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 guidance on how to handle those conversations and how to make decisions about caregiving with regards 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 to avoid any damage. Your Money Coach can help you organize your finances, create a 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.
College is expensive. We get it. Luckily, if you’re a taxpayer who paid for college expenses this year, you might qualify for an education tax credit. The IRS recently suggested that parents take stock of their situation and see if they qualify for the Lifetime Learning Credit or the American Opportunity Tax Credit. Not sure […]
No matter what stage or season of life you’re in, chances are that you’d like to build your savings. However big or small your savings goal is – whether it’s saving more money to prepare for a possible layoff or furlough, for a fancy date night or a vacation, for your kid’s college years or […]