There are many of those, of course, which can feature in differing ways depending on what might be happening in a given instance.
Adult children understandably worry about their parents as they grow older and display vulnerabilities that are either being seen for the first time or are marked by a progressive showing of lessened capacity.
And they want to help.
Yet they worry, duly notes one recent online overview of interactions between adult children and aging parents regarding the latter’s money management. They acknowledge their parents’ pride. They respect their dignity. They don’t want to offend or to appear pushy or manipulative in any way.
Is there an optimal way to address money matters with aging parents?
Actually not, at least in any boilerplate sense. But a good-faith effort to be considerate, nonjudgmental and smart about the process can easily compensate for a bit of clumsiness. A loving and honest attempt to get real with parents about financial matters in their latter years is a positive first step that can help get things in order. And, notes the above primer, it bears noting that “avoidance may lead to problems down the road.”
A proven planning professional can understand the hesitation that many adult children have when trying to reach out in love to parents advancing in years who seemingly need assistance to get their financial house in order.
Seasoned elder law attorneys who work with diverse clientele can offer candid guidance to jumpstart the discussion process and help family members realize that effective estate planning for parents who might need some help is a win-win outcome for the entire family.
And it collectively promotes certainty and peace of mind for every individual involved.