Senior Money Management

 

This is a universal issue for many adult children and their aging parents…as we all age there comes a time when assistance becomes necessary to do everyday tasks.  Millions of adult children are facing this very fact every day.  In fact, more than 30 million adults are taking care of their aging family or friends over the age of 50, including offering financial help, according to the AARP.  Here is some advice to help you along the way.

Don’t Wait Long…

Just because your parents are in their early 50’s or 60’s doesn’t mean there isn’t a need to have a firm talk about their assets yet.  The sooner you start the better, especially if one parent is sick or disabled.  If you fail to prepare, you’re prepared to fail.  Get the conversation started before there is anything to worry about.  A good idea may be to get the whole family involved, focus on specifically how you plan to help.

Don’t Give Up…

Naturally, your parents may be unenthusiastic in talking with you about their finances.  As an adult, this can be an awkward conversation topic and a difficult thing to initiate. If at first you don’t succeed, try again.  You may need to strike up the subject a few times until your parents are ready to LISTEN.  Be patient, over time they will begin to see your point of view.

Posted on August 4, 2010