Be your parent’s advocate during elder planning discussions

As your parents age, it’s important to be bold – yet tactful – in having the conversation on elder planning. This conversation requires you to be delicate and listen intently to your parents’ opinions — and here’s why.

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss why it’s important to listen to your parents’ wants on elder planning. This conversation can be tough, and your parents may meet it with resistance. But showing them you genuinely care about their opinions will go a long way in easing the tension.

The biggest idea I want to stress here is: Don’t go in with all of the solutions. Find out what independence means to your parents. They may be relieved you care to hear their input on the matter. When starting the elder planning conversation, give everyone plenty of time to work through the emotions of such important decisions. Elder planning involves the legal, financial and personal concerns of your aging parents, and there will be plenty to work through.

Also remember: This is role reversal, and your parents may be resistant to share their concerns at first. Parents don’t want to be a burden on their children. Retaining independence, whatever that may look like, may create tension as they try to hold on. It’s important that you explore the outcomes of all decisions made to make sure everyone is on the same page. Involve all siblings to make sure no one’s opinion is left out.

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