Basics of Money


How to Help Your Aging Parents

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 2015 The Kiplinger Washington Editors

More from

See more stories in this category

Back to Previous Page

Basics of Money

20 Best Travel Sites to Save You Money

Feeling too pinched by the ever-troubled economy to travel? You can still find good deals to get away...

9 Secrets to Better Credit

Credit is complicated and, sometimes, counterintuitive. For example, being debt-free can result in a...

When and How to Hire a Tax Pro

Tax software does a good job of breaking down tax preparation into manageable bites. It will alert you...

What to Ask a Financial Adviser

Financial advisers and planners attend seminars and classes and read books so they can learn how to...

Understanding Capital Gains and Losses

What's a Capital Gain? A capital gain is what the tax law calls the profit when you sell a capital...

Next Page >
Provided by Kiplinger