Have You Asked the Right Questions About Your Parents’ Money?

You may have already heard that if you have elderly parents, you should talk to them about their finances. But do you know why? It’s not just to find out whether they have enough set aside to pay for long-term care, says elder-care advisor Carolyn Rosenblatt at Forbes.com. It’s also to get necessary information in case of emergency:

Imagine your parent with a stroke, unable to speak. Or your parent falls and is unconscious for a time. If you don’t even know what bank Mom uses, or where the accounts are, how useful are you going to be? Someone still has to pay the bills when your parent is incapacitated. If they bank online and you don’t have the passwords, you won’t be able to do much.

In the post, Rosenblatt explains some reasons elderly parents don’t like to talk about their money with their children—fears they have. And she gives tips on how to start the conversation and what to ask.

You may also find these previous OurParents posts helpful:

• Aging Parents: When to Talk About Sensitive Issues
• Have Wealthy Aging Parents? Why You Should Talk Finances Anyway
• Tips to Help Elderly Parents Manage Their Finances
• Tough-Love Advice for Aging Parent Who Overspends

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Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.