Among the many things we celebrate during the month of May is Older Americans Month. In keeping with the 2017 theme of “Age Out Loud,” this is a great time to discuss how to have that financial “talk” with your parents or other elders in your family.
For many, discussing finances is not something that’s easily done. But it’s an important conversation to have. For one, financial abuse and exploitation continues to grow. It is believed that financial abuse costs senior citizens about $3 billion a year. In addition, a sudden serious health issue may lead adult children to have to make quick decisions based on little knowledge of their parents’ or grandparents’ financial, medical, or legal information.