How to start talking about elder planning for your aging parents

Aging comes with complexities and challenges, and one of those is supporting your parents as they age, as well. Starting the conversation about long-term care for your parents can feel stressful — but here’s how I think you should approach this idea.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to share what is involved in elder planning for your aging parents. Elder planning is a mix of legal, financial and emotional considerations to help your parents comfortably live the later years of their lives. I have the opportunity to help clients and their families through this time, and there’s a lot to consider.

A word of caution: These conversations are delicate. You’ll want to approach gently, but purposefully. You care about your parents and want them to live their later years safely and with dignity. Make sure you know what they want, as well.

Don’t let crisis drive the conversation on elder planning for your parents. Yes, there may be signs (your parents leave the stove on or the keys in the door), but you should be having this important discussion ahead of these. Your parents may be fiercely independent and may not take to the conversation well, but be supportive, empathetic and persistent.

I’ll talk more on strategies for having the conversation in the next few videos, but today’s big takeaway is to begin thinking about what you’d like to see for your parents and talk with your siblings to get their take, as well. Have a plan, stick to it and don’t give up. These discussions are difficult, but necessary.

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