Helping Aging Parents Manage Their Money
Children who are now in their 40s and 50s may need to start thinking about helping their aging parents manage their money, in the final stage of their lives. This can be difficult in some cases, but there are things that can be done to ease the process.
In many cases, it is a good idea for at least one of the children to add themselves onto their parents' financial and other accounts as a person of interest, thus providing an informal means of monitoring their parents' finances.
It may also be a good idea to set up direct deposit for all of their sources of income that permit it, such as Social Security, pensions and IRAs, thus reducing the number of trips that they have to make to the bank. If parental savings are inadequate, then now may be the time to assist them with this, as well, since this will give additional funds the greatest amount of time to grow.
A reverse mortgage could also be a key source of income for those who have substantial equity built up in their homes. Children may also need to consider more practical solutions, such as having their parents move in with them or devoting substantial time or resources for caring for them, at their own residence.
For more go to: San Francisco Chronicle
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