Basics of Money

Kiplinger

How to Help Your Aging Parents

Kiplinger.com

Are you among the growing number of Americans who count themselves reluctant members of Generation S? The "S" stands for sandwich, and to qualify you must be feeling sandwiched between the financial demands of raising children and the growing financial needs of your aging parents -- to say nothing of your own financial needs. "Squeezed" might be a better word for it.

Aging parents are often the first to notice that they could use some help tending to their finances. Sometimes their children notice the telltale signs: bills that go unpaid, confusion about financial and other matters where there used to be alertness, growing anxiety about medical and other expenses.

You may have to act like a detective to get to the bottom of the problem and gather the information you need to help them. Where to begin? Start with the basics.

Your Parents' Income and Assets
Know how much money they have, locate their important documents and make sure they have the right insurance coverage.

If Your Parents Become Incapacitated
Make sure your parent have the right documents to spell out their desires if they can no longer make decisions for themselves.

Where Will Your Parents Live?
They have several options, including ways to stay in their own home.

When Your Parents Need Financial Help
You might be entitled to tax breaks if you're helping support mom and dad.

Copyright 2013 The Kiplinger Washington Editors

More from Kiplinger.com

See more stories in this category

Back to Previous Page

Basics of Money

Do-It-Yourself Retirement Plans

When you work for a company with a retirement plan, setting aside money for retirement is easy. You do...

Your Parents' Income and Assets

Find out as much as you can about their sources of income, their assets and their debts. Do they have...

What to Ask Before Buying an Annuity

Heard the stories about people who are sold an annuity but later aren't sure what they've invested in?...

What Kind of Life Insurance Should You Buy?

Life insurance companies are brilliant at devising new kinds of policies. But try to remember that...

What to Know About Preferred-Provider...

In the 1970s, preferred-provider organizations (PPOs) began changing the rules of fee-for-service care...

Next Page >
Provided by Kiplinger