Helping Aging Parents with their Finances in Arizona

Helping your aging parents get their finances in order might seem like a daunting task, but it is important for a number of reasons. Your older parents may no longer have the ability to clearly calculate their finances properly or may not have the desire to do so. Maybe they are both still sharp, but not up on some of the latest trends in financial planning and Arizona estate planning to ensure that they are getting the best value for their investments.

Consider a few tips to help your aging parents keep their finances in order:

Be respectful of their process: You can’t just swoop in and take over, without respect for the fact that they’ve been doing it on their own for years. You will get much further by offering your assistance and helping as much as they will allow you to. Be sensitive to the fact that aging can be a scary process and when you start trying too aggressively to take over, you may inadvertently scare your parents into not wanting your participation on any level, from their Arizona estate planning to simple financial planning.
Help your parents get organized: Organize important papers into a filing cabinet and make sure you and your parents know where everything is; the more organized their financial paperwork is, the more likely it is that they can easily access documents anything they need to.
Assist with Arizona estate planning: Estate planning is an important part of any financial portfolio. Help them in making tough decisions about their estate and make sure they are comfortable with the planning process and any decisions they make about their financial future, even beyond life.
Pay attention to red flags that may signal financial mismanagement or fraud: Comb through all of their documents with a fine-tooth comb and make sure no one has taken advantage of your parents in any way. Often, unscrupulous companies and individuals can get aging individuals to entrust them with account numbers and automatic payments, which can result in fraud for many older individuals.

The more you can help get your aging parents’ financial affairs in order, the more like it is that they will have a nest egg on which they can live for years to come. Moreover, you will provide them with peace of mind knowing that their finances are organized and planned for their best interests.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your estate planning. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.