Finances and the Elderly
Discussing finances with your aging parents can be difficult since most people are reluctant to give up control of their means for independence. Approaching the discussion as a partnership can open the door to early communication that can make parents more comfortable discussing finances. Often having two or more people discussing finances with them will keep the burden from falling on one relationship.
The partnership with parents includes offering help with day-to-day tasks as well as emergencies. Keeping parents involved by writing checks at their house or going with them to appointments with bankers or accountants can also help the transition. If a parent is struck by a sudden medical emergency, it may be difficult to get bills paid or make arrangements for care without this advance planning. In a temporary health crisis, a power of attorney as well as the use of a revocable trust with the parent as a co-trustee can maintain a partnership in managing a parent’s finances.
While the initial discussion with parents regarding their finances may be stressful, helping with finances can become a weight lifted from parents. Below are several resources to begin discussing a partnership:
The estate planning attorneys at Dingeman & Dancer, PLC have represented clients in asset protection, creating trusts, and other specialized techniques.