Skip to main content

How to Help Your Aging Parents Get Their Finances Together

We love our family at all ages, but talking finances with the older members of the family can be tricky business. Seniors don't like to discuss their money situation, especially with their children. And that stems from the core of aging - there is already so much they need help with, and they want to retain some independence.

However, like any family, there is a time and a place for a little tough love. When it comes to helping your parents age gracefully into their older years ahead, finances can play a big role. Here are some tips on how to help your aging parents get their finances together.

Be Gentle

First and foremost, keep things in perspective. Think about how you would feel if your children came up to you and started auditing your credit card statements with no apparent reason. That is how your parents can feel, not to mention it can make them experience guilt, anger, disconnectedness, and frustration. Your parents may view your intervention as rushing them into a home so that they are less of a burden on you and your life.

Be upfront about your intentions. You don't want to belittle your elderly parents, but you want them to make the right financial decisions for their wellbeing. Clarify your intentions so they can see that you are on their side and that you are all still a family unit.

Know Their Plans

Discuss with your parents their plans. Every family is different and unique; some elderly family members want to stay in their private home as long as possible, while others are open to living in a retirement or assisted living facility. Whatever your parents' wishes are, support them if it is reasonable to do so. If not, it may be time to have a discussion with them about what decision is in their best interest.

Whatever your parents' plans are, there are some areas that need to be discussed before proceeding. Some important questions to consider:

  • Do you have power of attorney? If not, then who does?
  • When was their will last updated?
  • Where are their financial records?
  • Do your parents have a financial advisor? If yes, can you contact them?
  • What is their long-term care situation?
  • What do your parents' pension and/or retirement earnings look like?
  • The plan may change a million times over, but it is good to be safe rather than sorry. Around 55% of the American population passes away without any will or estate plan. By knowing all of these answers ahead of time, you can save a lot of stress in the event of their passing in the future.

    Understanding Medicare, Medicaid, and Health Insurance

    Perhaps one of the most important aspects for senior family members regarding healthcare is what plan(s) they have. The American Cancer Society estimates that there are approximately 3,000 new cases of cancer in the United States every year, and your aging parents are not immune. If your parent is or becomes incapacitated, the pressure lands on you to find out what government assistance they qualify for and the documents you need to manage their accounts.

    Also, it is important to understand your senior family members' existing healthcare coverage. Around 20% of adults do not think that the healthcare system was designed nor prepared to deal with the aging population. Finding out your parents' current plans, and those expenses can help you to get your aging parents' finances together.

    It is important to talk to your aging parents about their finances and to help them get their documents in order. Remember to come from a place of love and empathy; they need to see that you are wanting to help and have their best interest in mind. Asking the tough questions and finding out all the nitty-gritty details can make everything smooth sailing for you and your parents.

Comments

Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!

3 HOME IMPROVEMENT TO MAKE BEFORE MOVING IN

While shifting to your dream house, you may face a mountain of pre-move work, including downsizing, packing, hiring moving trucks, and other help. When you already have a list full of tasks, home improvements for the new house might be the last thing. However, handling the new house renovation before moving in is convenient for you in many ways. Planning home improvement is exciting and stressful both. If you are moving to a house that is not entirely ready, you have massive things to do. To make things smooth, create a list based on priorities. If you are shifting to a freshly build house, you do not need to make a lot of renovation, though you can add a little personal touch to it. When you make house changes before moving in, you can save your floor and furniture from paint spills. You will have an open space to plan the house interior. You can protect yourself and your family from hazardous odors and dust. There are several home improvements like removing popcorn ceil