When and how do you tell your mother or father they can no longer safely live on their own? Or worst yet, when do you tell your parent that his or her dementia is getting worse, or he or she isn’t coming back home after this latest hospital trip. Could I be talking to you?  Maybe, you’ve watched as your parents had to make these emotional choices with your grandparents. That’s where the “40/70 rule” comes in. I learned about it from one of my guests on FOX 6 Wakeup.

The rule is this: when either you hit 40 or your parent reaches 70 (whichever comes first), that’s the time to start having discussions about their finances, driving and living arrangements.

How many times have you heard the story about an older adult who gets an official-sounding call on the phone from someone posing as a lottery official. The victim goes to the bank and withdraws thousands.  After they mail the money, they ask an adult child about it. Only then, it’s too late. The money is gone.

Our senior care expert says a good place to start is by noticing your parents’ mail.  Are they keeping up with their bills? Offer your help with their banking and bill payments. Together, get an understanding of your parents’ financial situation. Set up a budget together.  Consider getting long-term care insurance to help provide for their care later, if necessary.

And here’s a heads up on this one–not talking isn’t going to make this one go away!

Have the talk sooner than later.  Ask for help.  For a lead on some resources, go to myfoxmilwaukee.com and search “Seen on Wakeup.”

-Kim Murphy, Fox 6