There’s been plenty of attention paid lately to baby boomers and whether they are prepared for retirement.
But boomers face another thorny problem: their parents’ finances.
Many financial advisors and attorneys are seeing a similar pattern — elderly clients who no longer have the mental capacity to handle their finances, says a story on dailyfinance.com.
One common scenario is where the husband has been handling everything and all of the sudden can’t do it any more – and the wife is clueless.
Many times the situation allows for the elderly person or couple to be victimized by fraud.
Adult children of these people may recognize signs that their parents are becoming less able to handle money. They may seem less familiar with financial concepts than before or may simply be less able to handle math problems.
If an adult child notices something, it may be time for a conversation. It is best to have the talk on neutral ground, the article says. You may want a third party to bring the matter up – a financial advisor or attorney.
The article suggests parents share their financial documents with their children. There are online portals that allow for this.
It may not be easy to get the parents to agree to this, but it is essential, the article says.
If you have questions about elder law or estate planning, feel free to call us for a consultation at (626) 696-3145.
