Important Topics for Older Parents to Discuss with Their Adult Children
WEEKLY EDUCATIONAL UPDATE - JUNE 13, 2018
In This Issue
How do you talk to your adult children about your financial plans and future health-care needs? Both you and your children may view this type of discussion as uncomfortable, awkward, or even confusing. It can be difficult, but putting it off only makes matters more complicated later.
Having these types of financial and end-of-life discussions, ironically, instills a sense of confidence and comfort in everyone involved. Parents who talked with their adult children about their concerns about aging were pleased with the discussions: 95% reported experiencing peace of mind, compared to 63% of parents who didn't discuss their concerns with their children.[1] 

Here are some topics to help get you started.

1. Caregiving Wishes

Making preparations for health-care needs during later years in life is important.

Preparing for future health problems that may affect your independence is a good topic to discuss with your adult children. Most seniors - 7 in 10 - will require some form of long-term care as they age.[2]  Elderly people generally need some form of assistance with basic daily tasks, such as bathing and dressing. Some 90% of people over 65 prefer to stay at home as long as possible.[3]  

Here are some talking points:
  • Do you intend to stay in your home with a caregiver?
  • Do you prefer to move to a retirement community or nursing home?
  • Do you have long-term care coverage to help your caregiving costs?

2. End-of-Life Decisions


Despite the challenges, many families still haven't taken the opportunity to talk about end-of-life issues. More than half of adult children say they haven't discussed wills or their parents' estates.[4]  

Here are some questions to begin the conversation: 

  • Do you prefer hospice care, and if so, at a hospice facility or at home?
  • What do you intend to do with your estate?
  • How do you want your family to remember or celebrate your life?

3. Important Documents Locations

It's important to let your adult children know where you store important documents. Without knowing where documents are, your adult children will have a difficult time upholding your wishes without court interference.

Here are some questions: 

  • Where do you keep your will?
  • What passwords do you have for protected accounts?
  • Where can your children find information on the power of attorney?

Ultimately, you should address these and other topics with your adult children soon to help ensure they're able to carry out your wishes. Your unique life and goals will determine what topics you need to address. Feel free to contact us for more information. We're always happy to help you make the most of your financial life.

"Wealth is the ability to fully experience life."

- Henry David Thoreau

Thai Beef and Veggie Stir-Fry
Serves 4

Ingredients:  
  • 1 pound beef sirloin
  • 8 ounces green beans
  • ¼ cup Thai green curry paste
  • 1 13.5-ounce can of unsweetened light coconut milk
  • 1 8-ounce can of bamboo shoots
Directions:  
  1. Cut the beef into thin slices. Add ¼ teaspoon kosher salt to season.
  2. Heat a large skillet on medium-high. Spread 1 tablespoon of olive oil on heated skillet. Cook the beef in the skillet until it is browned, 2-3 minutes on each side. Move to a plate.
  3. As the beef cooks, cut the green beans in half. Hold for later.
  4. Put the Thai green curry paste into the skillet and stir while cooking, 2 minutes.
  5. Stir in the unsweetened light coconut milk. Bring the mix to a simmer.
  6. Put the green beans into the skillet and cook until the beans are tender, 3-5 minutes.
  7. At the same time, pour out the liquid from the can of bamboo shoots. 
  8. Put the beef and the bamboo shoots in the skillet, and thoroughly heat.
  9. Serve the dish over cooked rice. Sprinkle it with fresh basil.

Recipe adapted from Good Housekeeping[5]


   

Learn More about the IRS on Social Media*

You and more than half the world love to use social media. The Internal Revenue Service is no different.

The IRS uses YouTube, Twitter, Facebook, and Tumblr.  
  • YouTube: The agency publishes short informational videos on tax topics. 
  • Twitter: The agency tweets tax announcements, news releases for tax professionals, and hiring notices.
  • Facebook: The agency's pages provide information for tax professionals and taxpayers who may need help with IRS issues.
  • Tumblr: The agency produces blogs about taxes and announcements. The blogs link users to IRS.gov or its YouTube content. 
The IRS's updated IRS2Go ( https://www.irs.gov/newsroom/irs2goapp), a smartphone app, allows users to interact with the agency. The app enables taxpayers to monitor their refunds, make tax payments, and obtain other services.

Other details may apply, and you can find more information on the IRS website.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax advisor.


Tip adapted from IRS.gov [6]
Don't Say This to Beginner Golfers

You're taking your friend for his first golf game. You've provided a few tips and some basic golf instruction. The beginner has spent time at the range. You've been golfing for years, but you've never actually taught another player.

You want to help him and instill the same passion for the game that you've developed. But there's a big problem.

While beginning players face challenges that may lead to frustration and, ironically, serve to inspire, beginning "instructors" may unknowingly disenchant new players from ever playing the game again.

How can you turn off new players from golf in seconds flat? By sprinkling your well-meaning advice heavily with dreaded clichés, said in an overbearing, condescending tone.

Here they are in all their ignominy:
  • "Keep your head down."
  • "Keep your eye on the ball."
  • "Straighten your left arm."
  • "Keep your head still."
  • "Pause at the top."
  • "Swing slower."
"Most of these are detrimental to any golfer," said Jason Birnbaum, one of Golf Digest's Best Young Teachers and Director of Instruction at Manhattan Woods Golf Club. "They create tension and are terrible swing thoughts when it comes to improvement."

Birnbaum urges "instructors" to tell novices to the game to make half swings and to use tees anywhere.

"You want to give them every chance to succeed early," he said.  

One last surefire tip to get new players excited about golf: Don't keep score.


Tip adapted from Golf Magazine[7]
Listen: Get Your Hearing Checked

If "what," "pardon me," or "huh" are increasingly becoming part of your vocabulary, you might be suffering hearing loss.  

If you are, you don't have to feel isolated or alone, and you don't have to live with it.
  • Nearly 1 in 4 Americans between 65-74 have hearing loss.
  • Nearly 1 in 2 Americans over 75 suffer hearing loss.
While hearing loss may come with age, noise may also damage your hearing. More than 10 million Americans under 70 have hearing loss from loud noise.  

Health experts advise those who think they may have hearing loss to discuss their condition with their doctors. Your doctor may refer you to an audiologist or an otolaryngologist. An otolaryngologist specializes in diseases of the ears, nose, mouth, and throat.

Hearing loss can produce the following problems:
  • Inability to hear doorbells or alarms
  • Missing directions or warnings
  • Feeling isolated or depressed
If you suffer from hearing loss, you can learn ways to make life easier. Contact a health expert today to discover your treatment options.


Material adapted  from Office of Disease Prevention and Health Promotion [8]
How to Go Solar

Solar power is going down. The price of solar photovoltaics (PV) is dropping fast. Since 2008, the cost has fallen more than 75%. 

By some estimates, converting to solar power can save homeowners tens of thousands of dollars over 20 years.

Here are some tips for determining whether solar is right for you:
  • Is your home a good fit? Is your monthly power bill less than $100? Winterizing your home might be a better bet.
  • Do the math. Check with local providers to determine initial costs.
  • How about those incentives and rebates? Do research on federal and state incentives. Rebates can reduce upfront costs by nearly 50%.
  • Read the fine print. Before signing a contract with solar PV installers, check the warranties on parts and accessories. After all, you're in this for the long haul.
  • Where does the sun shine? Does your roof get adequate exposure? Shade from trees may block access to the sun's rays and heat.
  • Check out leasing companies. Going solar can be a big initial investment. In many states, some companies can install PVs for no money down. Visit https://www.energysage.com/solar/financing/companies/ for more information. 
One major advantage to going solar is the long-term cost. The sun isn't about to raise its monthly rates anytime in the next few millenniums.  


Tip adapted from EarthShare[9]
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[2] www.phca.org/for-consumers/research-data/long-term-and-post-acute-care-trends-and-statistics

[3] assets.aarp.org/rgcenter/ppi/liv-com/aging-in-place-2011-full.pdf


[5] www.goodhousekeeping.com/food-recipes/easy/a47888/thai-beef-and-veggie-stir-fry-recipe/

[6] www.irs.gov/newsroom/multimedia-center

[7] www.golfdigest.com/story/dont-ever-say-this-to-beginner-golfers

[8] healthfinder.gov/HealthTopics/Category/doctor-visits/screening-tests/get-your-hearing-checked

[9] www.earthshare.org/2010/09/tips-for-going-solar.html

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Rebecca S. Gaylor, CFP®, CFS
Active Money Management, Inc.
11811 N. Tatum Blvd
Suite 3055
Phoenix, AZ 85028
602-494-7641
 
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