Starting the Finance Conversation with Aging Parents

It’s a tough conversation to have, but can be a tough situation to handle if not figured out before your parents aren’t able to handle their finances alone any longer. We are used to not having those conversation with the people who not only raised us, but also taught us how to handle our finances. Here are some ways to get that important conversation started and what to talk about.

How to Start

You know that it is time to start thinking about the conversation, but how do you get it started? It’s best to open the lines of communication early before the conversation is a necessity. When your parents can think clearly and logically about their future and their financial health. Once it’s impending decisions are sometimes made too quickly and emotionally instead of with forethought. Whether you are an only child or have siblings, it is best for you all to sit down with your parents and let them know that you want to make sure their finances will be taken care of. They need to feel they can trust their children in the future.

Be Sensitive

Getting your parents to open up about their finances may not be easy. It’s important to approach the topic with sensitivity so that they know you have their best interests in mind. You want to be sure to reassure them that you want their financial wishes fulfilled and that your aren’t just taking over without their input. Talk to them in a collaborative manner in that you will all be working together to do the right thing with their finances and that the decisions will be made that way.

Getting Family Involved

Gathering and reviewing all their pertinent financial information is something you want to do when all family members involved will be present. It’s a good idea to assign different tasks to certain members of the family. In doing this, you want to be sure still that everyone is kept in the loop. One person may be responsible for just the medical paperwork and decisions, but all of that should be shared with all involved.

Although this is a difficult conversation, it is always best to have it when your parents can be involved and will have comfort in knowing that their financial health will be taken care of when they are no longer able to. Let Carolina Money Minders help with this conversation, contact us today!