money talks

Lending a Helping Hand

Many of us may be called upon to oversee the finances of the very people who taught us to budget and save -- our parents! But seniors and their grown children often feel uncomfortable discussing personal finance issues. How can this lead to a problem?

1. When parents set up a will and decide how to distribute their assets
2. When parents suddenly become incapacitated or die, and their children are called upon to reconcile their estates
3. When families quarrel over financial resources or gifts

“B” is the answer. In a recent survey, more than 40 percent of those polled said they had never talked with their aging parents about finances. Children who already have a handle on their parents’ economic situations are in a much better position to help when unexpected events arise. It pays to communicate, plan, and prepare early on.