Non-financial considerations when lending money to aging parents

What should you consider when discussing options for supporting your aging parents? Many millennials are finding themselves with parents in need of financial assistance to cover basic living expenses — and there’s more than just dollars and cents to think about.

Today I share a few non-financial items to address when considering your ability to support your aging parents. If any legal forms are involved, please read these carefully. In some instances, you may be on the hook if your parents are unable to foot the bill or if they pass away.

I also mention the fact that over half of millennials who note helping their parents say they were surprised their parents were in need of financial support. It’s important to have conversations about money and future plans — even when it’s uncomfortable.

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