How can I convince my parents to accept my financial help?

1 answer | Last updated: Nov 23, 2016
Daddison33 asked...

How can I get my parents to accept financial help? They are really stressing about debt and are trying everything (part time jobs, selling stuff) to dig themselves out of this hole. I have limited financial resources but I can pay some medical/credit card bills in full.

Expert Answers

Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio. His latest book is The Truth About Avoiding Scams.

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.