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Phone: 201-345-3018
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Phone: 201-345-3018

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3 financial topics to talk about with your aging parent

You may have trouble talking to your aging parent about his or her finances. Maybe your parent is secretive about his or her money, so you procrastinate the discussion year after year. But if you wait too long to have this conversation, your parent may end up in a crisis and you will have no idea what his or her wishes are, let alone the location of any important documents. 

Helping your elderly parent with Medicaid planning

As your parents age, health issues can become costly and difficult to sustain. Adult children of aging parents are often saddled with a double financial and emotional burden: that of raising their own children while facing the complex and challenging issues of helping their parents to age gracefully and plan for their estate after death.

What is planned impoverishment?

Many people in the United States are living longer. For example, half of the infants born in 2007 may live to the ripe old age of 104. However, this extended lifespan does not always translate to the financial means to pay for it, nor does it mean quality of life. It can be frustrating to save for retirement for years and pay off your house only to lose all of what you have to mounting medical bills as you age, and there will be nothing for your heirs.