the money talk with aging parents

Aging and Money: Having the Tough Conversations

Aging Life Care Professionals™ Offer Guidance to Aging Adults and Families on Handling Financial Issues

A recent article on financial-planning.com focused on the need for financial advisors to have plans to address the challenges they face when clients have diminishing mental capacity. With the rising aging population and the increasing rates of dementia, financial advisors are being encouraged to look for signs of diminished capacity and to build relationships with other outside professionals such as Aging Life Care™ managers and Elder Law Attorneys.

But the article “Protecting Clients When Their Mental Capacity Diminishes” is not only a message to financial advisors, but to aging adults and their families as well.  Having the tough financial discussions early in the aging process ensures that a person’s wishes and preferences are known and that proper paperwork and legal documents are in order. This helps eliminate stressful “what ifs” and “what would mom want” guessing games.

Aging Life Care Professional Linda Fodrini-Johnson recently shared tips on how to talk to aging parents about money with Next Avenue and GoBankingRates.com. In her interview, Fodrini-Johnson lays out seven strategies for starting the “money talk.”  No matter what approach taken, the article says, outside professional help – from attorneys, financial advisors, or Aging Life Care™ managers – can ensure that the conversations are respectful and productive.

For more advice and help with handling financial issues, check out these articles from other Aging Life Care Professionals:

To find an Aging Life Care Professional to work with, visit aginglifecare.org for a directory of experts. For more information on how to choose an Aging Life Care Professional, here are 5 Tips on Choosing a Geriatric Care Manager from bankrate.com.


This blog is for informational purposes only and does not constitute, nor is it intended to be a substitute for, professional advice, diagnosis, or treatment. Information on this blog does not necessarily reflect official positions of the Aging Life Care Association™ and is provided “as is” without warranty. Always consult with a qualified professional with any particular questions you may have regarding your or a family member’s needs.

 

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