Supporting Aging Parents

Helping aging parents manage their finances is a responsibility many families are quietly stepping into. It often starts with simple concerns — helping with a bill, reviewing a bank statement, or accompanying them to an appointment — and gradually becomes a more hands-on role in managing their financial life. While every family’s situation is different, the need for clarity, organization, and proactive planning is universal. Our goal is to help make that process easier.

At DecisionPoint Financial, we recognize that stepping in to support aging parents isn’t just a financial matter — it’s a deeply personal one. It’s about preserving dignity, respecting their wishes, and making sure important details and transactions are handled with care. Our goal is to empower you to approach these conversations with understanding and confidence.

So, What Does "Being Prepared" Really Look Like?

Helping your parents with their finances isn’t a one-time event. It’s a series of small, ongoing steps. It starts with asking questions like:

Are their estate documents up to date? Wills, powers of attorney (financial and medical) and advance directives are important documents to have in place and current.
Do you know how many financial accounts they have and where they are? Do you know who manages them and how to access them?
Is their investment strategy appropriate? Are they taking on too much risk or invested in unsuitable investments?
How are their finances being monitored for potential scams? Is someone regularly reviewing their accounts for unusual activity?
Do you understand the process to access their accounts if needed? Whether due to incapacity or passing, will you be ready and able to step in when it’s needed?

These questions don't have one-size-fits-all answers, and they require a comprehensive approach that addresses both immediate concerns and long-term planning.

If this feels overwhelming, you’re not alone — we’re here to support you and provide guidance as you navigate these important decisions.

Six Critical Areas That Need Your Attention

Estate Planning Documents: Getting the Basics Right

Many families discover too late that having documents isn't the same as having the right documents. A will that directs retirement accounts to a trust means nothing if the beneficiary designation still names an individual — the beneficiary designation wins every time, and the instructions in the trust document will not be implemented.

Key items to review:

Power of Attorney documents (are they current and comprehensive?)
Beneficiary designations on all accounts
Will and trust provisions, and making sure they align with account titling
Healthcare directives and medical power of attorneys

Organization: Creating Your Financial "Cheat Sheet"

Organization is an important part of this new phase of life. We've seen adult children spend months tracking down 10+ investment accounts across different institutions after a parent's passing, a process that's both emotionally exhausting and potentially costly.

Consider creating a secure document that includes:

Institution names and account numbers
Points of contact at each firm
Login information for key accounts
Passwords for phones, computers, internet providers, etc.
Location of important documents
Emergency contact information

Set up access to your digital assets now:

Digital assets, like photos, videos, messages, and documents can be lost forever upon death if you don't take proactive steps during life. Fortunately, many platforms now offer ways to designate someone who can access this information after your passing.

For Apple devices, you can set up a Legacy Contact, who will gain access once they present their ID and the death certificate of the account owner.
If you or your parent has a Google account, you can add an Inactive Account Manager, who will be able to access these digital assets after 3, 6, 12, or 18 months of inactivity.

Organizing accounts for better oversight

To simplify things, many clients have consolidated their parent’s accounts so they are housed at the same firm and with the same advisor as their own accounts. At DecisionPoint Financial, we have worked with dozens of families transitioning to this stage and are well-equipped to facilitate these transfers smoothly and securely.

Asset Allocation: Aligning Investments with Reality

Investment allocations should reflect both the current stage of life and your parents’ specific financial needs. We often come across portfolios that are either taking on too much risk or are overly conservative, limiting the ability to make the most of what your parents have saved. In reviewing their investment mix, we consider their income needs, time horizon, tax situation, and overall estate planning goals, ensuring the portfolio is positioned for both stability and long-term growth.

Cybersecurity: Protecting Against Modern Threats

Seniors lost $3.4 billion to fraud in 2023, an 11% increase from the previous year. Financial exploitation isn't just about obvious scams; it can be as subtle as unauthorized transactions that go unnoticed for months.

Protective measures include:

Regular monitoring of account statements
Setting up account alerts for transactions
Educating parents about common scams
Considering credit freezes when appropriate

Account Titling: The Details That Matter Most

We recently met with a prospect who owned millions in real estate. Well-intentioned but misguided, they had added their adult child to property titles to "make things easier." This seemingly simple decision could have resulted in significant tax consequences, potentially eliminating the step-up in basis that beneficiaries typically receive upon inheritance.

These are the kinds of issues and opportunities we’re evaluating daily for our clients, and proactive planning can save thousands in taxes in the long-run.

Why This Matters Now

At DecisionPoint Financial, we’re seeing more and more of our clients take on the responsibility of helping aging parents with their finances. It’s a role that can come on gradually, and often unexpectedly. As you juggle your career, family obligations, and planning for your own future, we understand how complex this can be, and we want to help you approach it with clarity and care.

Our team helps bring structure to what can otherwise feel like a patchwork of accounts, documents, and responsibilities. We help get everything organized, coordinated, and working toward the same long-term goals.

Helping your parents manage their financial lives is a meaningful role, and it doesn’t have to feel overwhelming. When you're ready, we're here to help you make smart decisions and move forward with confidence.

— Your DecisionPoint Financial Planning Team —