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September 5, 2011
When Elderly Parents Need Financial Guidance

Do you suspect an elderly parent needs your financial assistance? Find out what to watch for, and simple ways you can step in to help.

Transcript

You never know when you'll need to step in to help an elderly parent; that is why it's critical to become familiar with your parents' financial, medical and legal records now. Postponing the conversation could make things far more complicated for both of you.

If you see unpaid bills, calls from creditors, lavish spending or signs your parents can't afford needed repairs, it may be time to step in.

Offer to help set up files organizing their major possessions, debts, income sources, financial accounts, wills and powers of attorney–basically anything having to do with their health and finances. Also help set up a budget and automatic bill payments to avoid late fees.

Bottom line: Work out the details now, so you can be there for your parents when they really need you.

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