11 Tips for Talking to Your Aging Parents About Their Finances and Future Care

Such a sensitive subject requires a careful approach.

An adult daughter hugs her aging father while helping him with something on a computer at the kitchen table.
(Image credit: Getty Images)

Talking to your aging parents about their finances can be extremely difficult, but it can be important to ensuring they are supported and cared for in their later years. As parents grow older, they may find it harder to do the things they’ve always done, such as manage their day-to-day finances or make major decisions about money. They may also have certain wishes regarding their long-term care or what they’d like done with their assets once they pass on. Having these conversations with your parents early on can help ensure you’re on the same page and help them make the best decisions for their needs.

However, approaching parents about this subject can be challenging, and parents may not always be receptive to getting advice from their children — even if they are grown adults themselves. To help make these matters easier for both parties, the financial experts of Kiplinger Advisor Collective each share one tip they’d give for how to approach this type of conversation with aging parents, and why implementing this tip can ensure everyone is happy.

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Disclaimer

The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. 

Kiplinger Advisor Collective

Kiplinger Advisor Collective is the premier criteria-based professional organization for personal finance advisors, managers, and executives.