Protect Your Finances While Supporting Aging Parents

Managing the financial strain of multigenerational living is a growing challenge for American families.

Zachary Mineur, CFA, CFP® was quoted in MarketWatch discussing how to financially manage supporting aging parents:

“First, if it’s informal and a caretaker is just logging in to things using mom or dad’s credentials, make it formal with a durable power of attorney. That will give you the legal right to manage the affairs on behalf of someone else. Then, make sure you have a full inventory of assets, liabilities and insurance. Make sure there are no old credit cards out there you didn’t know about. Pull a credit report and set up credit monitoring.

Engage with a professional if you’re able to help with this. Don’t be afraid to ask for help because it can be overwhelming. Even if the parents have assets or long-term care insurance that will cover the financial burden of care, it’s important to plan for and talk about the practical management of a parent’s finances.”