It can be an uncomfortable conversation, and it’s one none of us want to have. However, discussing financial, legal and long-term care issues with your parents is important for everyone’s sake. Knowing what aging parents want and having the needed legal documentation available (in case they become incapacitated or unable to live alone) can make all the difference in carrying out their wishes.
When you work with a Money Coach, you can get expert education on how you might handle those conversations and make decisions about caregiving with regard to family finances. Until then, here are some helpful preparation tips for this transition in life.
Start Early & Make a List
Plan for the Worst, Hope for the Best
Familiarize Yourself with the Benefits Available
Finally, Help Your Parents, but Don’t Neglect Your Own Finances
It’s not easy to take care of someone and also take care of yourself. If you need to help your parents financially, be sure to manage your own expenses and understand the options. Your Money Coach can help you organize your finances, create an action plan that includes support for family members while keeping other financial goals in mind, and prep you for money conversations with loved ones. Call 888-724-2326 today to get started.
Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal or accounting advice. We recommend that you consult an attorney, tax advisor or accountant regarding your unique circumstances.
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