Talking with Aging Parents about Finances
INSTRUCTIONS: MONTANA TALKING WITH AGING PARENTS ABOUT FINANCES
This article discusses the informational document made available on the Montana State University Extension website which discusses how to talk with aging parents about their financial matters.
Montana Talking With Aging Parents About Finances Step 1: The first two paragraphs outline the contents of this document.
Montana Talking With Aging Parents About Finances Step 2: The next four paragraphs outline the first strategy discussed, which is to plan ahead.
Montana Talking With Aging Parents About Finances Step 3: The bullet points on the second page outline the advantages of planning ahead.
Montana Talking With Aging Parents About Finances Step 4: The next nine paragraphs outline the second strategy discussed, which is to talk amongst family members.
Montana Talking With Aging Parents About Finances Step 5: The last strategy discussed is conducting a family meeting. Note that the third page also contains a list of discussion points to be raised in the course of this meeting.
Montana Talking With Aging Parents About Finances Step 6: The remainder of the form discusses alternatives and legal options. The first alternative and legal option suggested is to obtain assistance with money management.
Montana Talking With Aging Parents About Finances Step 7: The second alternative and legal option suggested is to establish joint checking accounts.
Montana Talking With Aging Parents About Finances Step 8: The third alternative and legal option discussed is to appoint a representative payee.
Montana Talking With Aging Parents About Finances Step 9: The fourth alternative and legal option discussed are the various possible powers of attorney which can be appointed.
Montana Talking With Aging Parents About Finances Step 10: The fifth alternative and legal option discussed is establishing a living trust.
Montana Talking With Aging Parents About Finances Step 11: The sixth alternative and legal option discussed is establishing a conservatorship.
Montana Talking With Aging Parents About Finances Step 12: The seventh alternative and legal option discussed is establishing a guardianship.
Montana Talking With Aging Parents About Finances Step 13: The last paragraph on the sixth page is a summary of this article.
Montana Talking With Aging Parents About Finances Step 14: The last page of this document contains information for obtaining further resources regarding this issue, as well as information on obtaining paper copies of this document.