Maybe your parents either recently retired or are about to retire. While you may not offer them financial help by sending them money, you may have to help them keep their finances in order. Here are a few insights into assisting your parents without infringing on their sense of independence.
Talk to Them
One of the first and most important steps to take is starting a conversation with your parents about their finances. What makes you worry about their ability to tend to their financial health? Whatever the reason, be open and honest about it. Dodging the matter entirely or masking your true concerns does not serve anyone. Let your parents know you care and worry about them, and that you are there to help them.
Know When to Step In
Maybe the reason you feel you need to offer your parents financial help is that you’ve noticed they’re behind on bills when they have the funds to cover them. Or perhaps your mother or father was the victim of a scam. Either way, you may have to take a more hands-on approach in helping them maintain their finances. There may come a time when you have to talk to them about estate planning documents such as a will or a power of attorney. For this step, turn to irrevocable trust attorneys in boulder co, to help.
Know Who Helps Your Parents Manage Their Financial Affairs
Introduce yourself to the professionals who help tend to your parents’ financial health, such as their accountant, lawyer, bank representative and financial adviser. These professionals can give you a more detailed idea of your parents’ assets, spending and saving habits and any estate planning documents they may already have lined up. Meeting these individuals beforehand may also make it easier for you to take over making financial decisions for your parents should they ever become incapacitated.
Just because your parents have the funds to provide for themselves during retirement does not mean they do not need your assistance. Help your parents enjoy their golden years.