There’s been plenty of attention on aging baby boomers and their lack of preparedness for retirement. However, boomers are also finding themselves in delicate situations when it comes to their parents’ finances. It’s not unusual for financial advisors and counselors to see elderly clients who no longer have the cognitive abilities to handle all aspects of their finances, including their investments.
Vicki Van Horn is executive director of the New Mexico Project for Financial Literacy in Rio Rancho, New Mexico. She teaches a course in financial caregiving, providing families with strategies to help older relatives successfully manage their money. She says a common scenario is one in which a wife allows her husband to take care of all the couple’s financial matters. Over time, if his cognitive abilities become impaired, his wife and adult children may not recognize the signs.
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