How to Talk to Your Aging Parents About Their Finances

August 9th, 2016 by John Wilson

Money is about far more than what it can buy, which is why discussing finances with your aging parents can be so difficult. While talking to parents about their finances is important when considering affordable assisted living in Oklahoma City, it’s also important to understand what these financial discussions can mean to them. Being in control of one’s finances is a marker of adulthood, of independence, and preparing to hand over the financial reins, whether now or at some point in the future, is no easy task.

Assisted living requires a discussion of finances.

Finances are an important discussion in regard to assisted living.

Patience and Sensitivity

If an aging parent is having difficulty managing their finances or if you are trying to prepare for that point in the future when they will, be sensitive to what that may feel like or mean to them. After all, with everything this transition symbolizes in a person’s life, it’s no wonder an aging parent may be hesitant or resistant to the process. In ideal circumstances, these conversations should take place over years, preparing for a gradual sort of financial transition that is well underway by the time your family starts looking at assisted living communities in OKC.

However, in life, circumstances are often not ideal. A stroke or other health crisis can occur abruptly, with little advance warning, making these financial discussions necessary far sooner than you’d expected. Don’t meet a parent’s hesitance or resistance to in-depth discussion of their finances with impatience or annoyance. Instead, be patient, understand the unspoken sub-texts that can be present in such conversations and build your financial communication strategies with those concepts in mind.

Assistance and Benefits

Try to frame your financial discussions in terms of assistance and benefits. Let the focus be on how your assistance in managing their finances offers them tangible benefits.You being familiar with your aging parents’ finances means you can pay bills for them if they are away on vacation or visiting grandkids. Having access to where the important financial documents are kept means you can gather them for your parents if needed. Knowing their financial situation and their retirement plans helps you know what you need to budget for in the future.

If your aging parents are planning to choose assisted living in Oklahoma City, where they can maintain an active social life and pursue their own interests and hobbies, there’s no need to plan financially for major home renovations in preparation for having your parents live in your home in their later years. Being a part of their financial planning just makes sense when viewed from that perspective.

Demonstrate ways your assistance with their finances and other essential planning for the senior years preserves their own power over their lives. Formalizing health care directives on paper gives you the tools to ensure their wishes are met. The same goes for having the information on wills and trusts. Contact us to learn more about how to discuss finances with your aging parents in a manner that is both sensitive and productive.

Leave a Reply