One of the most difficult things for adult children to do is have “the talk” with their parents about their finances. Parents taught their children about finances and when the tables are turned, it can be uncomfortable for both parties. However, as with any conversation about future needs, it’s better to have the conversation before you need to take action. When discussing a parent’s finances, here are some things to discuss from the Phoenix senior care specialists at Home Care Assistance.
Adult children need to know which financial institutions hold their parents assets, especially since many people have investments with more than one company. Be sure to find out if there’s a financial advisor who manages your loved one’s investments. If your parents are meeting with their advisor in the near future, you may want to ask if you can join them. Verifying how parents pay their bills, either by mail or online, is helpful, as is asking if they need your help in reviewing statements. Make it clear that you are not interested in taking over, but that you want to be ready to help when the time arises.
Ask your parents if they will review their insurance policies with you. This is particularly important for life insurance and long-term care coverage which may cover services for assisted living, retirement communities or home care in Phoenix. Also, be sure you know where the policies are and how to access benefits on behalf of your parents.
A home is a person’s single largest investment. Find out if the mortgage has been paid or if there are any home equity lines on the home. Don’t be afraid to ask what their thoughts are for the future. Are they looking to downsize, move to a senior community that offers continuity of care or do they want to stay in their own home as long as possible? Knowing this now can help you make decisions later.
It’s not easy to think about your parents getting older and having the roles begin to reverse. However, by talking about finances now, you’re aware of their wishes and will be ready to help them when the time comes.
For more information about senior finances or to discuss future care needs, contact Home Care Assistance of Phoenix to speak with a Care Manager. There are never any upfront fees or long-term contracts required, and we also offer complimentary no-obligation consultations where you can learn more about our services for hourly and live-in care in Phoenix, AZ. Dial 602-388-1085 and schedule your in-home consultation today.