When and How to Talk to Your Parents About Their Finances
Learn how to have crucial financial discussions with your aging parents while preserving their dignity and security.\nIn this Nerdy Book Club episode, personal finance Nerd Kim Palmer talks with journalist Cameron Huddleston about insights from her book \u201cMom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances.\u201d In their discussion, Cameron shares her personal journey of stepping up to manage her mother's finances after an Alzheimer's diagnosis and offers guidance on how to have critical discussions about money matters with parents.\nCameron breaks down why it\u2019s important to understand different aspects of your parents\u2019 financial situation, including their income sources, bills, debts and investments. She also provides strategies on initiating difficult financial conversations in a respectful, loving manner and shares how to spot changes in your parents\u2019 financial situation or cognitive abilities. You\u2019ll walk away with tips for timing your conversations and strategies for broaching the subject, even if your parents come from a generation that is typically reluctant to talk to their kids about money.\nIn their conversation, Kim and Cameron discuss: difficult conversations with parents, financial affairs, legal documents, power of attorney, health care power of attorney, advanced directives, living wills, paying someone else\u2019s bills, debt, navigating parental finances, elderly parents' finances, estate planning, dementia, financial scams and protecting parents from scammers.\nTo send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.\nLike what you hear? Please leave us a review and tell a friend.