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Money Minute
Quick Tips
Protecting Your Parents
Money Minute
Have these important financial discussions sooner rather than later, so you and your parents can plan for the future together.
 

It can be a touchy subject, but it’s an important one. As our parents age, we want to help protect their finances, but this must be addressed carefully and with sensitivity and respect. Here are some tips to consider once everyone is on the same page:

  • Consider establishing powers of attorney. This lets your parents name someone to manage their financial and medical decisions in case they are unable to do so. Contact a lawyer to have the paperwork properly completed.

  • Work with your parents to ensure you know about all of their various accounts. This may also be a good time to consolidate – it’s easier to manage a few accounts versus keeping track of many accounts at different firms.

  • Stay in touch with your parents. If your parents have a close and active circle of loved ones constantly around them, they are less likely to be targeted by fraudsters. Given a choice, scammers will choose someone who’s isolated over someone with a strong and supportive network. Weekly phone calls or regular in-person visits will help you spot any unusual activity.

It can be tempting to avoid this sensitive subject, but it’s better to have these important discussions sooner rather than later, so you and your parents can plan for the future together.




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