Becoming a Financial Caregiver: 6 Tips for a Smooth Transition

One of the most difficult transitions a family can face is whenadult children must manage their elderly parents’ finances.  Here are six tips to formulate and execute aplan to maintain a loved one’s well-being:

1. Start looking for signs that it’s time to discuss the transition.
2. Be careful not to rush into this sensitive subject matter.
3. Be sure to build trust from the beginning.
4. Keep all siblings updated on important matters.
5. Maximize efficiency when managing assets by using advancedstrategies.
6. Designate an IRA beneficiary to avoid probate.

See Doug Cubberley, When Adult Children Become FinancialCaregivers, CNBC, June 3, 2013.