Discussing Finances with a Parent

Heritage Woods - Talking with a Parent about Finances

There will likely come a time when you have to discuss sensitive matters with your parents as they get older. One of these talks often includes finances.

As our parents age, they may need your help with their financial management and decision-making. This can be a difficult and even confusing conversation, but there are some ways to help make it a bit more comfortable for all involved.

Set time aside to talk.

You don’t have to make a big occasion out of it but setting aside a comfortable time for this kind of discussion is a good way to begin. Pick a day or time with no distractions or other commitments that may interrupt. Chances are, financial discussions will take several conversations over a period of time, so be patient, but making plans to talk is a good idea.

Try to stay on topic.

Any conversation can naturally go in many directions, but when discussing financial and other personal matters, it’s important to try to stay on track. You’ll want to discuss as many details as possible, such as estate planning, power of attorney, wills and trusts. You’ll also want to discuss your parents’ financial accounts and any other information related to their property, and insurances like Medicare or Medicaid. This is so you’ll have an idea of assets and resources should you be asked to help them make any financial or medical decisions.

Don’t forget to discuss long-term care plans.

In addition to finances, one of the most important parts of the talk should be finding out if your parents have a plan for long-term care, if needed. Since Medicare usually doesn’t cover long-term care, this could be a good time to discuss long-term care insurance or looking into options for assisted living if that makes sense for their situation.

For more any questions about how assisted living programs can help with financial discussions and wellbeing for seniors, visit our website or call 815-787-6500.

Heritage Woods of DeKalb

2626 N. Annie Glidden Rd

DeKalb, IL 60115