As the primary caregiver to your elderly parents, you probably have some hand in managing their accounts. To responsibly manage their finances, you need to have an idea how much money they have, where it is and who ultimately has control over it.

As your local McLean asset management advisor, AOG Wealth Management discusses how to manage your elderly parents’ finances effectively in today’s post.

Communicate With Your Parents

Although the “money talk” is necessary, your parents may initially balk at having this conversation. Handing over control of their finances may make them feel like they’re losing independence. The best way to go about the money talk is to communicate with them as though you’re giving advice, not like you’re ordering them around.

Important life events and changes, such as moving into a retirement community, present a natural opportunity to have these discussions. Start by asking your parents for an update on their asset management plans, such as investments, mortgages and pensions.

The Third-Party Planner

One of the easiest ways to minimize the possibility of tension in this process is to hire a third-party financial planner. Your parents may not be keen to discuss their financial situation with you since you’re their child, but they may be open to having a discussion with a professional.

Hiring an investment management advisor can help you help your parents by offering them valuable insight and recommendations. While your parents may appreciate you trying to help them, they may be more cooperative if an expert third party is offering advice and managing their accounts.

Call us today at (866) 993-0203 to learn more about our services. We offer investment management services throughout Washington, DC, Northern, VA and the surrounding areas.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation. AOG Wealth Management, Inc. does not provide tax or legal advice. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance.

AOG Wealth Management, Inc. does not provide tax or legal advice. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance. The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.