How to begin estate planning for elderly parents?

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How to begin estate planning for elderly parents?

I need advice on where/how to begin estate planning for my parents. My parents are not what you would consider wealthy but they have accumulated modest wealth. Their ages are 80 and 87 and they have resided in TX for over 30 years. They have 10 adult kids who live is various states. Their estate includes cash, investments, annuities and real estate in the US. They also own real estate in Trinidad and Tobago.

Asked on December 31, 2011 under Estate Planning, Florida

Answers:

Michael Duffy / Duffy Law, LLC

Answered 9 years ago | Contributor

It's good you're thinking about these things, and it frankly it should have been done years ago. Do they have an existing will? Are they looking to preserve certain assets? Are they planning on going into assisted living at any point? What do they want to happen with their estate? Your best option is really to contact an estate attorney in your area to work with your parents. There are so many factors at work here, you'd need an expert to go over everything, including all assets, options and what your parents would like as a result. Then you can have a clear, effective solution crafted for your parents' needs.


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