The prospect of discussing money with an elderly parent can cause worry and anxiety in adult children. You don’t want a senior relative to believe you’re doubting their financial management skills or worrying about their health. However, it is an unpleasant truth that occurs more frequently as people become older.
When a parent becomes ill and unable to pay their bills, it can cause serious complications. That’s why it’s ideal to have this talk with an elderly parent while they are still capable of doing so.
Finance and Parental Aging
Become a member of the National Do Not Call Registry. Scams using telemarketers may be highly complex. Because several seniors still use landlines, scammers may be able to simply obtain their contact information and convince them to sign up for services they don’t require. Alternatively, they could persuade them that a government agency needs “additional data.” Enrolling your parent in the National Do Not Call Registry is one approach to reduce the danger of phone scammers. While there are no assurances that fraudsters will stay away, it does help. You can find out how to register here.
Share your worries regarding identity theft and fraud. While identity theft and financial fraud are on the rise, not all senior citizens know the risks. Explain to your parent that you’ve been reading about financial scams aimed at older citizens and that you’d like to safeguard them. You could offer an extra pair of eyes for possible problems by being more aware of their money.
Consult an accountant or a financial planner. If it makes you or your parent uncomfortable to raise financial questions, see if you may speak with their accountant, attorney or financial adviser. Make sure your parent allows you permission to discuss their records and accounts with the professional. Make a list of your concerns and bring them to the meeting with you.
Have many conversations. Last but not least, don’t bombard your parent with too many inquiries and requests all at once. To acquire their cooperation and obtain the answers you want, you may need to conduct a series of talks. This will give you confidence in managing a parent’s money in the event of an emergency.
Be Truthful
Being truthful is the simplest way to get started. Kindness and empathy are essential qualities. Explain that you want to be ready to assist if necessary. Your objective should be to learn everything you need to know to keep your parents’ house functioning properly if they have a short- or long-term medical emergency.
It might be difficult to discuss money matters and keep track of a senior’s financial actions. We’ve put up a list of recommendations that you might find helpful.
It might be difficult to discuss money matters and keep track of a senior’s financial actions. We’ve put up a list of recommendations that you might find helpful.
