Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Mom Needs Help: Now What?

leave a comment »

If you are dipping into your pocket to help care for aging parents, you know the financial pressure it can bring.  But what else can you do?

There are options.  This article from the New York Times- Taking Care of Parents Also Means Taking Care of Finances -does a great job of framing the issues and offering advice.

As I speak with baby boomers facing providing assistance to aging parents, the two biggest issues that come up are: How do I talk with Mom and Dad about money? and  Where do I turn for help?

Having the discussion about money is tough – but not having it is just as hard since it leaves you anxious and your parent worried.  There may be some simple short term solutions – maybe just confirmation of what you suspected.  But at least you’ll both be working from the same data.

Where do you turn for help? It depends on what you need.  If there are financial resources, a financial planner or investment adviser may be able to help.  Make sure you speak with someone who is familiar with elder issues, not just investment strategy.  And they have a fiduciary responsibility to you or your parent – that means they have a legal responsibility to act in your best interest.

While government and non-profits are facing funding constraints, you can still find resources through Area Agency on Aging offices (AAoA) and eldercare locator, if finding care is paramount.  Hiring a geriatric care manager can also help you figure out a plan and local resources.  While it may cost you $500 or more for the advice, it can save you hours of worry and aggravation — and in the end save you money by identifying resources you didn’t even know existed.

Advertisements

Written by Laura Rossman

September 21, 2009 at 6:01 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: