Consider Personality When Talking Finances With Elderly Parents, CPA Says
When talking to your elderly parents about finances, what you really need to be thinking about isn’t business, says one certified public accountant. It’s psychology.
At the website for New Jersey newspaper The Record, a reader asks for tips on talking to aging parents about their finances and legal documents, such as wills and powers of attorney. How do you start that conversation so you can be sure they have what they need?
The answer depends on your parent’s personality and experiences, writes Kenneth B. Shapiro, a certified public accountant in Hazlet, NJ. When you’re figuring out how to approach them, helpful questions to consider include:
What are their passions, concerns and objectives for their future? What type of personalities do they have? Are they used to working with outside professionals, or have they always managed their finances themselves? …What type of relationship do you have with your parents?
Shapiro gives more-concrete tips in the article as well.
These previous OurParents posts may also be helpful:
- Have You Asked the Right Questions About Your Parents’ Money?
- Aging Parents: When to Talk About Sensitive Issues
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.