As a financial advisor, we understand the importance of having difficult conversations with our clients, especially when it comes to their elderly parents and their financial future. It’s never a good idea to assume when it comes to finding out about your elderly parent’s money. We’ve seen times when adult children are pleasantly surprised by their parents’ financial situation just as much as we’ve seen instances where there is cause for concern. The key is to start talking and never assume. Here are some tips that we recommend to help make this conversation a little easier.

• Start Early: Don’t wait until it’s too late to have the conversation about finances with your elderly parents. The earlier you start, the more time you have to plan and prepare. This will help make sure that their financial future is secure and that you are able to help them with financial challenges that may arise.
• Be Respectful: When talking to your elderly parents about money, it’s important to approach the conversation with empathy and respect for their decisions and experiences. Remember, they have lived a full life and have valuable financial wisdom to share.
• Educate Yourself: Before you start the conversation, familiarize yourself with your parents’ financial situation and resources. This includes investments, pensions, and insurance policies. By doing this, you will be better equipped to have a productive and informed conversation.
• Set Realistic Expectations: It’s important to understand that your elderly parents may be resistant to discussing their finances. Change can be difficult for anyone, but it’s important to set realistic expectations and be patient.
• Be Clear About Your Motivations: Explain to your parents why you want to have this conversation and what your goals are for their financial future. This will help to build trust and make the conversation more productive.
• Focus on Solutions: Instead of dwelling on past mistakes or missed opportunities, focus on finding practical solutions for your parents’ financial needs and concerns. This could include setting up a budget, investing in a retirement plan, or securing long-term care insurance.
• Seek Professional Help: If you are feeling overwhelmed or unsure about how to have this conversation, consider bringing in a financial advisor or elder law attorney to help. At Oxford Financial Planners in Durango, Colorado, we are here to help and provide objective guidance.

Talking to your elderly parents about money can be a difficult conversation, but it’s an important one. By following these tips, you can help ensure that your parents’ financial future is secure and that you are able to help them with any financial challenges that may arise. If you need help, don’t hesitate to reach out to the team at Oxford Financial Planners in Durango, Colorado.