David Lerner Associates: Speaking to your aging parents about their finances
Speaking to your parents about money is usually complicated, particularly when the money you're talking about is theirs. At David Lerner Associates, we can help you through this process and may even make it easier for you.
Your folks belong to a generation that was taught to keep their information confidential and not to share their matters candidly. Even when they require assistance, they may hesitate to talk to you because it's "none of your business," or because they're frightened to surrender control over their own financial affairs.
If they're hesitant to talk to you, make it clear that you recognize their concerns and issues. Don't be afraid to express your own needs and concerns. Their economic circumstance may impact you also, especially if they become unable to support or look after themselves. At the minimum, you should determine where they keep their personal records; discuss housing, medical care, and budgeting issues; and determine what measures they have taken to plan their estate.
Suppose they still refuse to talk to you? If they're competent of managing their affairs in the meantime, you may want to drop the matter and address them later. Or you may recommend that they talk to another family member, a trusted friend, or a professional advisor, like an attorney or financial planner.
If you feel that they are no longer competent to manage their own affairs or that their financial situation is precarious, you should seek professional advice right away. Call the Eldercare Locator, an information and referral service sponsored by the federal government, at 1-800- 677-1116 for a list of local and national organizations that can help.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
Some of this material has been provided by Broadridge Investor Communications Solutions, Inc.
Member FINRA & SIPC