Helping elderly parents get their “affairs” in order… where to start?

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NormaJean

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helping my elderly parents get their affairs in order, spurred on by recent health diagnosis.
Own their home, 100,000 in a bank account, 40,000 in a pension pot.

1. State pension question… is this means tested? Will the 100,000 in a bank account mean they cannot get the state pension?

2. Private pension…How much can you withdraw from their own pension pot annually without paying tax on it?
 
Get statement of PRSI contributions to see about state pension entitlements.

Also get a statement from pension provider - not sure what you mean by a €40k "pot"; if thats the total amount invested, it seems very low to me.

If your parents have not yet retired, they are far from "elderly", not withstanding health issues.
 
'If your parents have not yet retired, they are far from "elderly", not withstanding health issues'

That's the first thing that occured to me too!

But really a lot more information is needed to be able to provide helpful advice. Do they have any income now?
 
@NormaJean - If you're parents have contributed to social welfare "stamps" over the years they'll qualify for an Old Age (Contributory) Pension. If they haven't they may qualify for an Old Age Pension (OAP). The Contributory Pension is not means tested; the OAP is.

I don't want to know what the health diagnosis is, but I'm feeling it's pretty serious. I'm in my 70's and wish mine would talk to me about their future and mine, but they refuse to think 'ol Lep will die someday.

Talk to your parents (initially singly and later with both). "Suss" what they think and what their wishes are. You might want to include a brother or sister of yours after your initial stage.

Discuss bank accounts, their family home, investments, e-mail, insurance, cash, possessions and (most importantly) PASSWORDS. Don't be reticent in asking if they have made their wills and if not advise it's time to do so now (as in now).
 
Excellent document there @T McGibney. I can't fault it (and there's always a "but") - The main problem is to get elderly people to complete it. I know elderly people who have not claimed the allowance for free electricity or free tv licence just because it involves minimal computer work. And (worse again) I'm talking retired nurses and other retired professionals. I'm trying to get some retired people to register online for Revenue. Some are due refunds (overpayments, medical expenses etc) and they just don't want to take on the small bit of effort. Strangely, whenever I instruct elderly people on computer know-how and go through the process with them they are relieved like somebody getting a stay of execution on Death Row, I kid you not. Incidentally, some of these people are fearful of turning on their heating because of the rise in prices of electricity, gas etc. A price drop from the end of February is not much good to them.
 
Leper said:
just don't want to take on the small bit of effort.
Click to expand...
To be fair here - my (actually!) elderly relatives come from a time when computers (if the company had them at all), were the size of a horse, and were only operated by specialized staff.

One of them started work in 1947, when phones on the desk had no rotary dial & you picked up the phone & gave the number you wanted.

Add in even mild cognitive issues, hearing & possibly visual issues & it can all look like huge effort.
 
bear in mind that any decisions made now can have an impact on any fytyr
Leper said:
Excellent document there @T McGibney. I can't fault it (and there's always a "but") - The main problem is to get elderly people to complete it. I know elderly people who have not claimed the allowance for free electricity or free tv licence just because it involves minimal computer work. And (worse again) I'm talking retired nurses and other retired professionals. I'm trying to get some retired people to register online for Revenue. Some are due refunds (overpayments, medical expenses etc) and they just don't want to take on the small bit of effort. Strangely, whenever I instruct elderly people on computer know-how and go through the process with them they are relieved like somebody getting a stay of execution on Death Row, I kid you not. Incidentally, some of these people are fearful of turning on their heating because of the rise in prices of electricity, gas etc. A price drop from the end of February is not much good to them.
Click to expand...
A very valid point and I also think there can be an almost paranoia in dealing with Revenue as it scares them, they can be afraid that they will get "caught out" and also that they will lose whatever they are currently entitled to.

For the most part, they have nothing to be afraid of although having been executor to a bachelors farmers will 20 odd years ago, and he was someone who never engaged with Revenue, in some cases the paranoia can be justified
 
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