In this episode of The Aging Parent Playbook, Dr. Barbara Sparacino discusses the delicate and complex issue of financial boundaries in caregiving. What happens when a sibling asks your aging parent for money, and you’re the one responsible for safeguarding their financial well-being? Through real-life strategies and a compelling case study, we explore how to balance autonomy and protection, set boundaries, and navigate tough family conversations with grace.What You’ll Learn in This Episode:
How to initiate financial boundary conversations with an aging parent.
The role of a financial proxy and how to protect parental assets.
The story of Lisa: A caregiver navigating her mother’s financial care and a dependent sibling.
How to set up financial safeguards to prevent excessive spending and family conflict.
Ways to support a financially dependent sibling while maintaining boundaries.Key Takeaways:
Have compassionate yet firm conversations to prioritize your parent’s financial security.
Leverage third-party experts like financial planners to set clear, objective boundaries.
Implement financial safeguards such as automatic bill pay and withdrawal limits.
Offer alternative solutions to a dependent sibling instead of direct financial assistance.
Reframe family expectations to break cycles of financial dependence.