Aging Parent Issues – What Issues Should I Consider For My Aging Parents? (2026)

2026 ยท WHAT ISSUES SHOULD I CONSIDER FOR MY AGING PARENTS?
Do you need the contact information for your parentsโ€™ professionals (financial advisor, accountant, attorney, doctors)?Do important documents need to be organized? If so, consider referencing the โ€œWhat Documents Do I Need To Keep On File?โ€ checklist.Do your parents have an estate plan? If so, consider the following (provided that they give consent):Review the estate plan to ensure it is up to date and includes General and Health Care Powers of Attorney and a Living Will.Some financial institutions will not honor Powers of Attorney that are from out of state or are more than three to five years old.If your parents will not be subject to estate taxes, but still have A/B trusts, revisit the need for the trusts and/or review the funding formula given higher estate exemptions and potential for step-up in basis planning.If your parents have trusts, consider whether lifetime conveyances of certain assets would be helpful (e.g., in the event of incapacity or in order to avoid probate). (continue on next column)Will your parents need long-term care in a nursing home or home health care? If so, consider the financial impact it will have on cash flow and assets. Consider Medicaid planning and reverse mortgages.Will a parent's individual estate exceed their remaining federal estate and gift tax exclusion amount ($15 million, if no lifetime use), or will your parents' combined estates exceed their remaining combined exclusion amounts ($30 million, if no lifetime use)? If so, consider strategies to plan for a possible federal estate tax liability.Do your parents own multiple properties? Ensure that residency is clear for probate purposes and to avoid the potential for probate occurring in multiple states (e.g., with JTWROS titling, or transfer to a revocable living trust, etc.).Do the titles of your parentsโ€™ accounts (investment and bank) need to be reviewed or updated? Consider adding TOD to any brokerage accounts, POD to any bank accounts, or create a revocable living trust to avoid passing through probate.Do any beneficiary designations need to be updated? Check to see if all beneficiary statuses have been updated for retirement accounts and insurance policies.Do your parents own digital assets? Steps should be taken to ensure that digital assets can be managed during potential periods of incapacity, and will be transferred to heirs (such as updating estate documents to account for digital assets and signing up for a password manager).Do your parents own insurance policies (including life, health, homeowners)? If so, consider checking to make sure that coverage is adequate.Do your parents have LTC insurance, an LTC rider on life insurance or an annuity, or critical illness insurance? If so, review the benefit triggers for the policy.INSURANCE ISSUESYESNODo your parents need assistance in managing their bills?Could there be sources of income that you are unaware of?Is a plan needed to deal with a potential illness or reduced mobility? If so, consider researching who can assist your parents in developing a plan.Are your parents unable to live on their own? If so, consider the following:Your parentsโ€™ home can be modified so care can be provided there. Home caregivers may help with many common household tasks.Your parents may be able to move in with a loved one.Professional geriatric care managers may be able to provide assistance.Consider continuing care retirement communities as an alternative living option.CASH FLOW & LIVING ARRANGEMENTS ISSUESYESNOESTATE PLANNING ISSUESYESNOESTATE PLANNING ISSUES (CONTINUED)YESNO
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2026 ยท WHAT ISSUES SHOULD I CONSIDER FOR MY AGING PARENTS?
Could there be property, assets or life insurance that need to be managed but have not been identified? If so, consider the following:Look at the โ€œpointsโ€ feature on credit cards and โ€œmilesโ€ with airlines to see if they are transferable.Check for safe deposit boxes.Search state agencies and unclaimed property sites that are run by many state treasurers.Will there be any expenses that require your parents to sell any investments?If your parents have annuities or illiquid assets, do they need to be reviewed to understand options?Have your parents reached their RBDs and do they own any retirement accounts? If so, consider reviewing their distribution plans and any automatic transfers scheduled for these accounts.Are there assets or accounts that should be consolidated?ASSET & DEBT ISSUESYESNOAre there any state-specific issues that should be considered (including out-of-state property or estate tax liability)? If so, some states have unique rules that can have a material impact, such as a liability for the surviving spouse to pay for the expenses associated with the illness of the deceased spouse.Do steps need to be taken to reduce your parentsโ€™ risk of elder abuse? If so, consider freezing their credit. OTHER ISSUESYESNOWill your parents have any deductible medical expenses this year? If so, consider the following:Your parents can deduct qualified unreimbursed medical expenses that exceed 7.5% of their AGI, which includes: transportation to healthcare appointments, modifications to a home or car for medical reasons, LTC insurance premiums (subject to limits based on age), privately hired in-home healthcare employees, etc.Strategies can be used to take advantage of large medical deductions (such as accelerating income through Roth IRA conversions or capital gain harvesting). Are there any capital loss carryforwards on your parentsโ€™ tax return? If so, consider selling an asset at a gain to offset the carryforward loss (which will expire, if unused, after the death of the parent holding the loss).Are there any unrealized tax losses in an account owned by your parents? If so, consider harvesting the unrealized losses or consider gifting the asset to preserve the loss and avoid the step-down in basis upon the passing of your parent. Be mindful of double basis rules by referencing the โ€œWill I Receive A Step-Up In Basis For This Gifted Property?โ€ flowchart.Is one parent ill and are there any sizeable unrealized tax gains in an account owned by a healthy parent? If so, consider having them gift the account to the ill parent to potentially take advantage of a step-up in basis at death. Be mindful of the one-year โ€œboomerang ruleโ€ by referencing the โ€œWill I Receive A Step-Up In Basis For The Appreciated Property I Inherited?โ€ flowchart.TAX PLANNING ISSUESYESNO
ยฉ fpPathfinder.com. Licensed for the sole use of Eric Blake of Blake Wealth Management. All rights reserved. Used with permission. Updated 12/26/2025.
Content Disclosures


This is not an exhaustive list of considerations. You should have a meaningful discussion with, among other people, your financial advisor that goes beyond the topics covered here. Neither RFG Advisory nor Blake Wealth Management provide tax, legal or accounting advice. RFG Advisory cannot guarantee that the information herein is accurate, complete, or timely. RFG Advisory makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of such information. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC ("RFG Advisory" or "RFG") a registered investment advisor. Blake Wealth Management and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.

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