Aging Parents

Many of our clients find themselves in the position of caring for a parent, whether physically, financially or in a coordination role. For many, this is unchartered territory. It is often difficult for a parent to open up about money with an adult child and allow someone else to take over.

We have extensive experience in helping clients navigate these often difficult conversations and position themselves to assist their parent financially. While every situation is unique, we often see it progress through these general stages:

  1. Adult child inquires how the parent has their finances set up and where assets are located.
  2. Adult child asks parent if they would like any help in keeping their finances organized.
  3. Adult child may be set up to receive duplicate statements or gain viewing access.
  4. Adult child may begin attending meetings with the parent’s estate, investment and insurance professionals.
  5. Parent may add adult child as an authorized signer or decision maker on an account “just in case” it’s needed.
  6. Adult child may begin paying bills together with parent.
  7. Parent may relinquish control to adult child of one or a few areas – often bill-paying or handling insurance.
  8. Parent may relinquish control to adult child, allowing them to take on full bill-paying or investment & insurance decisions.

Whatever stage you may be at with your parent, we can help.

  • We can help you navigate those tough conversations.
  • We can help brainstorm how best to approach your parent about one of the above stages.
  • We can review the bank products and investments that your parent has and consider whether there may be a more appropriate option.
  • We can discuss any estate planning that can be done while your parent is still alive and lucid that will put their estate in order so you’re better prepared to handle a future estate settlement.

We have helped many others like you to get through this challenging stage of life. Like anything new, it can be daunting at first, so we help you feel more in control by putting a plan in place so that both you and your parent feel more peace of mind.

Caring for Aging Parents

Caring for Aging Parents

As our nation ages, many Americans are turning their attention to caring for aging parents.
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The sandwich generation faces unique challenges. For many, meeting needs is a matter of finding a balance.
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