Protecting Your Parents' Money

May 9, 2011
Anyone anxious about how best to protect aging parents and their assets will find this guide from veteran Wall Street Journal journalist Opdyke (Financially Ever After) a godsend. The author argues that aging parents have earned the right to rely on their children for help, and he assembles a sympathetic guide to supporting your parents financially when it becomes difficult for them to do so themselves. He explains how to handle wills and powers of attorney, pensions and annuities, insurance policies, and bills; how to navigate Social Security; and how to answer the hard questions: how much income does the parent need? how can you help make the money last? Perhaps more important, he provides scripts for the hardest conversationsâabout whether to stay at home or move to a facility, or how to manage health care necessities and the vagaries of Medicare and medicaid. A smart, comprehensive guide to helping children assist their parents through a difficult time with candor and compassion.

June 15, 2011

Talking to elderly parents about managing their finances can be an emotionally charged task—especially if they are hesitant to relinquish information and control—but Opdyke (Piggybanking, 2010, etc.) offers sensitive, user-friendly advice for adjusting to those stressful parent-child role reversals.

The author, the man behind the Wall Street Journal column "Love & Money," guides adult children through the many issues involved with juggling an additional household budget, from accessing bank accounts and safe-deposit boxes to obtaining forgotten CDs or pensions. Making parents' money increase through investments or by finding banks/credit unions with higher interest yields is beneficial. For times when withdrawing from their nest egg becomes necessary, Opdyke discusses several scenarios—e.g., a Prudential Insurance study showing how, because of tax rates, it is cheaper over time to draw on an IRA instead of taking early Social Security. The author also digs into the morass of Medicare and Medicaid, including explanations of terms, such as the simple "benefit period" or the more complex "Medigap coverage," detailed in simple language and illustrated with an intelligible table. Opdyke also provides a variety of resources and information for those debating home care versus assisted living or nursing homes—and suggestions for how to navigate the tricky terrain of that conversation. Regardless of the issue at hand, the author provides several respectful conversation starters for each step of this difficult process. He's also wise enough to caution readers against what they shouldn't say. Phrases like "you don't understand" and "if you had listened to me instead of..." have offensive implications and can only complicate an already overwhelming process.

A solid, informative reference.

(COPYRIGHT (2011) KIRKUS REVIEWS/NIELSEN BUSINESS MEDIA, INC. ALL RIGHTS RESERVED.)

June 15, 2011

This guide offers sound advice for handling the financial issues stemming from medical care and daily living situations for seniors. Opdyke has covered this area for the past two decades in his Wall Street Journal column and in his previous books on family financial planning, Piggybanking and Financially Ever After. He here discusses the essential aspects for adults who manage their parents' finances. Opdyke begins with how to broach the subject and goes on to detail the practical matters of financial planning--from what documents to check to how to manage pensions, social security, and monthly budgets. The last two chapters focus on the myriad financial issues tied to medical care, including assisted care and supplemental insurance. The book also includes a glossary and work sheet. VERDICT This is one of the only books to provide clear instructions for adult children dealing with their parents' financial needs. Recommended.--John Rodzvilla, Emerson Coll., Boston

Copyright 2011 Library Journal, LLC Used with permission.