Money expert Carmen Wong UlrichThe number of adults taking care of aging parents has tripled in the past 15 years, and a recent survey by caring.com shows that 42% of family caregivers say they're spending more than $5,000 a year caring for an aging parent. That's a lot of green. Now, money in itself is a touchy subject for most families; add to that the dramatic role reversal that can occur as our parents need our care, and you've got a very tough topic. Here, money expert Carmen Wong Ulrich helps make it a bit easier to have the talk and ensure parents' financial health with three strategies:
Mistake: Ignoring your parents' budget
If you don't know whether your parents are keeping up with their expenses or what kind of income they are living on - and the size of their nest egg (if they even have one) - then it's time to go on a fact-finding mission so you can help them avoid financial trouble.
Move to Make: Do some research about your mother and father's finances
First, break the ice by talkingRead More »from 3 Smart Ways to Protect Your Parents' Money