Assuming financial responsibility for your aging parents: A 3-step guide

One of the most difficult aspects of caring for elderly parents is figuring out when and how to start taking over their finances. Here’s how to keep their finances (and your relationship) intact.

As your parents age, it can often feel like you have swapped roles. Now you’re the one taking care of everything, from scheduling Mom and Dad’s doctor’s appointments to driving them where they need to go. But even if your aging parents welcome some aspects of this role reversal—you did give them anxiety-induced heartburn all through your teen years, and turnabout is fair play—they may struggle to accept it when you start taking responsibility for their finances.