GOLDEN VALLEY, Minn. - Talking with your elderly parents about their finances can be a tough subject to approach and discuss with them.
However, if you fear they may be having trouble managing their money because of issues related to aging, you may want to start the conversation with them.
Nicole Middendorf from Prosperwell Financial has some advice for approaching this issue with parents.
You want to learn as much as you can about their financial situation in case you have to help them someday. But this is usually a very touchy subject to talk about and hard for people to deal with. For starters, you need to know whether they have wills, a power of attorney and health care directive.
Here are some ways to ease into the conversation with them and make it easier on all of you:
Talk about your own situation. Discuss with your parents what you have been doing in terms of your financial situation and ask them what protections they have in place.
Enlist the help of a third party. Your parents may be more likely to discuss their finances with you and let you help them if a third party such as an accountant, financial advisor or estate attorney suggests they do.
Offer to help them develop a spending plan. This will allow to you see how much money they have coming in and how they are spending it.