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How to Help Your Parents Manage Their Money

When your parents start needing help, you tend to worry about the obvious things, such as making sure their lawn is mowed or reminding mom to take her medication. One of the last things you think about is their finances.

After all, they’ve been handling their finances since before you were born. And it’s likely they’re resistant to sharing their financial details with you.

How do I talk to my parents about finances?

The first step is broaching the subject with your parents. Try these tips from our eBook, How to Persuade Your Aging Parents to Consider Assisted Living:

  • Set the stage. Plan when and where to have the conversation. Minimize distractions, intrusions and noise. Turn off the TV or radio.
  • Use “I” statements so your parent doesn’t feel as if you’re handing down an ultimatum. Use terms like “I feel” and “my feelings”.
  • Discuss only one thing at a time but don’t be blunt. For example, instead of saying, “What’s going on with your finances?”, try approaching the subject by saying, “I always have difficulty making a budget for entertainment. What do you do?” Asking for advice is a good way to start the conversation.
  • Know your sensitive points. You may be handling this in as sensitive a manner as possible, but that doesn’t mean your parents will. They know just what buttons to push to get you to end the conversation.
  • If you’re worried about how you’ll sound, practice with a coach.
  • Don’t be upset if the conversation ends without much progress. You’re opening a door, and you may need to open that door several times before you enter.

How do I help my parents manage their money?

Finances are a sensitive subject for anyone, especially for parents. However, in order to ensure your parents have sufficient funds to live comfortably for the rest of their lives—or to make plans if they don’t—it’s essential to get a good idea of their bills, insurance policies, investments and more.

Start with the basics:

Budget. If your parents already have a budget, that’s a good start. In order to learn more, you can persuade them to give you information by helping them set up online banking or offering to put their budget in a spreadsheet or an app. If they don’t have a budget, you can offer to help them. This will give you a good idea of their finances.

Calculate retirement expenses. AARP has a great retirement calculator that, unlike others, makes an assessment even if the user has already retired. AARP also has a Social Security benefits calculator.

Gather investment information. What are their investments? How much do they earn? What is the market value of their house? One way to persuade your parents to give you this information is to tell them you need it for the budget spreadsheet or calculator. And while you’re at it, gather all legal and financial documents and/or information in one place so everything will be easy to find.

Plan for the long term. People are living longer than ever, so you need to plan. The Social Security Administration offers a handy life expectancy calculator you can use to calculate how many years you should consider. Will your parents need more help than you can provide? Will your siblings help support them? Is long-term care insurance a good idea?

Make decisions. If your parents don’t have sufficient funds to support their lifestyle, it’s time to act. Do they need to change their investment allocation? Do they need to downsize? Do they need to budget better? Are they paying their bills on time?

What if my parents aren’t making sound financial decisions?

If they are behind on bills or making questionable purchases, here are some steps to take:

  • Put their phone numbers on the Do Not Call Registry to reduce the chance of con artists contacting them.
  • Get power of attorney for financial matters or become your parents’ guardian. You will not be able to perform basic tasks, such as examining their bank account, without legal permission.
  • Opt out of junk mail and email with the Direct Marketing Association. Once you’ve done that, you can report junk mail to the S. Postal Inspection Service.
  • Check their credit reports annually at com to guard against identity theft. The annual credit report is free.
  • Consider a healthcare proxy and healthcare release form. While you’re helping put their financial house in order, you might as well deal with medical matters. A healthcare proxy will ensure your parents’ wishes regarding their medical treatment will be followed. A healthcare release form will give you legal permission to see their records and converse with their doctor about their medical needs.

We make living at The Arbors Assisted Living Residential Communities affordable for families like yours. In addition to offering fees based on services, we participate in MassHealth income-based programs and offer information for families looking for financial help.

 

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The Arbors Assisted Living-Guide-Assisted Living Costs and AffordabilityAre you considering assisted living for yourself or a loved one but are hesitant about the cost? Assisted living costs, services and amenities vary greatly among the last and most expensive communities, and costs are higher in some states than others.

This guide will answer questions you may have about the costs of assisted living and recommend resources to help you pay for it.


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The Arbors Assisted Living-Guide-Having “The Talk” With Your Parent: It’s Time for Assisted Living
Talking to your aging parent about moving to an assisted living community isn’t easy.

Often, many adult children avoid bringing it up because it can be a sensitive topic.

This guide will provide you with helpful tips and insight on how to have a productive conversation with your parent and siblings regarding your parent’s future.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-The Challenges of Aging: How to Handle Your Aging Parent’s Difficult BehaviorsDifficult behaviors in elderly adults are very common. They may be an expression of frustration your loved one feels or a symptom of early stages of dementia or Alzheimer’s.

This guide will provide you with skills and knowledge on how to handle difficult behaviors your aging parent may be experiencing.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Becoming a Family Caregiver: What You Need to Know Before Deciding to Take Care of a Loved One
Becoming a family caregiver can be a rewarding experience. It also has its challenges.

There are many questions to answer before making the decision to take care of a loved one.

This guide will provide answers to questions you may have on this topic.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Helping Your Parent Manage DepressionIs your parent or loved one depressed, or just in a bad mood?

What does medication and illness have to do with depression?

How can you help? In this guide, you will be provided with answers to the difficult questions you may have about depression.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Is It Depression? A Guide to Identifying and Addressing Depression in Aging AdultsHas your aging parent recently lost interest in activities they used to enjoy? Have you noticed a change in their mood and behavior?

This guide will provide you with resources and tools on how to identify depression, what are the common causes of depression, and how to promote mental health in your aging loved one.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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The Arbors Assisted Living-Guide-Assisted Living Frequently Asked Questions and Answers
Does your loved one need more support than what they are getting? Would they benefit from some assistance with daily activities?

In this guide, you’ll find answers to the most common questions asked about assisted living.


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What qualities in a community should you look for? How do you know you made the right decision?


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Has your dad stopped getting together for lunches or outings with friends or visits with neighbors? Have you stopped enjoying time with your parents because you’re a caregiver?

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NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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No one ever plans to be sick or disabled, and disasters, man-made or natural, can happen at any time, anywhere.

Yet older adults are among the most vulnerable during a crisis. That’s why it’s critical that seniors, and those who care for them, prepare for emergencies.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-Guide to Making the Move to Assisted Living
Moving to assisted living is a life-changing event.

This guide provides tips and ideas on downsizing, what to pack and how to make the transition smooth for your senior parent.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Solutions to Common Caregiving ChallengesIn this eBook, you’ll learn how to talk with family and friends about caregiving challenges, how to deal with a parent who is resistant to help, how to get more caregiving help from your siblings, and how to keep your job while caregiving.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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How Moving My Loved One to The Arbors Eliminated My Caregiving ChallengesHave you had to cut back your hours at work to care for your mom? Are you worried about administering medications or injections?

Have you stopped getting together with friends, either because you don’t have the time or you’re too exhausted? Are you becoming the invisible second patient?


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-When is the Right Time for Memory Care?In this guide, you’ll learn about the difference between Alzheimer’s and dementia, including the early symptoms of dementia; the seven stages of dementia and the symptoms that typically accompany each one; and the signs it’s time to start exploring your memory care options.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-What to Look for in a Memory Care CommunityIn this guide, you’ll learn about the difference between assisted living and memory care, how healthcare professionals are trained in dementia care, common features of a memory care community, and questions you should ask when exploring your memory care options.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-Brothers and Sisters
Navigating adult sibling relationships can be a challenge, but coming together for the sake of your parent is important.

In this guide, you’ll learn about common sibling conflicts that arise when caring for parents, strategies for getting siblings on board, and where to turn to for help.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-The StandoffAssisted living can be a touchy subject. No matter how you approach it, your parent is likely to have objections to something.

As you help them transition to a new stage of life, it helps to be prepared with answers to their questions and concerns.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-11 Most Common Caregiving Challenges
A Guide to the Most Common Family Caregiver Challenges Associated with Caring for an Aging Parent.

You’ll learn about the true costs of being a family caregiver, common family conflicts that can occur when caring for parents, and some of the unexpected challenges of caregiving.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Checklist_ Questions to Ask When Touring an Assisted Living Community
This checklist will help to make sure you are getting the most out of your visit to The Arbors.

The list details what important questions to ask during your visit so you are able to make an enlightened choice and find the best assisted living community for your needs.

NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-What is Assisted Living Really LikeIf you’re unsure what Assisted Living looks like in real life, whether there is a difference with nursing homes or a desire to see how community life unfolds, then this guide is exactly what you need.

A guide to discover the Care Team and a Typical Day in Assisted Living.

NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Cost Comparison guide

You’re probably wondering how much the different senior living options compare to your current situation.
If you do, then this guide is exactly what you need.


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