Many clients in their 50’s and 60’s are increasingly worried about the finances of their aging parents. This is especially true when it is difficult to predict interest income on investments. They often ask: ‘How do I talk to them about their care and their finances?’

This topic raises many sensitive family dynamics including the adult child who is uncomfortable raising the topic with their parents and parents who are in denial or not comfortable discussing these personal care and financial issues with their children.

Parents’ concerns can include a fear of losing control of their money, believing it is a private matter or a concern the children may take advantage of the situation or lose their motivation to work or that they are too proud to admit there isn’t any meaningful amount of money.

While some of these concerns may be valid there are tremendous benefits to having this discussion as much as it might be uncomfortable for adult children to initiate the discussion.