Talking with a Parent About Finances

As our loved ones – particularly our parents – get older, there’s a strong likelihood that you’ll have to have many personal or sensitive discussions. One of those usually includes finances.

This may be because they could begin to struggle making the right decisions, or perhaps a health issue interferes with their financial management. In any case, your parents will, at some point, need your help with their finances. Such a conversation may be challenging, especially at the start. Here are some tips to help with that process.

Find the Right Time to Talk

Financial discussions can happen naturally of course, but sometimes you’ll have to bring the topic up. If so, it’s a good idea to set a time to have a detailed discussion. Ask them when a good time might be, and then set a date that is comfortable for all involved, when there are no distractions (like a holiday or other gathering for example). This will help ease everyone into the topic.

Discuss the Right Information

This many seem obvious, but its important to stay on topic. Gather as many details as possible, even the mundane ones, but you don’t have to do it all at once. This can take place over many conversations. Whichever way you find it best to accomplish, you’ll want to discuss things like estate planning, wills, trusts, power of attorney and so forth. These are critically important details to know to help make financial decisions for them if they become unable to for themselves. It’s also a good idea to discuss current bills and gather information related to their financial accounts, Medicare or Medicaid information, and property details.

Remember Long-Term Care and Medical Plans

One of the most important parts of the talk should be finding out if your parents have a plan for long-term care should the need arise. Medicare generally doesn’t cover long-term care, so making a plan is a good idea. This could also be a good time to discuss long-term care insurance or looking into the ways a supportive living community may be a good option.

Your parents may not want to share all this information at once, so prepare for multiple conversations, as needed.

For more information or questions, visit our website or call 630-406-9440.

Heritage Woods of Batavia

1079 E. Wilson St

Batavia, IL 60510