How to Talk to Your Aging Parents About Money

For a lot of our parents' generation, money was something you didn't discuss, even with your kids. That makes it hard to bring up now, when you may need to know where the accounts are and how the bills get paid.

The approach that works is empathy, not authority. You're not taking over. You're making sure that if something happens, you can help without scrambling. Lead with that.

You also don't need to know everything. You need to know where things are, who the advisors are, and what your parent wants. Exact balances can stay private if that's what they prefer.

Two more things to plan for: siblings who disagree about how involved anyone should be, and scams aimed at older adults. Both are common, and both are easier to handle once the first conversation has happened.

Our full article includes sample openers you can use word for word, a list of what you need to know and what you don't, how to handle sibling disagreements, warning signs of financial exploitation, and how to turn the conversation into a plan.

Read the full article: How to Talk to Aging Parents About Money

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