Caring for aging parents and finances: Winnie Sun shares tips and advice

- With the holidays around the corner, this is a good time to sit down with your parents and discuss finances.

As parents age, one of the first things that they struggle with is keeping up with finances. How do you be respectful yet discuss these sensitive issues? 

Winnie Sun, a financial advisor with the Sun Group Wealth Partners and Forbes Contributor, joined us with advice and tips:

-Start the Conversation Early. Call a meeting with all the siblings. Start by choosing someone to speak one-on-one if it is a sensitive topic. 

-Discovery: An effective way to broach the topic of your parents’ finances is to talk about someone who’s been in the news and hasn’t had a trust in place and ask them whether they have core estate-planning documents.

-Is the information current? Ask your parents whether they’ve updated beneficiaries for life insurance policies, retirement savings plans and other types of accounts. If they’re reluctant to share details of their finances, stress that your main concern is to be able to locate these key documents if case they are incapacitated or are not able to.  

-Invite a Third Party. Seek out a pro such as a financial advisor, elder law attorney or even a CPA as this can often help ease the tension around this topic.

Watch the full segment above!


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