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.