Listed here are monetary strikes to make when aged mother and father begin to decline


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Your old mother becomes forgetful and confused. What are you doing now?

“Waiting for a senior’s downfall to be apparent can be too late,” said certified financial planner Ralph Bender, founder of Enduring Wealth Advisors in Temecula, California.

When is the right time for adult children to address the aging needs of their parents?

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“You should talk to them about it while they are still working because they are still competent and still able to make money.” [long-term care] and pay the premiums out of the income, “he said.

Some of the events that could trigger these conversations are a parent considering scaling down, applying for welfare, going on a long cruise, or finding out that one of their friends is in long-term care, Bender said.

Ask the right questions

“Ask questions to get a clear picture of your parents’ financial situation,” said Patti B. Black, CFP and partner at Bridgeworth Wealth Management in Birmingham, Alabama. “But you know that gathering information can take several conversations.”

Here are the questions she recommends asking in stages over a period of time (from the least uncomfortable to the most):

  • Where do you keep your financial and estate planning records? What do you own What do you owe
  • Can I meet with your various advisors? “So the adult child doesn’t have to [get up to speed] in a crisis, “said Black.
  • Who are your doctors and medical professionals? What recipes do you have? Which pharmacy?
  • What planning did you do for long-term care? What kind of care do you want if you need help bathing, getting dressed and using the toilet? Do you want to stay at home? Move closer to the family? Moving to a senior citizens’ community?
  • What are your wishes regarding terminal care and funeral plans and expenses? What kind of treatment would you like if you are in a medical crisis?

When customers seem to be in decline, CFP Richard Colarossi with Colarossi & Williams in Islandia, New York will see how they respond to basic questions such as: B. Do they know how much money they have, where are their financial documents and do they understand what? is an individual retirement account allocation.

If your answers seem unusual to you, he will gently ask for the name of a trusted contact.

“It might be time to consolidate your assets and if you want an inheritance you can start planning Medicaid to preserve your assets through a trust that will take the assets out of their name,” added Colarossi. “To do that, you have to work with an older law attorney.”

At this point, certain formalities should be completed, if this has not already been done, according to CFP Rosanne Rogé, Managing Director at RW Rogé and Co. in Bohemia, New York, and certified Senior Advisor, accredited by the Society of Certified Senior Advisors.

The financial advisor uses the values ​​and preferences of the senior to guide financial decisions, which prevents [outcomes] which contradict the will of the person.

Naomi Karp

Age, legal and political advisor

“We have the client fill out a ‘Guide to My Advisor’ form to give us permission to speak to their children or a power of attorney,” she said. “The purpose of the form is to address the problem of customers who display behaviors and express wishes that are different from their previously stated goals.”

Rogé also recommends that adult children obtain the “Authorization to disclose information” and / or “Authorization of a representative” forms from their parents’ insurance company and other relevant service providers.

Her advisory role has outgrown the financial, she said, as she has helped senior clients, for example, with choosing a coffin or referring them to local aging agencies.

Get a financial advisor

Age, legal and political advisor Naomi Karp co-developed the Thinking Ahead Roadmap to help seniors protect their money in old age. One of the main components of the guidelines is the use of what is known as a “finance attorney”.

That person, usually a family member or friend, should be bonded and insured under the supervision of another party. The attorney can assist with important financial obligations, including:

  • Manage daily finances
  • Navigate health insurance and other insurance policies
  • Managing investments and sources of income in retirement (including interacting with a financial advisor)
  • House and property management

“It’s a way to maximize the independence of the older adult,” Karp said. “The finance attorney uses the values ​​and preferences of the senior to guide financial decisions, which prevents that [outcomes] which violate the will of the person. “

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