retirement

Caring for elderly parents' finances

When they need more help
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When they need more help

When occasional oversight is not enough, you may have to start writing the checks for your parents. If possible, do this at their house. Keep them involved as long as possible.

This is also a good time to get to know your parents' financial contacts -- the bank, landlord or tenants, social worker and accountant.

Eventually, you may have to take over completely. "The money becomes much more of a worry than a practicality," McNabb says. "Then you can cut down on the amount of information you are sharing. Just let them know everything is OK. Say, 'I'll send you a copy of what I've done this month.'"

Far from being upset, some parents find it a relief when they can stop worrying about money.


 

 

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