At a certain point, adult children and their aging parents might find themselves in a reversal of roles, with the children taking control and making important decisions about the parents’ finances, medical care and other day-to-day needs.
The transition might be difficult for everyone involved, especially if the parents are hesitant to cede control of certain aspects of their life. The key is to make assurances that the family will work together to handle issues as they arise.
The children “might want to take it more slowly than they want to,” said Debbie Verity, a daily money manager. “And maybe they start in an advisory role, looking over the parent’s shoulder. It’s hard, it’s a very difficult situation. You want to establish a partnership.” Verity speaks not only as a financial manager but as a daughter who cared for her mother following a diagnosis of dementia.
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