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4 Steps to Prepare for an Aging Parent

Money Matters 


Brought to you by: OneAscent Wealth,

As your parents begin settling into their final phase of life, their health, residence, and finances could become a significant factor in your own financial planningespecially if your parents have tasked you with settling their estates. Navigating the logistical and emotional challenges associated with caring for an aging parent is a challenge, but these four steps can help ensure that your parent (and you!) are safe, cared for, and financially secure. 

1. Call a family meeting. Gather all close family members for an open, honest discussion. This is the time to discuss finances, health concerns, and expectations from everyone involved. Where will your parent live? How will care be provided if it’s required? These can be sensitive topics, and the conversation will need to be had with gentleness and care; but avoiding the conversation or not communicating openly can ultimately lead to hurt feelings and poor planning. 

2. Gather the essentials. If your parent doesn’t keep all important documents in one location, now is the time to collect things like identifications, wills, online logins, and end of life directives. We can help you make a comprehensive list. 

3. Tag along. Start attending your parent’s appointments. When they go to the doctor, ask questions to familiarize yourself with their health status. Ask your parent to introduce you to their financial advisor and attorney. Make sure the relevant professionals have all important information about changes to your parent’s health, mental capacity, or living situation. 

4. Prepare your parent, and yourself, to finish well. As Moses approached the end of his life, he prayed, “Teach us to number our days that we may gain a heart of wisdom” (Ps. 90:12). It sounds counterintuitive but considering the brevity of life equips you to make the most of your remaining days. You not only notice the little things, but you start to prioritize the big things.

Get the logistical, medical, legal, and financial preparations done, so you can use your time for what’s most important: recounting the Lord’s faithfulness to your family (Isa. 63:7) and enjoying the blessings of generations being together (Prov. 17:6). If your parent is entering this stage of their life, OneAscent would be honored to help prepare your family to finish well. 

Matthew Bowerman-Matthew Bowerman

Advisor at OneAscent Wealth

[email protected], 205-313-914

Investment advisory services offered by OneAscent Wealth Management, LLC, a registered investment advisor with the United States Securities and Exchange Commission.

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