More than 37 million of us are assisting older loved ones in some way, such as handling their finances, so they can enjoy their golden years. But when it comes to helping manage their money, there are important steps to take.
The first, of course, is to sit down and talk with your mom and dad about it. âInvite a trusted third party to join you who has your parentsâ best interests at heart and isnât a beneficiary of their assets,â says Cynthia Healy, a Certified Public Accountant, Certified Fraud Examiner and Certified Senior Advisor (GoGrey.âcom). âThis could be a close friend or longtime professional whoâs worked with them over the years, like an accountant or minister. Family discussions can be emotional, which is why having a third person in the discussion helps keep the topic on track.â As a result, youâll have a smoother conversation, ensuring everyone is on the same page.
Empower yourself legally
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