Unopened mail. Complaining about money. Or simply not remembering where their checkbook is or whether they’ve paid their bills. As AgePros you’re often the first to see changes in your clients’ behavior. Behavior that can indicate that families may need to address some sensitive topics —like giving up the keys to the car, memory loss, and financial planning—before a crisis strikes. Especially when families live miles apart. So what happens when you know it’s important to take the time to talk over finances and your clients’ families don’t? Sometimes, it’s clear the moment has come: it’s truly time to talk about finances in detail with the family.
AgePros can help families navigate difficult transitions by acting as neutral, empathetic mediators. It’s never easy to start the conversation when it’s time regarding finances, and today we’ll address some strategies you can share with your clients’ families to help them find workable solutions that makes your older clients feel heard and respected while keeping them protected. Now is the right time for families to talk about finances and ensure everyone understands the situation clearly.
Strategies for when you know it’s time to talk about your clients’ finances and their families don’t.
Encourage your clients to set aside the right moment for a conversation—when is it better to talk about finances if not now, when there are already signs? Making time for this discussion is key to avoiding misunderstandings.
- Start talking early–Adult children aren’t used to getting involved in their parents finances. And aging parents don’t want to admit that they are having issues. You’ll find this advice from all sorts of organizations from AARP to Prudential
- Start small–suggest that families get a sense of income and expenses, whether they still get paper statements, deposits and bills. From there it’s easier to move to online banking
- Suggest that adult children ask for access (not ownership) to older parents accounts if necessary. At this point, it really is time to talk about all the important finances together.
- Gather and update all the legal paperwork. Power of Attorney and wills being the most important. According to a recent New York Times article many people don’t realize that a health proxy doesn’t give adult children the right to make financial decisions.
- Consider bringing in an expert. An elder law attorney, a family counselor, and/or financial advisor as needed.
- For more strategies for when you realize it’s the right time to talk, about finances or other sensitive subjects, take a look at AARP, this checklist from Prudential or this checklist from the New York Times.
