Your parents at one time, may have helped you financially. But now your parents are in their golden years, and they may need help with their finances, more than you realize. Here are 3 tips to do just that!
by Troop Atomic Mommy
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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.
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.
When requesting to take control of your parents’ finances, you will need to go through a 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.
Having elderly parents can be emotionally difficult at times. Their finances don’t have to be, too. You can help them with their finances by helping them make smart financial choices. And this guide is a great starting point!