Talking With Elderly Relatives About Their Financial Futures

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AARP reports that people with an impaired financial judgement are more likely to be victims of financial fraud. While it is a given that older adults aren’t likely to have the technical capabilities to conduct sophisticated financial transactions, the ability to make sound financial decisions isn’t necessarily a given. If you have an elderly relative, talking with them about their financial futures is an important first step.

It’s not surprising then that financial capacity is a subject of interest to both physicians and their patients. For instance, while most types of debt aren’t subject to immediate garnishment, you can expect your creditors to go through proper channels before swooping in for the cash.

AARP suggests that a good wealth advisor can help facilitate the conversation. However, this isn’t the only way to ensure that you’re talking to your parents about their financial futures. While your parents might not be interested in discussing finances, they may be more interested in avoiding financial pitfalls down the road. Financial capacity is an important topic to discuss with them in earnest, and your wealth advisor can help steer them in the right direction.

The best way to avoid the financial downfalls of old age is to talk with your parents about their financial futures. If you have older relatives, you may also want to consult a wealth advisor to help ensure that they’re not overspending on frivolous items. In addition, the same goes for yourself if you’re contemplating retirement.

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