Your parents raised you, loved you and provided financial security as you grew up. Now that you’re grown with a family of your own, the roles are reversed, and you’re a caregiver to your aging parents. Perhaps they need help managing day-to-day affairs such as finances, household maintenance or care for physical conditions like arthritis or gout. You might be concerned what would happen if they forgot to pay their bills, or if one of them suffered a stroke or received an Alzheimer’s disease diagnosis.
This guide explains those circumstances that may require you to gain control over your parents’ (or other elderly loved one’s) finances — including warning signs that it’s time to step in — as well as what legal steps are involved and how to talk to your parents about their needs in a sensitive way.