How to Provide Financial Help to Aging Parents


Olde Hornet

Well-Known Member

Start the conversation
Knowing that the ability to make good financial decisions starts to diminish when you’re still in your peak earning years can provide an opening for baby boomers to discuss this sensitive topic with their parents. Tell your parents that you have started to discuss your finances and retirement plans with your own children or others you trust.

Another effective way to broach the topic of your parents’ finances is to ask them whether they have core estate-planning documents, including powers of attorney for finances and health care, a will and, in some cases, a living trust. You should also ask your parents whether they’ve updated beneficiaries for life insurance policies, retirement savings plans and other types of accounts. If they’re reluctant to share details of their finances, stress that your main concern is to be able to locate these key documents if they become incapacitated or die.
 
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