How to Talk to Your Parents About Their Money

"Many adult children are taking a greater role in their aging parents' financial lives, a natural outgrowth of increased longevity as well as rising rates of dementia and Alzheimer's disease in the senior population. Yet getting involved in their parents' financial affairs isn't always easy or natural for children, and some miss the signs that their parents need a helping hand to help them navigate their money matters."

Luckily my parents made it easy for me in 2002 when I stepped in to take over their finances. My father lived to 91 and my mom will be 87 shortly. Because of my experience in teaching personal finance and their encouragement to help, It was easy or me to step up to the challenge. But most adult children need help with the task.

Enter Wall Street Journal writer Jeff Opdyke, Wall Street Journal reporter Jeff Opdyke. "His latest book, Protecting Your Parents' Money: The Essential Guide to Helping Mom and Dad Navigate the Finances of Retirement is essential reading for adult children who would like to make sure their parents have the highest quality of life they can possibly have during retirement without outliving their nest eggs. The book also includes tips for understanding Medicare, identifying and warding against financial fraud, and selecting nursing homes and retirement communities."

Besides being the right thing to do as mental abilities decline with age even for he most astute seniors, it's essential to protect your own future financial security. don't wait until Mom & Dad run out of money or are victims of financial fraud. More details at: http://news.morningstar.com/articlenet/article.aspx?id=532951&SR=COM807&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Morningstar-Articles+%28Investing+Articles+|+Morningstar.com%29

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How to Talk to Your Parents About Their Money

Reviewed by jembe
Published : 2012-01-21T13:22:00-08:00
Rating : 4.5