Discussing Money Issues with Aging Parents
Updated: Mar 17
Discussing money issues with your parents is probably not an easy subject, but one that needs to happen as they age. If you have aging parents you probably want to do all you can to help them navigate the difficult financial issues they will be facing.
If you find yourself at that time in your life, will you know what questions to ask? Now is the time to educate yourself so you can prepare to help your aging loved ones be prepared.
There are four critical subjects financial advisors typically suggest discussing with your aging parents. While you may think that you have a good grasp of each, visit us at Gentreo.com to learn more about what resources might be helpful to answer most if not all of your initial questions easily. Every situation is different, but starting discussions can help send your family down a path you and they choose.
Health Care Proxy or Health Care Power of Attorney, Power of Attorney, Will, Trusts and more. Do your parents have all or any of these? Are these documents stored in a safe place that is easy to access 24/7? The right decisions can be made by learning about options here to get support, and when choices must be made.
As your parents age, it is important they know what health insurance and coverage they have and what they might need should their financial situation change due to retirement. For instance, Medicare is a bare minimum health care coverage and supplemental policies are often necessary.
Talking to your parents early regarding the possible need for long-term care and how to pay for it is also extremely important. Letting your parents know now that you can be counted on for healthcare help in the future may also be a good step now while no concerns exist. If there are existing issues, have a list of those concerns including medications and conditions.
Income and expenses
Income sources, expenses and outstanding debts should be discussed to ensure your parents have the financial backing to afford their current and planned lifestyles. You may also want to inquire about having the authorization to attend any meetings regarding their financial situation. It might also be a good idea to talk to them about financial planning and recommend consulting a professional financial planner.
Bank account statements, investment portfolios, property deeds, bonds, IRAs, car titles – these are critical documents, whether they are electronic or hard copies. Make sure you and your parents have access to these and store them safely.
More and more seniors are discovering online banking and other financial services that involve accessing information online. This means log-in information needs to be kept as well and updated regularly.
It’s never too early to discuss money issues with your parents. It’s a vital discussion that will pay off for both of you.
For more information, contact us at Gentreo.com. We can help you create a simple and affordable health and estate plan, and a safe place to store it.
Gentreo is not a law firm or a substitute for a law firm, or attorney, or an attorney’s advice or recommendations.