SmartMoney Mondays: Handling Elderly Parents' Finances

SmartMoney Mondays: Handling Elderly Parents' Finances

HONOLULU (HawaiiNewsNow) - On this segment of SmartMoney Mondays, Summerset Lovett from Bank of Hawaii is here to discuss a very important topic: handling your elderly parents' finances.

Lovett says the hardest part about managing aging parents' finances is starting the conversation.

It's important to check for warning signs of money trouble like unpaid bills or bounced checks.
 
People may also want to consider getting a power of attorney document, which grants financial authority to someone else.

Lovett suggests hiring a money manager for kupuna to help them make sound financial decisions.

Hopefully, these tips help make a tough financial conversation feel more manageable.

Copyright 2018 Hawaii News Now. All rights reserved