Video | 1:59 run time

I’m Managing Finances for my Aging Parent

Life Events

I started noticing Dad’s memory loss a few years ago. It started gradually, but it has really increased these last few months.

I didn’t realize how big a problem it was until they received a disconnect notice from the utility company. It turns out, Dad had forgotten to pay their bill for at least three months.

As a family, we decided it was best that I get more involved. Not an easy conversation. Dad agreed, reluctantly at first, to let me help manage their finances.

We started by gathering up all their monthly bills and account statements so I could get a better idea of their financial situation.

Once their monthly bills were caught up, we discussed their ongoing medical and prescription costs so that we didn’t overlook any necessary medication.

Learning they had a well-funded Health Savings Account really helped ease my mind. It’s good to know they have a cushion for their medical expenses.

After checking in with their financial planner at the bank, we completed their estate plan so their assets are distributed according to their wishes.

A durable Power of Attorney and living will were also established. Now I have the documentation needed in case I have to make any necessary financial or medical decisions for them.

Discussing their end of life care was upsetting, but it’s comforting now to know exactly the measures they want taken when their health starts to fail.

I think we finally have their monthly finances back on track. And Dad is slowly starting to accept my involvement. I know it’s been hard on him since he’s always been in charge of their finances.

And even though we’ve had to have some tough conversations, I’m glad we have these plans in place so we can really enjoy the time we have left together.


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