Short-Term & Long-Term Financial Planning

Talking with an elderly loved one about their finances can be difficult as they may feel embarrassed or defensive. They belong to a generation that was taught to keep their information private and not to share their concerns openly. Even if they need help, they may be unwilling to talk to you because it's "none of your business," or because they're afraid to give up control over their own financial affairs. However, delaying the conversation could prove costly if you see warning signs of cognitive decline or an inability to manage their affairs.

If they're reluctant to talk to you, make it clear that you respect their needs and concerns. However, don't be afraid to express your own needs and concerns as well. Their financial situation may impact you also, particularly if they become unable to support or care for themselves. At the very least, you should find out where they keep their personal records; discuss housing, health care, and budgeting issues; and find out what steps they have taken to plan their estate. What if they still refuse to talk to you? If they're capable of managing their affairs for now, you may want to drop the matter and reapproach them later. Or you may suggest that they talk to another family member, a trusted friend, or an attorney or financial professional. However, if you feel that they're no longer competent to manage their own affairs, or that their financial situation is precarious, you should seek out professional advice right away.

If you recently stepped into the role of caregiver for an elderly loved one, or are helping manage their day-to-day affairs, a financial planner can help organize their finances and develop a plan to meet their financial obligations. A financial planner can help you assess their overall financial situation and determine if you need to make any adjustments to their investments or take steps to protect their assets.