How to Help Aging Parents Manage Their Money

  • Elder Law
  • Estate Planning
How to Help Aging Parents Manage Their Money | Attorney Mario Godoy | Lombard Estate and Probate Legal Group

Parents often strategically plan how to have “the talk” with their children about sex. Many adults are part of the so-called “sandwich generation,” people who have responsibilities for their own children and for the care or support of their aging parents – so they are “sandwiched” between a younger and older generation. A recent New York Times article had expert advice on how to discuss money with your older parents.

3 Tips on Discussing Money With Aging Parents

1. Plan Ahead 
Before the parental conversation, there needs to be a sibling conversation. It takes a lot of patience and persistence. This is the kind of conversation that needs to start early on because sometimes it can take years” for parents to be willing to accept help.

– Lauren Locker, certified financial planner

2. Don’t Blame 
Focus not on what they might or might not be doing, but on what the family as a whole needs to do to help. And do it with empathy and a lack of judgment.

– Carolyn McClanahan, a certified financial planner and medical doctor

3. Consult an Expert 
Suggest hiring a (financial) planner, but you definitely want someone who has expertise in this. The financial planner has hopefully been through this a lot and may have thought of scenarios you haven’t thought of.

– Liz Weston, a Los Angeles-based certified financial planner, author and writer for the website NerdWallet

 

For more on this topic, see my article New Book: How to Discuss Finances With Your Aging Parents.

Often children aren’t aware of their parent’s estate plans and options and don’t know how to discuss finances with aging parents. Many times children find themselves unexpected financial advisors or even caretakers for their parents and aren’t adequately informed to make good decisions. An experienced Illinois elder law attorney can explain applicable laws and advise you on the best options to protect the interests of senior citizens. Contact the Estate & Probate Legal Group at 630-800-0112.