Yusra3
VIP Contributor
Though difficult, there are key times as your parents age when you should initiate conversations about their financial situation to ensure support is in place. Approach talks gently and collaboratively.
When Health Declines
A serious diagnosis makes it important to understand their financial resources for care. Ask about health insurance, Medicare/Medicaid eligibility, long-term care coverage, and outstanding medical debts to identify gaps.
When Mobility Changes
Losing the ability to drive or easily get out makes bill paying difficult. Offer to take over routine financial tasks like picking up mail, setting up autopay for bills, and reviewing statements monthly to protect their independence.
When Cognition Declines
Noticeable memory lapses warrant assessing their capability to manage money matters appropriately. Look for oversights - automatic payments missed, unpaid bills, duplicate purchases. Check for fraud.
When Major Purchases Are Made
Big financial moves like changing homes, sales of property, or new leases should prompt discussions around the implications for their finances and if decisions align with their goals. Provide guidance.
When Family Dynamics Shift
Remarriage, illness or passing of a spouse who handled finances means you should ensure accounts are transitioned properly and the remaining parent understands the finances.
When Income Sources Change
Retirement, job loss or death of a spouse necessitates reviewing income sources like Social Security, pensions, and investments to ensure their continuity and sufficiency for your parent’s needs.
Approach money talks with empathy, asking how you can collaborate to simplify their financial management burdens. Offer to find trustworthy professionals for guidance. Your support means everything during difficult transitions.
When Health Declines
A serious diagnosis makes it important to understand their financial resources for care. Ask about health insurance, Medicare/Medicaid eligibility, long-term care coverage, and outstanding medical debts to identify gaps.
When Mobility Changes
Losing the ability to drive or easily get out makes bill paying difficult. Offer to take over routine financial tasks like picking up mail, setting up autopay for bills, and reviewing statements monthly to protect their independence.
When Cognition Declines
Noticeable memory lapses warrant assessing their capability to manage money matters appropriately. Look for oversights - automatic payments missed, unpaid bills, duplicate purchases. Check for fraud.
When Major Purchases Are Made
Big financial moves like changing homes, sales of property, or new leases should prompt discussions around the implications for their finances and if decisions align with their goals. Provide guidance.
When Family Dynamics Shift
Remarriage, illness or passing of a spouse who handled finances means you should ensure accounts are transitioned properly and the remaining parent understands the finances.
When Income Sources Change
Retirement, job loss or death of a spouse necessitates reviewing income sources like Social Security, pensions, and investments to ensure their continuity and sufficiency for your parent’s needs.
Approach money talks with empathy, asking how you can collaborate to simplify their financial management burdens. Offer to find trustworthy professionals for guidance. Your support means everything during difficult transitions.
