How to Help Aging Parents with Finances: Getting Started Guide

how to help aging parents with finances

Being a caregiver means managing finances when necessary

When you care for an older adult who isn’t able to manage their own affairs, an important part of the job is to make sure their finances are in good shape.

It’s easy to put off the financial stuff because it’s a sensitive topic, it’s complex, and it can be difficult to know where to start.

But being proactive can save a lot of stress and uncertainty down the road. It also helps you make more informed decisions about care and housing because you’ll understand the financial situation.

We found a free guide from The Simple Dollar that explains how to help aging parents with finances. It describes the basics in plain language and covers what you’ll need to get started, like having the conversation, important documents, paying for long term care, and more.




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This guide helps you get started managing your parents’ finances

We like this free guide because it’s easy to read and understand – the information is straightforward and broken up into sections. Here’s what the 7 sections cover:

1. Broaching the subject / having the talk about finances

  • When is the right time to talk about helping with finances
  • Signs that they’re already having trouble
  • Suggestions for how to approach the conversation

 

2. Power of attorney

  • What a POA does
  • If you should use a lawyer or do it yourself
  • What to do if your parent has Alzheimer’s or dementia
  • How it’s different from a living will
  • 3 steps to getting a POA

 

3. Document checklist

  • Helpful checklist of important financial documents to review

 

4. Long-term care costs

 

5. The sibling situation

 

6. Glossary

  • Quick, straightforward definitions of 10 key financial terms

 

7. Additional resources

  • A short list of helpful online resources

 

Next Step  Get the free online guide to helping your parents manage their finances from The Simple Dollar

 

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By DailyCaring Editorial Team
Image: Independent Carers

 

This article wasn’t sponsored and doesn’t contain affiliate links. For more information, see How We Make Money.


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