I joined Sam Argier on FOX 5 Las Vegas’ More program to discuss tips for financial planning for aging parents.
Sam Argier: Now it’s a topic we would rather push to the back of our minds, because so many of us wish our parents would stick around forever. Sadly, that’s just not realistic and we need to do some financial planning to help make sure our parents live out their golden years as comfortable as possible. Here to help us plan for our aging parents is Mark Williams, CEO of Brokers International. Mark, thanks so much for joining us this morning.
Mark Williams: Yeah, thanks for having me. I really appreciate it.
Sam Argier: You bet. And you know, this is something that, as our parents get older, that a lot of people have to think about. And especially if your aging parents maybe don’t have a lot of savings, how are, what are some things you can do to help them out financially?
Mark Williams: Yeah, I’ve got like an 8-point, eight tips that I can provide.
The first one I’ll say is to start the conversation early. The earlier you can start the conversation with your parents, before they’re older or have some health issues, the better.
And start by making really small changes. Right? So imagine that you’re giving up control of something that’s really difficult. You’ve been an adult for 60, 70, 80 years sometimes. And now things are either more difficult, or just giving up those, giving the reins up financially can be very difficult. So start making gradual changes.
Oftentimes people can, for example, piggyback on cell phone use. Maybe if your family can add a cell phone package for your parents, and then you start picking up that cost. That’s one way to do things like that. So again, gradual changes.
Take an inventory of financial and legal documents. Do your parents have an accountant? Do they have a financial planner? Do they have an attorney that you could meet with? So you can get a much better picture of their financial picture.
Simplify bills and take over the financial risks that your parents have. Again, start slowly and do that with conversations. What can you start picking up?
For people who their health is starting to gradually get worse, consider a durable power of attorney. My parents’ health changed very drastically in a short period of time, so that gave me the ability to make financial decisions on behalf of my parents if they became incapacitated or couldn’t make those decisions.
Sam Argier: No, absolutely, and the planning is key, just from what you said. And you know everyone’s situation is different. These things, changes can happen so fast. Now some resources for people that maybe want to learn a little bit more for assistance in helping their aging parents, where can they find those?
Mark Williams: Sure, well first of all, the government has some wonderful websites. So ssa.gov, which is the Social Security Administration. Most of you can check out your Social Security accumulation online, so I would do that. Many of your banks and financial institutions you do business with have wonderful guides for talking with your aging parents. And many attorneys and accountants as well. And then finally a financial professional. Many of them deal with aging parents and transitioning from seniors to families and planning.
Sam Argier: All right, Mark. Great advice, thank you so much for your time. Mark Williams, CEO of Brokers International, have a great day.