How to Talk Finances with Aging Parents

Is it time for your parents to get a assistance from a care giver? How will the extra expenses be paid for? These are the difficult conversations adult children may have to have with their parents…….

As our parents get older, we need to have an uncomfortable conversations about health care and finances. Many people in their 40 and 50’s start to think when is the best moment to have this conversations with their parents. It is an emotional talk that some might try avoid. And sometimes, we have to be very aware not to force our views on someone else.

It’s never good to talk about sensitive subjects when people are not ready for it. Some people might over react as their parents health declines. This doesn’t mean, we have to start looking for facilities or retirement homes. Most elder start with part time care. All they need at that moment is a caregiver to come to the home two or three times a week.

The most important thing is to work together with your parents. If you have siblings, talking to them first. Finding a solution that gives all family members comfort that their loved one will be taken care of is the goal. Some parents are very private about their finances. This can be very uneasy, but going over finances is a very important step. It depends on everyones relationships but a shared bank account might become imperative , in some cases.

These are subjects that we all prefer not to talk about but the sooner we approach this topics, it becomes less stressful when something really happens. Professional health care specialists can always help you to find solutions that will suite your immediate needs.