Talking Money With Your Aging Parent: How to Start the Conversation



Talking Money With Your Aging Parent--How to Start the Conversation

Throughout this week, we’ve given you several tips on talking with your parents about their financial assets, from why it is important, to what information you need to ask for when having the conversation.

As we’ve mentioned before, money can be a quite a touchy subject which is why it’s so important to tread lightly and consider your parents point of view when approaching them.

Along with treading lightly, there are a few other things you should watch out for when approaching your parents. Here is what you need to know about getting the conversation started:

Awkward is okay (if not inevitable).

Let’s face it regardless of how you approach the situation, the conversation is bound to seem a little bit awkward and difficult. This is entirely okay.

In fact, AARP caregiving expert Amy Goyer, suggests acknowledging that with your parents. Being up front levels the playing field, reducing the chance of your loved one feeling guilty because they find the conversation difficult, while you seem completely okay. Refraining from putting on a poker face will make things much easier for everyone.

Let them stay in control.

It’s their money, not yours, so treat it as such.

The last thing you want is to make your loved one feel like they are losing control of their assets simply because they are getting old. Throughout all of your conversations, the key is to make sure that they feel like they are still in control, and that you’re only there to advise them when they no longer have the ability to.

Bring in the professionals.

It never hurts to have a second opinion. Try setting up a meeting with your loved ones doctor or lawyer, or maybe even ask if you can tag along next time they have an appointment.

Remember, though try to make sure your loved one doesn’t feel ganged up on. The more people there are joining in on the conversation, the more likely that can happen, so be careful.

Don’t lose your cool.

Most importantly, don’t lose your cool. While it can certainly be frustrating because you’re only trying to help, getting mad at your loved one won’t get you anywhere and will more than likely cause them to avoid the situation altogether. Be careful about what you say, and always their point of view in mind.

While these conversations aren’t easy, trying your best to maintain your composure and considering your parents point of view will make them much more manageable. As always, if you have any questions, please feel free to give us a call. At Encompass we strive to make all stages of the aging process the best possible!

Physicians’ Choice Private Duty Assisted Living currently serving Omaha, Eastern Nebraska and Western Iowa provides seniors and their families a complete understanding of geriatric care options and helps families maneuver through the challenges of the system. Get your free Cost Comparison guide by clicking here. Or contact us for a free consultation or just to say hello!

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