How can I convince my parents to accept my financial help?
It is very difficult for some older people to accept financial help from anyone, particularly their children. A good first step would be to tell them that you have set up your own financial plan that includes investments, retirement, insurance and estate planning. You could then offer to work with them to help organize a similar financial plan for them.
As a part of the plan you could help set up a budget for them and if it then appears that they require help in dealing with debt, you could then come up with a plan through which you may be able to assist them. Reviewing their financial plan could be helpful in determining if they are paying the appropriate amount for medical services or if other types of medical insurance might make sense for them. You also could look at their other sources of debt, such as credit card debt to see if there might be a better credit card for them. In any event, helping them to set up a comprehensive plan may be both more acceptable to them as well as ultimately, more helpful.
