For many families, finances are rarely discussed in detail, even as children mature into adulthood. But as your parents age, especially if they live into their 80s and 90s, there's a chance that they may lose their cognitive function and be less capable of managing various tasks. This can be upsetting for some parents and they may try to fight it, or deny that it’s happening.
While you may encounter some resistance, it’s important to talk to your parents about their finances and work through potential issues they may face as they age. Waiting until past due notices start piling up, or worse, your parents fall prey to a scam, can make life more difficult for everyone. Preparing now to try to prevent these problems is easier than trying to pick up the pieces after everything falls apart. Once your parents understand that you’re coming from a place of love and understanding, they will slowly come around.
Here are some suggestions for preparation steps you can take right now.