How to Discuss Money with a Senior Loved One

August 25th, 2016

Dear Paul,

My parents have never been ones to discuss money with my siblings and me. Until recent years, we’ve been fine with that philosophy. But both of them have experienced some pretty serious health issues in the last few years and we know they will likely need to move to an assisted living community in the Dallas area soon.

To help them figure out what they can or can’t afford, I know we are going to have to sit down and talk about their finances. I’m really dreading it. I don’t even know how to get the conversation started!

Explore Care Options in Dallas Forth Worth with Confidence

Get Personalized Support for Your Loved One’s Next Chapter

"*" indicates required fields

LinkedIn
This field is for validation purposes and should be left unchanged.
Name*
Email*

Phone*
Level of Care*
If your loved one is currently hospitalized or in rehab, please provide the location of their facility (Ignore if not applicable)

Do you have any suggestions for me? Any advice would be appreciated!

Sincerely,

Cindy

Having “The Talk” about Money with a Parent

Dear Cindy:

The situation you find yourself in is one we hear often from adult children. Many members of this generation of older adults grew up not discussing money. We know that makes it tough to figure out what type of senior care a parent can afford.

Here are a few suggestions you might find helpful:

Wait for the Right Time: While this isn’t an invitation to delay discussing such an important topic, this is a conversation that should take place when you have ample, uninterrupted time to talk. Maybe wait until you and the siblings who are most involved in your parents’ care can be together. Keep in mind, however, that you don’t want your parents to feel like you are ganging up on them. So it’s best not to involve more family members than necessary.
Acknowledge That You are Uncomfortable: Start the conversation by explaining to your parents that you are uncomfortable talking with them about money and you know they are, too. Reassure them that knowing how they stand financially is especially important in helping them create a plan to stay independent and to allow you to assist them in case of an emergency.
Protecting Parents from Fraud: Unfortunately, seniors have become a popular target for identity theft and scams. Explain to your parents that by allowing you regularly monitor their checking accounts and credit card statements online, you may be able to keep them and their finances safe.

Once you have a better idea of their financial situation, you and your siblings will be able to begin exploring options for their care and develop a long-term plan based on their needs. Our experienced senior living advisors will be happy to help you learn more about senior living in the Dallas-Fort Worth metroplex.

I hope this helps, Cindy! Please feel free to call us with any additional questions.

Kind Regards,

Paul

Senior Living Specialists is a free service for seniors and their families. We are compensated by a referral fee when a senior moves into a community or care home.

Share This Article

More Helpful Resources

January 12th, 2026
Assisted Living

Why Many Dallas Fort Worth Families Transition to Assisted Living Early in the Year

For many families in Dallas Fort Worth, the decision to transition a loved one into assisted living does not happen overnight. Instead, it often follows months of subtle changes that become clearer once the holidays have passed.

January 6th, 2026
Assisted Living

Questions Dallas Fort Worth Families Should Ask at the Beginning of the Year

The start of a new year often brings a quieter moment to reflect. For many families across the Dallas Fort Worth Metroplex, that reflection includes taking a closer look at how aging parents or loved ones are truly doing day to day.

View Blog

We're Here to Answer All of Your Questions

Our team of caring professionals is ready to help you find the right place for your loved one. Give us a call or fill out our contact form to get started today.

(214) 929-5055

5700 W. Plano Parkway
Ste. 2400
Plano, TX 75093

Connect With Us

Areas We Serve

We provide assisted living, senior living and dementia care referral services to the following areas in and around the DFW metroplex including the following and all other surrounding areas.