Jean Chatzky
Getting elderly parents to talk about their money is a problem for many families. But it's important to step in and help them with issues such as insurance, wills and money problems. Jean talks to Frank Congemi, a registered financial gerontologist, about money matters concerning the elderly and the importance of long-term care insurance.

Frank's financial advice for looking after elderly relatives:
  • Keep the lines of communication open. If your parents refuse to enter into a conversation about money, it may be time to pull out all the stops. Show them your living will. If you have to, bring in an intermediary who can help start a conversation.
  • Look ahead. Think of all of the situations that could possibly present themselves and figure out how you are going to mitigate them.
  • Bring in a trusted financial adviser who can help guide you.
  • Ask that your parents keep you in the loop where all of their financial needs are concerned.
  • Set up a system of third-party notification. Some states require it, others don't. Either way, you should be added as a contact on your parent's policy. That way, you'll be informed if they are making any changes or if there is a lapse in payment.
The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.

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