Today, children are willing to help with the financial future of their aging parents, but oftentimes, they do not know what responsibilities they should assume. Any miscommunication in this process can create emotional and financial problems in the future. Aging parents should make sure that they communicate the various aspects of aging effectively with their children, including who will be their caregiver when assistance is needed, who will maintain financial records, and who will be the executor of their estate. If there is miscommunication, it can lead to unfulfilled goals at this crucial time in life. These conversations should happen before retirement age, so that the family feels secure about the upcoming life stages.
See Kerri Anne Renzulli, Here’s What Your Aging Parents Say They Want You to Do for Them, Money Magazine – TIME, June 28, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
