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Columns | Go Far With Kovar

Financially Supporting Your Elderly Parents


by Taylor Kovar

Hi Taylor: My siblings and I have been talking about how to help my parents navigate their remaining years. They're in their 80s and have some money but not a lot. Any advice?


Hi Scott: That's great that it's become a family affair. It's tough to watch these decisions fall on one person, so I'm glad you have siblings to share the load.

You can do a lot to help make this transition easier for your parents. If you're just starting the process, here are a few things to focus on.

1. Guide them through a relocation. There are a lot of reasons for elderly people to move. Sometimes it's for safety, other times for companionship, and many times just to cut costs. Whatever the reason, the most important thing you can do is handle all the little things that make it a pain. Moving is hard for everyone - it's especially hard for people who have lived in one place for decades and now have to change their routine. Take care of the phone and cable, setting up the room, every detail you can manage. Help your folks focus on the exciting parts of the move (making new friends!) and dwell less on the scary parts (change!).

2. Help with budgeting. If possible, help your parents stop spending on products and services they used to love in their 50s but no longer actually use or need. New expenses can be pretty troubling for anyone set in his or her ways, but if you show them how rent or a new car payment can be offset by ditching some unnecessary spending, the adjustment becomes much easier.

3. Be on call. The hardest thing for you and your siblings might be the most helpful for your parents. After so many years of independence, it's tough to become dependent on the children you raised. Mom and dad might have some hesitancy to call for help even when it's a simple issue that you could fix in a couple minutes. Stop by as often as you can to make sure all the remotes are working properly and the windows open and close without too much trouble. Those small jobs make a big difference in a person's daily life; try your best to stay on top of what tasks and errands need doing.

This can be a hard time for everyone involved. It requires a lot of patience and attentiveness, but it's the most rewarding type of work there is. Wishing you and your family the best!


Taylor Kovar 7-8-2021
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Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.


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