Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
FINANCIALISSUES
FinancialIssuesYouNeedToDiscussWithAgingParents
ArecentsurveybytheNationalEndowmentforFinancialEducationfoundthatsevenin10adultssaytheyhavedifficultytalkingtotheirfamiliesaboutwhowillmakefinancialdecisionsforanagingfamilymemberwholosestheabilitytosafelyhandletheirmoney.Partoftheproblemistheagingparent.Manyeldershaveanattitudeofsecrecyabouttheirfinancialsituation.Deeplyingrainedattitudesarenotgoingtochange.Youneedtoworkwiththem,byofferingreassurancethatyouarenottryingtotakeadvantageofyourparents,ortakecontrolovertheirlives.Reachingthisemotionallevelintheconversationworksfarbetterthanmakinganargumentthat"it'stime,andyou'regettingold".Thatlinejustmightexacerbatetheirfearsoflosingcontrolovertheirlives.Secrecyisoftenbasedinthesefears.Mostpeoplewhohavediscomfortwiththesubjectofagingparentsandfinancesprocrastinatetalking
aboutit.Thereareunfortunateconsequences.Whenacrisiscomesupandnoonehasanyideawhattheparentshaveorwheretofindanydocumentswhentheyareneeded.Unnecessarystressandpaniconthepartofadultchildrenresult.Or,dementiagraduallyaffectsaparentuntilDadcan'trememberwhathehasorwherehekeepsrecordsorhismoney,leadingtotheexpenseandnecessityofgettingthecourtinvolvedtoallowsomeoneelsetotakeover.Adultchildrenregretwaitinganddoingnothinguntiltheyareforcedtohirealawyerandgetacourtorderviaaguardianshiptogetintotheparent'saccounts.Asmartwaytopreventtheworstfromhappeningtoyouistomakeanappointmentwithyourselftobringupthesubjectwithyouragingparentataspecifictime.Planningtodothisafterabirthday,afamilyeventoraholidayisagoodchoice.Familymaybetogether.Youcanaskyourparentstoextendthevisitoryourtimewiththemtodiscussbusiness.Includeanywillingfamilymemberswhomaysharetheresponsibilityforagingparentsinthefuture.Setadateandtimeandinvitealltobepresent.Yourapproachisacrucialpartofthepathtosuccesswiththedifficultsubjectofmoney.Itishelpfultodirectlyexpressyourrespectandacknowledgementofyourparents'reluctancetobringuptheirfinancesfordiscussion.Youcanputitonyourself:youareconcernedthatifsomethingwentwrong,youwouldbecompletelylostastohowtohelpthem.Youmightalsosaythatyouwantthemtomaintaintheirindependenceforaslongaspossibleandyouarewillingtotaketheleadtoassurethat,butyoucan'tdosowithouttheinformationanyonewouldneed.Ifyouhaveafriendorotherrelativewhohashadarecenthealthcrisis,youcanusethatpersonasanexampleofwhyyouneedinformation.
...continued
Therearemanydimensionstotheconversationyouneedtohavewithyourparentsaboutmoneymatters.Herearesomeoftheessentials.Ifittakesmorethanonemeeting,letitbe,butatleastgetstarted.1.Legal:havetheydoneestateplanning?Whois
theirattorney?Whatlegaldocumentsdotheyhaveintheirpossession?Isthereawill,trust,durablepowerofattorneyforfinancesandhealthcaredirective?Mayyouspeakwiththeattorney?
2.Healthcare:whatmedicalinsurancedotheyhavebesidesMedicare?Whatiscovered?Istherelongtermcareinsurance?Dotheyhaveassetssetasidetopayforcareathomeshouldtheyneeditoneday?Whatamountisavailable?Mayyouhavepermissiontospeakwithdoctors?
3.Incomeandexpenses:Whatincomedotheyhaveandwhataretheirdebtsandexpenseseachmonth?Wherearetherecordsforthese?Dotheyhaveafinancialplanner?Mayyouhavepermissiontocontactthatperson?
4.Financialrecords:Wheredotheykeeptheirtaxreturns?Whopreparesthem?Wherearetheirbankaccounts,brokerageaccountsandotherrecordsofassetsmaintained?Dotheybankonline?Wheredotheykeeptheirusernamesandpasswords?
Keepingelectronicorpaperrecordstoorganizeofallthisinformationforyourselfwillbeessentialwhenahealthcrisisoccurs.Ifyourparentlosestheabilitytoremainindependentovertime,youcangraduallytakeoverresponsibilities.Somepeoplestartwithbillpayingwhenaparentbeginstomakemistakes,suchaspayingbillstwiceorforgettingtopaythem.Askifyourparenthaseverhadaproblemrememberingtopayabill.Youcanofferassistance.Ifyouhavesiblings,betransparentinalldealingsaroundyourparents'finances.Keeptrackinwritingofeverypennyyouspendontheirbehalf.Donoteverco-mingletheirfinanceswithyourown.Thiscanavertsuspicionandnastyfamilyconflictsdowntheroad.Aboveall,getpastprocrastinationandsetupthetimeforyourconversationswithyourownaginglovedones.
******
Anarticletitled“4FinancialIssuesYouNeedToDiscussWithAgingParents”byCarolynRosenblattoriginallyappearedonForbes.com
******
HomeHealthCompanionsisaLicensedHomeHealthProviderOffering:Companions&Caregivers,PrivateDutyNursing,andAgingLifeCareServices