10 Things You Should Know About Your Parents' Finances
- Do they have a durable power of attorney, and where is it?
- Where do they keep their financial records?
What are their monthly expenses?
- How can I pay their bills if necessary?
- What kind of medical insurance do your parents have in addition to Medicare?
- What's their income and where does it come from?
Have your parents done any estate planning?
- If they can no longer live on their own, what can they afford in terms of housing?
- What financial planning have they done?
- Do they have an advance health directive?
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