if expectations and intentions aren\u2019t clearly communicated. The institute recommends that parents speak openly with their children about their wills and financial plans. Managing expectations early and honestly can help avoid resentment and confusion later, especially when emotions are already running high.<\/p>\n<p>The top mistake, according to every expert we interviewed, is not planning at all.<\/p>\n<p>But even well-intentioned families slip up. Andrews listed a few common traps:<\/p>\n<ul>\n<li>Waiting too long to start<\/li>\n<li>Leaving one sibling with all the responsibility<\/li>\n<li>Not sharing the plan with family<\/li>\n<li>Underestimating dementia care costs<\/li>\n<\/ul>\n<p>Sivak pointed to another issue: bad legal documents. \u201cPrinting a POA form from the internet is a mistake,\u201d she said. \u201cI\u2019ve heard many people lament that decision after finding out the form was invalid in a crisis.\u201d<\/p>\n<p>Wexler added, \u201cFamilies think they\u2019ll stay with Mom for a few days and she\u2019ll be fine. However, care needs can be long-term and costly. Without a plan, you\u2019re flying blind.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Sharing the Load: How Siblings or Other Family Members Can Work Together<\/h2>\n<p>Caring for a parent is hard enough without resentment brewing. When possible, experts suggest making caregiving a shared effort early on, and that doesn\u2019t have to mean just siblings. Adult children, in-laws, cousins and even close family friends may be part of the support network.<\/p>\n<p>\u201cStart with an honest family meeting. Clarify what each person can offer, whether that\u2019s money, time, skills or support,\u201d Andrews said.<\/p>\n<p>Papageorgiou recommended dividing responsibilities. \u201cAllocate tasks and check in regularly. That way, one person doesn\u2019t shoulder the full emotional and logistical burden.\u201d<\/p>\n<p>Still, many people are navigating this process alone or with limited help. Sivak said emotional support is often more important than financial support. \u201cIt\u2019s seldom the money that causes stress. It\u2019s feeling alone in the responsibility.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">When To Call In the Pros<\/h2>\n<p>Bring in a financial advisor, elder law attorney or care planner before a health crisis happens, experts say.<\/p>\n<p>Dr. Andrews suggested finding experts via <a href=\"http:\/\/naela.org\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http:\/\/naela.org\/\" aria-label=\"NAELA.org\"><u data-ga-track=\"ExternalLink:http:\/\/naela.org\/\">NAELA.org<\/u><\/a> (elder law attorneys), <a href=\"https:\/\/www.napfa.org\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.napfa.org\/\" aria-label=\"NAPFA.org\"><u data-ga-track=\"ExternalLink:https:\/\/www.napfa.org\/\">NAPFA.org<\/u><\/a> (fee-only financial planners), or <a href=\"http:\/\/aginglifecare.org\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:http:\/\/aginglifecare.org\/\" aria-label=\"AgingLifeCare.org\"><u data-ga-track=\"ExternalLink:http:\/\/aginglifecare.org\/\">AgingLifeCare.org<\/u><\/a> (geriatric care managers). \u201cA trustworthy expert will understand your family\u2019s values, not just their finances,\u201d she points out.<\/p>\n<p>Nordheimer said to look for attorneys who concentrate in elder law, are active in professional associations and take time to build a real relationship. \u201cIt has to work for both of you,\u201d she said.<\/p>\n<p>The takeaway? You don\u2019t need to have it all figured out this Mother\u2019s Day. But having a plan\u2014even a rough one\u2014can mean the difference between chaos and compassion when things get hard. Call your mom. Bring up the future. She might be more ready to talk than you think.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/advisor\/2025\/05\/07\/wills-care-and-tough-talks-a-mothers-day-financial-planning-guide\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Make this Mother\u2019s Day count: Discover how to support your mom in planning for the future with &#8230; More practical advice on estate, legal, and care decisions. Getty Creative Mother\u2019s Day is a time for celebration, reflection and maybe a moment to talk about the hard stuff. As our parents age, many of us find<\/p>\n","protected":false},"author":1,"featured_media":14724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[196],"tags":[811,191,265,4840,940],"class_list":{"0":"post-14723","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-news","8":"tag-day","9":"tag-financial","10":"tag-guide","11":"tag-mothers","12":"tag-planning"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/14723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14723"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/14723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/14724"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}