Your parents will likely need some form of support or care as they get older—and in many cases, this support includes handling their finances. Even if your parents are healthy, often older people can struggle to keep track of bills and properly manage their money, and you may need to take the reins in order to protect their finances.
But taking over your parents’ finances is a more complex process than you may realize, and doing so incorrectly can lead to additional money problems and even damage your relationship with your parents. This Forbes article explains the three biggest mistakes people make when handling their parents’ finances—and how you can avoid them.
This article was written by Forbes, an entity unrelated to HoyleCohen, LLC. The information herein is intended for educational purposes and has been selected by HoyleCohen due to the timeliness of the subject matter.
