How to deal with financial matters and aging parents
INDIANAPOLIS (WISH) – When you hit a certain age, you may realize that one topic keeps coming up in conversations: care for aging parents.
The concerns aren’t limited to health care. Managing money is also a big problem.
Parents aren’t likely to recognize their own declining abilities, so knowing when and how to step in to help is important.
Jane King had these tips on Daybreak Monday morning:
- When visiting your parents, watch for warning signs and take a look around the house. Are there any unpaid bills piling up on the counter? That may be a red flag that your parents are struggling with the upkeep.
- Make sure that you have a list handy of people you can contact, like friends, caregivers and church members who can offer insight to any changes in your parents’ behavior. Don’t forget your parents’ professional contacts like their attorney, doctor, insurance agent and financial adviser.
- Most people have a difficult time relinquishing control over their finances, so be subtle. Try offering guidance instead of taking over their finances completely or buy a book about finances and offer to discuss it with them.
- Sharing responsibility can be tricky, but keeping siblings in the loop is critical. If one sibling lives closer, in-person tasks may be easier for them. Set up monthly telephone meetings to update everyone.
- Prepare a power of attorney. This is a form that authorizes you to make business or financial decisions on your parents’ behalf and gives greater oversight over someone’s finances.
No one likes to lose independence. Helping your parents with this transition is difficult, but it’s in their best interest and yours.