Elder Law Attorney Shares Tips About Sensitive Subject of the Money Talk
Today, our topic of discussion is very important, but also uncomfortable to have with our aging parents: “Where is your Money?”
If you’re like me, and most people, you respect your parent’s privacy in all forms, including financial. However, there comes a time when we must know what exactly they have in the bank.
Here are a few (but important) reasons you should consider becoming more involved in your parent’s financial life:
1. The elderly are the most vulnerable age group (65+) in America, right before young children.
2. The elderly are the most targeted age groups for identity theft and scams.
3. Early symptoms of Alzheimer’s and Dementia are difficult to spot, and poor judgment can affect their financial standings.
Don’t want to take our word for it? Take it from our expert Laurie Ohall, certified Elder Law Attorney (Brandon, FL):
“Even if your parents are able to maintain control over their financial affairs now, there is a high probability that you will need to help, or even take over, in the future. Make sure that your parents understand that you do not intend to immediately take over their financial affairs, but you want to be prepared so that if necessary, you will do the best possible job. Explain that if they become incapacitated, someone needs to step in until they regain their health and if that’s you, money conversations are something that will eventually need to be had.”
—Laurie Ohall, certified Elder Law Attorney
In conclusion, as uncomfortable as it be for you and your parents, understanding their financial standing is just as important as understanding their health. It’s never too late to find out!
Additional Reading: The Uncomfortable, but Essential Conversation You Should Have with Your Parents by Laurie Ohall, expert in Elder Law.