What their finances mean for you.
Talking about money can be awkward. From your parents’ perspective, what they have, and don’t have, may be their business only. But, as a family caregiver, their finances can impact you. If they don’t have enough money, will you or other family members need to contribute? Should you plan for that and other options? What is their fiscal situation?
Getting the whole picture.
Even if they’re financially strong, understanding their situation, from their assets and liabilities to policies, accounts and expenses, is important. At the very least, you should kn0ow where they keep important documents and passwords in case of an emergency.
One major question is, are they paying their bills on time (and only once!). If not, who will either now or in the future? The same is true if they have cognitive issues.
Protecting their assets.
Older adults are most vulnerable to getting duped, and taken in, by scammers. Financial elder abuse is cause for concern. Trusting, lonely and sometimes naïve, they can also have their identities stolen. You need to know the telltale signs of fraud and how to prevent it.