Managing your own finances, can be a challenge. Managing someone else’s finances presents even greater challenges.
When that someone else is a parent, the scenario is entirely different. You and your parents share a unique relationship. Whether good or bad, you have a history. You were once under their care, and managing your parents’ finances may seem very much like a role reversal.
So, how do you handle caring for your parent’s money?
Start early – The best way to manage your parent’s money is to know how they want their funds handled. The best way to find out what your parent’s financial wishes are is to talk to them about finances before there is a problem. While your parent’s are still able to take care of their own finances, consider approaching them, and asking them what they would have you do if you were to one day need to manage their money. [Read more…]