How to talk to your parents about their money

The Importance of Having Financial Conversations with Aging Parents

As parents age, there comes a time when they may need assistance with their physical and financial needs. Waiting until a crisis occurs is not ideal, as emotions run high during emergencies. Initiating conversations about finances early on can help paint a clear picture of their financial situation and enable you to plan accordingly. Writer Cameron Huddleston, who went through this experience with her mother's Alzheimer's diagnosis, emphasizes the significance of having essential conversations early. These discussions should cover topics such as estate planning documents, power of attorney, healthcare power of attorney, and end-of-life care preferences. Open communication and understanding are key to ensuring your parents' financial well-being.