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Lesko Financial's Tips on Managing This Tough Economic Transition - 7/29/2010

As parents grow older, children often take over their finances.
Greg Lesko of Lesko Financial services has some tips for managing this tough economic transition.

If you have aging parents, it can be an uneasy role reversal to bring up the subject of their finances. aren’t you the little kid they had to teach about money?

But having this conversation while they’re still healthy will bring about peace of mind in the event of a serious illness or death.

You can start by finding out what they would like you to do if their situation changes.

Hhelp them organize their records and document the names and phone numbers of financial advisors and insurance companies.

Find out if they have a will and, if not, set up an appointment with a lawyer to help them create one.

Iit might also be a good idea to look into a living trust. have them ask for a durable “power of attorney” and a health care proxy.

These  will name you or someone else they trust to make financial and health care decisions on their behalf if they become unable to do so.

Planning for health care, creating a will or transferring assets may be difficult subjects for you to bring up. but talking with aging parents about them now  will bring peace of mind and  make it much easier later on.

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