money talks
Learn to Communicate
Older adults who fear losing their financial independence may find it hard to discuss money matters with their grown children -- especially at first. What’s the best way to open the lines of communication?
- Begin by telling them you’re there to handle their finances for them.
- Explain that you want to help them take control of their lives.
- Start slow and take a sensitive, objective, respectful approach.
“C” is the best answer. A framework of trust will help you avoid arguments and hard feelings if it becomes necessary for you to manage your parent’s finances. If this happens, it’s still their money. Continue to seek their input on all financial decisions you make on their behalf as long as they are cognitively aware. Also keep other family members in the loop. Their feedback may prove helpful when difficult decisions arise.