Many residents of Florida who have aging parents know how difficult it can be to bring up the possibility that they may need assistance managing their finances in their later years. It is important to find ways to bring up the subject that will make older parents feel supported instead of supplanted.
Individuals who have siblings may find it beneficial to consult with them before approaching their parents about financial issues. Getting everyone on the same page before bringing up finances with aging parents can avoid unnecessary misunderstandings in the future. Designating one person to bring up the subject of finances for the group may leave older parents feeling less imposed upon than calling a family meeting to discuss the topic.
Often times an inability to keep up with deadlines such as bill due dates is one of the first signs that parents may need assistance with financial matters. Sometimes the best way to offer needed assistance with finances and estate planning is by helping to pay bills or prepare taxes. If mutual friends or family members are facing similar issues, this could also present an opportunity to discuss how your family would handle a similar situation. Finding out basic information like bank account numbers and the location of documents like wills can be important in the event that your parents become unable to make decisions about their finances.
Individuals who are working on a plan for their parents later years are often unsure if they are taking the right steps to protect their financial interests. Attorneys working in the area of estate planning and administration can educate clients about their options and help to prepare a plan to protect and preserve their financial assets.
Source: Daily Finance, “5 Tips for Talking to Your Aging Parents About Their Finances“, Michele Lerner, August 16, 2013