re: Posters that have lost multiple parents (yours or in-laws)... a question

The biggest mistake I have seen is the parents giving children assets before they pass on. That’s all fine and dandy until the heirs go to sell the asset, especially if it’s real estate. You will not be able to take advantage of stepped up basis in the property if you receive ownership before they pass away.

Spend some money talking to an estate attorney and cpa about both sets of parents estates and succession of assets.

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Louisiana Organ Procurement

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I am not familiar with this org…why not talk to them?

Something else I just thought of. When my dad died (30 years ago) the state of Georgia had a law/provision that allowed my mom to file for what they called "Widow's Support" which exempted her from a year of property taxes. Not sure if that's still available or if other states have something similar, but can help if the husband passes unexpectedly (or even if not so unexpectedly).

This doesn't have anything to do with prep, but you're getting good advice from others. Think about the questions you may have about your ancestry, childhood, relatives, and ask those things now, while they're still lucid. Make video and audio of them answering. There are so many things I wish I had asked my dad, but I missed my chance. One of my most precious finds afterward was a video of my dad narrating as one of us drove him to all of the places he had known as a youth.

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but I am curious about your reasoning for that and even if they have long term care insuran

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Because when you're in the application process to get in a facility they will investigate your shite looking back a few years to see if y'all planned this shite. They will flat out deny your application if they see you parents put the house and vehicles in your name 6 months ago.

That's b/c when you DO get admitted to a facility you sign over access to ALLLL your shite from Social Security to Pensions to bank accounts and assets.

He gave you very solid advice. You and the wife should also make sure you're added to ALL of their accounts from Entergy and Pest Control to their Bank and Investment accounts.

Only about 2% of people ever actually pay an inheritance tax - and that’s typically because they inherited multi-millions. If that’s your situation, hire a tax attorney and don’t worry about it.

Other than that, make sure beneficiaries are up to date on your parents’ accounts. Have them start saving a paper copy of account statements at least every quarter if not every month. Have a running list of their userID and passwords for everything - any accounts, phone, bills, etc.

Ask them if there is something special that they want kids/grandkids to have. My mom had a doll that had been given to her grandmother as a child when she left Europe for America. I would have tossed it if I hadn’t known.

Probate the Will - even if “uncontested”. Know who the executor of the Will will be. Pay for an original death certificate for every child of the deceased.

Just off the top of my head - mom passed away recently.

Mine and hers, all gone.

There is an emptiness that can never be filled. It won't go away either.

I'm used to it now. I don't want it to go away. It's all I have left.

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Agree with getting audio. My brother in law, a former news anchor, did an interview with our dad about his life. Played during his visitation. Priceless. Mother was too far around the bend by then…. Been having to get family history from an uncle.

Lot of good comments here. Maybe make a list of the highlights from this thread and get with siblings to discuss.

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I want to use an Ai notetaking tool to help summarize the stories they all have. I tried to pry it all from my FIL on a long drive a couple years ago, but didn't document it. On our side of the family, it's a tradition to document the life of the patriarch/matriarch. I have a collection of bound "books" for my great great grandad, great grandad, and my grandad. (and also my Uncle). It's really neat to have.

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You and the wife should also make sure you're added to ALL of their accounts from Entergy and Pest Control to their Bank and Investment accounts.

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Interesting, I'll have to see if either my brother or my wife's brother have taken this step.

One good thing, I guess, is that because I am always helping with all their stuff, I do have a list of accounts and the passwords to everything from directv to Schwab.

(1) Create a will that names an executor and spells out beneficiaries

(2) Create a living will that dictates wishes regarding life support and names a medical proxy

(3) Create a power of attorney to handle affairs in the event of incapacitation

(4) Create a list of all bank, credit card, life insurance, 401k, IRA and investment accounts and roughly how much money is in each one. Name designated heirs as beneficiaries if those accounts allow so the funds will transfer without probate. Make a primary checking account a joint account so that the executor or primary beneficiary can immediately access funds.

(5) Make a list of all computer/email accounts, internet accounts, utility accounts and subscriptions as well as the passwords to access these. And their phone password too.

(6) Make note of anything in the house or storage facility that has non-obvious monetary or sentimental value - antique furniture, grandmas engagement ring, that moldy Bible with 10 generations of the family tree written inside.

(7) Make a list of anything relevant to the house itself- vendors, contractors, warranties, mortgage holders, taxes, HOA info, insurance, inspections, problems, etc.

(7) Organize and catalog all of the old family photos and home videos and keep them someplace secure.

(8) Make a list of all relevant medical info - doctors they see, medications, where to access medical records, etc.

(9) Make a list of all final arrangements - burial or cremation? What funeral home do they want to use. What cemetery/plot do they want to be buried in. What type of casket do they want - wood, metal, gasketed, etc?. Do they want/need a vault? What type of headstone and what should it say. What type of eulogy services performed and by who. What songs should be played. A list of people who should be notified and their contact info. Pallbearers, etc. What clothes/jewelry do they want to be buried in.

(10) If possible have them pre-pay for all of this through the funeral home or at least set money aside in a separate account specifically for this. Embalming, transport, funeral, burial, etc cost between $10-20k and it sucks for children to have to write that check on the worst day of their life.