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Holiday Family Gatherings Can Be Perfect Time to Help Aging Parents Plan for the Future

Posted on: Friday, 16 November 2007, 18:00 CST

CINCINNATI, Nov. 16 /PRNewswire-FirstCall/ -- This is the time of year when many of us will travel home for the holidays, reuniting with family for a traditional holiday feast or exchange of gifts. And, for most, discussions about the future rarely will extend beyond developing New Year's resolutions.

But family holiday celebrations also can provide a wonderful opportunity to discuss future financial security with aging parents.

"More than 25 percent of American families are involved in some way with elder or parent care, and this number is on the rise," said Jaleigh White, director of Wealth Planning for Fifth Third Private Bank. "For many, the responsibility of caring for aging parents hits at a time when they also are raising children and anticipating sending them to college.

"In many cases, aging parents may have a clear idea of how they wish to spend their retirement years, but they may have procrastinated when it comes to planning for illness and death," she added. "The holidays can be a perfect time to address these issues since the whole family is together and can take part in the conversation."

Making decisions regarding the care of older parents can be a difficult and emotional process, but there are steps you can take to help make the discussion flow more easily:

-- Create a plan. Because these are sensitive topics, it's important to discuss your intentions and what you hope to accomplish with siblings, then decide how best to initiate the discussion with your parents. -- Be prepared. Before you talk with your parents, make sure you have the information and options ready regarding the topics you wish to discuss. Be able to share the advantages and disadvantages of any suggestions you may make. -- Prepare a Personal Data Record. "Collect into one document all the information you would need if your parents were to become incapacitated or die, or were to either transfer their assets to you or give you power of attorney," says White. "This includes financial information, legal documents, medical information and accounts, insurance policies, and funeral and burial plans." -- Listen. While it may feel natural to give advice, it's important to respect your parents' wishes and experience. Listen to their ideas and offer suggestions that will help them meet their needs. Ask them about their expectations and respect their need for independence. -- Seek support and advice. If you are concerned about your parents' mental or physical capabilities, ask their doctor for a geriatric assessment. If you can't care for your parents yourself, seek guidance from a geriatric manager. If you provide care for your parents, check into support groups, adult day care and caregiver training that can provide assistance to you. -- Explore long-term care. "The issue of long-term care for your parents may seem a long way off, but it's closer than you think -- and more common," White said. "While some families are able to bring aging parents into their own homes, others are not. An alternative is to purchase long-term care insurance to help cover all or part of the costs for in-home care or assisted living facilities. To help keep long-term care costs under control, it can help to think ahead and buy while your parents are young -- before age 60, if possible. You also might ask about spousal discounts. Some insurers will offer discount rates if both of your parents buy coverage." -- Don't wait. It's easy to put off discussing topics that can be awkward or unpleasant. But if your parents are reasonably healthy, now is a good time to start planning for their future welfare.

"Having a conversation about health care and estate planning with your parents may be one of the most important things you can do," White said. "Not only are you protecting their assets for the future, but you're also providing them with an opportunity to share their personal wishes."

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $104 billion in assets, operates 18 affiliates with 1,182 full-service Banking Centers, including 102 Bank Mart locations open seven days a week inside select grocery stores and 2,154 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2007, has $232 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com/. Fifth Third's common stock is traded through the NASDAQ(R) National Global Select Market System under the symbol "FITB." Member FDIC.

Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services. Fifth Third Bancorp provides access to investments and investment services through various subsidiaries. Investments and Investment Services:

Are Not FDIC Insured Offer No Bank Guarantee May Lose Value

Are Not Insured By Any Federal Government Agency Are Not A Deposit

Insurance products made available through Fifth Third Insurance Agency, Inc.

Fifth Third Private Bank

CONTACT: Amy Williams, for Fifth Third Private Bank, +1-513-534-6791

Web site: http://www.53.com/

Source: PRNewswire-FirstCall

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