Use the holidays to get in touch with older relatives
Nine out of ten of us will hit the roads this holiday season and will travel at least 100 miles to get where they are going. Some of us will put on almost a thousand miles as our families become more spread out and complicated. But festivities aside, there is something that you could do during these visits with older relatives that could give you both more peace of mind for the upcoming year. We all have heard the statistic that we're getting older and living longer but this comes with a downside.
As we age, some of our cognitive abilities begin to slip. Now is the time to take notice, especially if you haven't seen your parents or grandparents in awhile and address what you've noticed. Get your siblings onboard with this well in advance and tell them what you're thinking.
How to talk about finances with your (older) parents
You need to begin this delicate conversation by complimenting them on the job they did with you. They were there for you and taught you a great deal about life and love and money. And because of that, you want them to know that you care about them as well. Tell them how you have set up your finances.
And ask them how they have theirs set-up, in case of an emergency. Do the have someone with a durable power of attorney, a will, a trust perhaps? If they do, don't ask them about it. In the world of estate planning, those things are between an attorney and a client. No matter how well meaning you might be, you will never get to be in on those meetings. But encourage them to get something in place if they don't. Then, ask them if they are getting help with their finances?
Here you can help. Ask them if you can go with them next time they visit their planner. Have your parents introduce you. You are not looking necessarily to offer your own input but rather to be sure that their investments are age-appropriate. If they have permission from their client they can discuss those investments with you and express any concerns they might have about their decisions. Doctors can share some info with you as well with their patient's permission. These folks see them more often and can help you with a cognitive baseline moving forward.
Set-up a plan to keep track of their money
We all know that fraud is rampant among older people and often we don't find out about it until its too late. You can set-up online account watches for missed bills and payments - even if your parents prefer the stamp-to-envelope method, sudden large purchases and withdrawals - like annuities and charitable gifts and even alerts for missed appointments.
They took care of you and all you want to do is take care of them. And there is no better time than the holidays to evaluate where they are and plan on what you need to do to help.
