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The Business Of Family

Posted at 9:07 AM, Apr 27, 2013
and last updated 2013-04-27 09:07:32-04

As we age, five issues eventually surface forcing families to make difficult choices that often times are too overwhelming due to a lack of a plan of action. Life and business coach Kathi Jo DeYoung believes these stresses can be mitigated if the family works together as a team and discusses these issue areas before they surface as significant problems along with preparing a plan for what she calls “finishing well.”

Five issues every family should discuss together as a team before preparing a plan for finishing well are:
1. Legal – Do you have a will or trust, a Power of Attorney for medical & financial issues, or an advanced directive?
2. Medical – Do you wish to stay at home, do you have long term care insurance, disability insurance,  and do you know the terminology for the medical care specific to aging?
3. Financial – Life insurance, savings, investments, mortgage, bills, funeral expenses.
4. Physical – Is my home barrier free, can I stay alone, how will I know if I am safe driving, who will care for me if I stay at home, do you have a senior care facility you would like to go to, and are my kids close in geography.
5. Emotional – How will my family handle these issues? Who will be the best finance, health, legal, and medical advocates in the family to assist those needing help in finding the right professionals?