How to talk to your agin parents about money
April 15, 2015
Talking with your elderly parents about their finances can be a tough subject to approach and discuss with them. However, if you fear they may be having trouble managing their money because of issues related to aging, you may want to start the conversation with them.
You want to learn as much as you can about their financial situation in case you have to help them someday. But this is usually a very touchy subject to talk about and hard for people to deal with. For starters, you need to know whether they have wills, a power of attorney and health care directive. Here are some ways to ease into the conversation with them and make it easier on all of you.
Talk about your own situation. Discuss with them what you have been doing in terms of your financial situation and ask them what protections they have in place.
Enlist the help of a third party. You parents may be more likely to discuss their finances with you and let you help them if a third party such as an accountant, financial advisor or estate attorney suggests they do.
Offer to help them develop a spending plan. This will allow to you see how much money they have coming in and how they are spending it.
Also make sure that you let your parents know that you are doing this and helping them not to control them but because you love them and want to make sure they are financially secure. In our experiences, we have seen that people have the most success with their parents when they go to them for guidance on their own situation. Ask them how they did their estate planning and possibly they can help you to get your own ducks in a row as well as hopefully learn more about their situation and how you can help. If you would like our office to help with your estate planning or to help you talk to your parents about their situation, please call us at 763-231-9510.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult with your financial advisor prior to investing.