The Right Time to Begin Managing an Aging Parent’s Finances

It’s difficult for children to know when to step in and assist aging parents with their financial affairs. Conversations about money are uncomfortable and aging parents may become defensive, suspicious or confused. It is easy to see why we resist having these conversations. Unfortunately, as parents age, they will inevitably lose the capacity to manage their financial affairs. Cognitive decline, abetted by isolation, is a powerful force that makes aging parents easy targets for scam artists, misleading advertising and offers for high-priced, unnecessary goods and services. Planning, Preparation Are Keys to Success Family members should raise the topic of financial management for their aging parents well before they become incapacitated. Dealing with financial issues before the onset of cognitive decline allows aging parents to be fully involved in the management of their estate. Early and full involvement by aging parents not only preserves their dignity and right to…

Read more detail on Recent Estate Planning posts –

This entry was posted in Estate Planning and tagged , , , , , , . Bookmark the permalink.

Leave a Reply