It can be tricky trying to help our elderly parents navigate their finances. With this guide, you can help them become more secure.
by Atomic Mommy Editors
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It can be tricky trying to help our elderly parents with their finances. After all, when we were kids, our parents helped us grow into successful adults. This is particularly the case for those of us who have parents who need help financially as they prepare to move into a care home.
Maybe we never saw it coming, but they got older while we were living our lives. And perhaps, they have grown to be less self-sufficient financially and with their self care. As a business person, you are probably financially savvy and that means you should pay-it-forward to your parents.
Fiscal knowledge is one of the cornerstones of running a successful business. These skills are easily transferable to your family life. You can use everything you’ve learned as a successful business owner to help others when they need it.
It may be hard to know how to help your parents in this difficult transitionary period. So, let’s take a look at three ways to help your elderly parents with their finances.
#1 Find caregivers or elderly care homes with your parents.
If your parents need at-home care or are thinking of moving into a permanent elderly care facility, it is important to help them with the process. Unfortunately, financial elder abuse is prominent. If your parents are vulnerable individuals, they need someone more savvy to assist them. Together, you can find carers, home care services, or a care facility with a great reputation, that won’t take advantage of your parents’ vulnerabilities.
#2 Take them for a meeting with an independent financial advisor.
Your parents likely have an accountant or financial advisor that they have worked with for some years. However, when it comes to elderly financial management, you need to get a second opinion. You may be able to offer some pearls of wisdom, but many parents are stubborn when their kids try to advise them. It’s best to take them for a meeting with an independent financial advisor. This will allow a professional to handle your parents’ financial situation.
#3 Request to take control of their finances if necessary.
In certain circumstances, it can be beneficial to assume control of your parents’ finances. These circumstances are usually when one or both parents is either permanently hospitalized or experiencing a neurological illness.
If you need to go down this route, it is essential that you consult a lawyer first and do everything properly and legally. This should only be done if your parents truly cannot be trusted with their own finances or are not in a sound frame of mind to make their own financial decisions. It is not a decision to be made lightly, so definitely think it through and discuss with other family members too.
When requesting to take control of your parents’ finances, you will need to go through a lengthy legal process in which all parties consent to the change. This can be a tricky process. But if you all agree it’s for the best, it can help them stay financially stable at this stage.
The Takeaway
Having elderly parents can be emotionally difficult at times. Their finances don’t have to be, too. With a little bit of discussion and planning, you can help your parents have a secure financial future. You can help them with their finances by helping them make smart financial choices. And this guide is a great starting point!
