What is the best thing to do for your elderly parent?

Is it better to invest in a good life insurance policy that will pay out several thousand dollars, or to start investing in some kind of end of life burial? I don't have a clue how I would pursue the latter. Any suggestions of where and how to start?What is the best thing to do for your elderly parent?
First of all, I am over 70, and my wife is close to that. Our parents have been long gone, but we learned from them that we needed to get some things lined up so our kids don't have to be responsible for everything when we kick off.





We prepaid our funeral expenses. We opted for cremation, with no frills, no casket, no urn, no funeral service. If the kids want a memorial service a few months after our deaths, they can handle that part.





We both have life insurance policies that will help the kids eliminate their personal debt, or spend it on riotous living, their choice. They will only be stuck with disposing with our 50 years of accumulated junk. That could be fun, or maybe not.





You should discuss this with your parents, and hopefully come to some meaningful conclusions. Best of luck.What is the best thing to do for your elderly parent?
I think you should sit down with them and ask them what there financial situation is. If they have a good amount but away you may have no need to, as most parents want to leave their children money. Tell them why you want to do this. If you want to receive a large amount of money at their death you would need to buy a whole life insurance policy and they are expensive. If you can afford it great.





If they have the burial arrangements made and paid for great, if not then you might want to help them get this set up so that it won't be a hassle in the end.





If they are poor due to SS not paying out enough the best thing you could do is to invest in a portfolio with a financial adviser for them in your name. Then give them a certain amount of money made each year or quarter what ever the financial adviser suggests...nice way to help them live better while still here. Make sure you have a trusted financial adviser, talk to a friend or colleague that has good amount of money saved and invested and ask them who they use.
Are you thinking of investing for your parents? Or for yourself? Your question isn't really clear.





If it's for your parents, depending on their age, social security or old age assistance in Canada are already happening , extra amounts of money may put them in a different tax bracket and could cut the monies they receive. If they ' saved'; money through pesnion savings plan depending on their age they can access that as well. In Canada I believe it's at age 70 they can lifquidate their rrsps.





Seeking advice for something like this on the internet I think sets you up for scam artists and hustlers. Talk to your friends, talk to other people who you know are steady financial advisors and ask them where to start.
Dang Bernie, ya wanna make a profit on their ';passing away';? Do ya ever think of saying to them how much ya love them and how thankful you are for all the things they have done for you? or the times they were there to help you through rough times? Ever just pick up the phone and call to see how they are doing? This is what you can do for them, and , oh yea, visit them on a regular basis
My Mother and I are very close and we have had many conversations about what she wants when she dies. She is 92. I went to the funeral home with her and helped her pick everything out. She told me the hymns she wants and the music she wants. She wants her service at the church where she has been a member since she was 12. Mom was always up for fun and a party so after we bury her, she wants us to all go to her place and have a big party. Eat, drink and be merry.
Treat them like you would want to be treated ; and above all respect them.


If they are receptive to discussing burial or insurance, then do so ; but I would give them the choice in both categories.
First tell them you love them over and over again. Ask them what they want. Just make sure their burial expenses are paid for beforehand so you don't go through the wringer at the last moment.
If it's for your parents' sake, think of something they can appreciate and enjoy while still alive.