Here is a checklist to help you consider the basic steps - which could apply to multiple generations - toward assessing financial resources
Simplify family finances.
Estimate family income FROM ALL SOURCES.
Review monthly/annual household budget.
Make SURE housing COSTS ARE part of the plan.
The financial outlay for a house often remains steep because of mortgage debt and increasing maintenance costs for aging homes. Aging in place is desirable, but your parents need to plan ahead for housing transitions.
Re-evaluate insurance policies.
Focus on health care coverage.
Health care costs—both planned and unexpected medical expenses—will likely consume a significant portion of your loved ones' financial resources during their later years.