Financial Planning for people with Aging Parents

Children of aging parents often find themselves in the position of taking over responsibility for their parents’ finances when their parents are no longer willing or able to handle finances on their own. Even when the parents are well situated financially, this transition can present a number of challenges, including:

• Finding and consolidating the various assets and accounts to simplify ongoing management
• Repositioning the overall portfolio to support the parents’ needs while avoiding excessive gains during the repositioning
• Ensuring estate documents and account titling is in place and up-to-date
• Providing funds as needed to support the parents
• Reviewing options for assisted living for the parents should the need arise

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