Rodc wrote:dm200 wrote:The decision of an adult child to intervene, advise, interfere with, etc. a parent's financial decisions and choices can often be very difficult. On the one hand, the parent should be able to make the choices he/she wants. On the other hand, scams, elder abuse and failing faculties enter in. A few years ago, my father "lent" significant sums to an acquaintance over a period of several years. Eventually, especially as my father started to slip a bit, my brother became aware of this and intervened. Due to my brother's persistence, it turned out ok. In this process, though, it was discovered that this acquaintance and the money was involved with a relative of his who was a known crook.
How does this apply (also mentioned by another poster).
She is in her 50s, not 80's or 90's.
My parents are in their early 60s and as their 32 year old son I am completely involved in their finances. Within the last year I found out that when my dad was still working he put 500k in variable annuities and 200k in closed REIT funds. Both of these "investments" have lost substantial value. My dad also loaned his older brother around 10k maybe 10 years ago. His brother died, and his wife has said she cannot afford to repay the loan.
These were all missteps due to my parents lack of money knowledge. I do not critique their day to day spending or anything similar, but my mom knows that if there is a big purchase or something she wants to change, she talks to me first.