It is a given, our loved ones will get old and will need our help in many ways. The time will come when the roles of parents and children will reverse and the children will be the ones taking care of the parents. This life transition can be difficult for everyone and although it is not a time we look forward to, it is a time that we must plan for in order to avoid some of the stressors that many others have had to deal with.
Since nobody can know exactly what their future will bring, it is important to start talking about and planning for how finances will be handled later in our lives as early as possible.
When it comes to taking care of our aging loved ones, it may appear to be pretty straightforward; however, it is more complicated than it sounds. When taking over the financial responsibilities of an elder you must take into consideration, including:
The elderly are often the most vulnerable to being mistreated by thieves, scammers, and others looking to make a quick buck. It is common for children and grandchildren to want to protect their loved ones from individuals who may prey on the elderly to take advantage of their generosity. Partnering with a professional to manage their finances is often the best way to ensure that no expenses are overlooked and that all funds coming in and out are going to the right party.