Taking over as the caregiver for a loved one can be stressful for many different reasons, and it comes with a lot of unanswered questions. When should I take over? What needs to be taken care of? What would make them happy? However, as you begin planning to take over medical or life decisions for your loved one, have you also considered what to do with their finances?
While this can be a difficult topic to broach, it’s important. You have to be open and honest with family members and tackle it head on. At some point, many of us will be in charge of our parents’ or elderly relatives’ caregiving and finances. We should be preparing our strategies now so we are ready when it happens.
This post originally appeared at Kiplinger.