Finances & Money

Similar to the legal side of things, finances are not an area most of us wish to dwell on. However, it is an issue that, if dealt with incorrectly, can turn into a mountain of pain.

A topic not usually brought up over dinner

Thoughtful financial planning can help you put your parent in the best possible position for the rest of their life, and it’s best to start before there’s a serious need.

More money, more problems?

Unfortunately, not the case with aging

Even beyond squabbling over inheritence, knowing your parents' financial situation is a vital part of the process toward helping to make the right decisions for their lives down the road. Without understanding what your parent or parents can afford, you can quickly and easily put them underwater with a few uninformed decisions.

With finances, knowing is truly the starting point.

Knowing is just a little more tricky with a parent

As you would when making any budget, you should start by determining what resources your parent has to spend on a monthly basis. Sit down to review their accounts and see how much they have saved and whether they’re benefitting from a retirement plan or government assistance.

Once you’ve determined what your parent’s resources are, the best place for them to live, and what kind of assistance they’re eligible for, you will have a good starting place. But remember that over time, it’s likely that their financial resources and needs will change. Revisit their budget and plans regularly to make sure that your parent is still in the best situation for them.

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