You’ve imagined it. And it doesn’t sound like fun. You, as an adult child, having an awkward, perhaps heated, discussion about money with your aging parent(s).

Well, hard as it may be, avoiding a “money talk” with your parents can have crippling consequences. Here’s a brief list of disasters that can stem from avoiding the “parent money talk”:

So what can you do? You can “man up” or “woman up” and have that conversation with your parents now. Here are five steps that will reduce the stress:

1. Commit to this conversation before it’s too late.
Everyone is busy. But, if you avoid this conversation you might be too late later. Make the time before failing health and memory interfere. Arrange a time to meet that is convenient for your parent(s) and is unlikely to be interrupted. Coordinate with siblings or other important people, too. Choose a setting that is private and non-threatening. Most importantly: tell the intention of the meeting beforehand so they do not feel ambushed.

2. Write down specific topics to discuss before you meet.
Organize your thoughts on paper. A written agenda prior to meeting will help you stay on track and focused on specific issues you’ll need to address. It sounds formal, but, works wonders.

3. Address topics firmly yet respectfully.
Some parents do not like the idea of trading in their parental role. Some feel threatened and others can even feel insulted. If you feel one or both of your parents will get emotional you might consider finding a book that specifically addresses these issues before your meeting. A general rule, however, is to be respectful.

4. End the meeting with an action plan.
At the end of the meeting you’ll probably need to gather more information. For example, you may need to set up appointments with the family accountant, doctor, attorney, or other professional. You may need to do research to discover your best options or next steps. Accept that it will take some leg work on your part but is necessary to be best prepared for the unknown.

5. Complete your action plan.
To become co-signer on your parent’s bank account or legal guardian requires paperwork follow-through. Don’t stop short of getting your aging parent’s finances in order now so it will be less stressful for everyone later.

Good luck!

Further Reading

• Do You Need an Elder Care Attorney? (1)
• Should You Bribe Your Kids to Behave? (3)
• 3 Ways to Make Ends Meet Despite a Job Loss (2)
• The ABC’s of Budgeting and Finance : P – T (0)
• Cheap Ways to Fight Off Allergies (1)

Tags: Caregiver Support, Elderly care, family, health, home, Medical emergency, Medicine, Parent, Senior Health, United States

This entry was posted on Tuesday, April 21st, 2009 at 9:00 am and is filed under Life. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.