Taking over the care and financial management of aging parents is a challenging and emotional responsibility, but one many of us eventually face. This situation often involves planning on three levels: managing finances, making healthcare decisions, and overseeing daily living activities. 

Managing Finances

If your parents are still able to communicate, the first step involves initiating a compassionate conversation about how they want their money managed. You can also ask for access to essential financial documents—such as bank statements, insurance policies, and brokerage accounts—so you can help safeguard their assets. Additionally, you can arrange a meeting with their financial advisor so everyone is aligned on your parents’ financial goals.


Another step you can take is setting up direct deposit for income sources like Social Security or pensions and opting for electronic delivery of recurring bills. This reduces administrative burdens while making sure their bills are paid on time each month. 

Arranging for Healthcare

Healthcare decisions become critical as parents age. If they are mentally competent, it’s critical you and your parents work with a lawyer to draft legal documents such as:


  • Healthcare Proxy: This designates someone to make medical decisions when your parents cannot, whether it’s you or someone else.

  • Living Will: Outlines your parents’ preferences for end-of-life care.


Even without these documents, healthcare providers will typically consult immediate family members for decisions, but having this information readily available can make sure their wishes are known. It's also crucial to understand the extent of their medical insurance coverage, including any coverage for long-term care.

Overseeing Daily Living Activities

If your parents can remain in their home, then you may face a situation where they require assistance with medications, personal care, and/or household chores. While it may seem overwhelming, you have options such as:


  • Home care services: Visiting nurses or home care agencies can help with meal preparation, bathing, and managing medications, and assist with other daily needs.

  • Professional Geriatric Care Managers: These experts provide personalized solutions, crisis intervention, and guidance on arranging home care.

  • Resources: Other resources where you can access more information can be found with organizations like the Aging Life Care Association (caremanager.org), which can connect you with qualified professionals.

Finding Support

Managing your parent’s affairs is a demanding task that often requires help from experts. Leveraging support systems—such as financial planners, legal professionals, and healthcare providers—can help alleviate stress and ensure your parents’ needs are met. For example, members of Space Age Credit Union can contact Todd A. Dussex, CFP© and Financial Planner with LPL Financial located inside Space Age Credit Union. 


Caring for aging parents involves balancing emotional, financial, and logistical challenges. By fostering open communication, leveraging professional resources, and implementing practical systems, you can be a supportive resource for your own parents as all of you navigate the aging process together. 


For additional resources, visit Space Age Credit Union.