By Howard Rothman NEW YORK ( MainStreet)--Are you thinking that it's time to talk with your aging parents about their financial situation? If you aren't, you should be. More and more Baby Boomers and older Gen Xers are hearing about friends who have suddenly discovered their parents no longer have the resources or wherewithal to meet their fiscal obligations. Or about someone's parent dying or becoming incapacitated before sitting down to discuss money matters -- forcing the adult children to shoulder a slew of emotional and financial burdens as they attempt to track down key financial documents and other personal data. falling prey to scams, making bad investments, not paying bills or paying them twice." But even in the absence of such missteps, it's important to open the conversation while you still can. "Have these discussions when they are still able to tell you what they have and what they want," Span says.
2-Determine what you know, and need to know Francis advises clients to prepare a list of resources and documents they're aware of, and those they need to track down. This might include bank accounts, deeds and wills, along with medical, disability and long-term care policies. It should also specify where the relevant paperwork is stored, along with the location of any safe deposit box keys. For a list of materials your parents should ideally share with you, she recommends the aptly named Get Your Shit Together. 3-Don't think you have to do it alone Even if you're initiating this on your own, it's a good idea to talk with siblings and other close family members as you prepare. They may know things you don't, and can certainly be supportive in other ways before the conversation takes place and while formulating and implementing long-term plans. Span says bringing in a trusted neutral third party, like a family law attorney, financial planner or geriatric care manager can help smooth the way.
7- Suggest a concrete place to start During the first meeting, propose a specific action with potential benefits that everyone will see. For example, tell them you might be able to save them some money on their cable bill and offer to take a look at it. Immediately cutting out some overhead like this could be a good start, because it establishes the process while addressing a common concern. (A recent Allianz survey found 61% of older Americans worry about outliving their money.) Then set regular times to continue the dialogue. website, as well as anything your state, city or county has to offer.