My Aging Parents and Their Investments Problems | How to Deal
Aging parents and the dilemma of financials is always a tough problem to have. As we get older these problems get bigger and bigger. If you have not dealt with it yet, it will soon come. Investment problems come hand in hand with retirement problems. The hard part is dealing with the emotional aspects between the parents and sometimes with that one sibling. We need to remember that it isn’t our responsibility to help save our parents. It is however our responsibility to help the best we can to guide the situation in a good direction.
In this video we look at a family dynamic where the father has had some bad investments and his wife is struggling with the emotions that come with loss of money in the investments or rather retirement funds. The kids are struggling with the thoughts of the future and how to fix things. The question is what does fix things mean? In the case of this video, it is looking at treating our parents as parents not kids that we need to educate. It is looking at the logic of things, not the emotion ego side of things.
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I liked your video on financial planning with the elderly. We often get clients who doubt themselves and by creating a life care plan both you and your parents will know what is happening and it will reduce your stress dramatically. We are both licensed lawyers in elder law and we have looked after our own aging parents so we know what the caregiver goes through and we know how to get the documents organized so there is less stress for everyone.