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Paying For Care: Avoiding The Emotional Land Mines
Next to discussing sex, no subject is more emotional than money. It's particularly true with elderly parents. The financial side of elder care can get pretty sticky. A big reason for this is the different emotional relationship people of our parents generation have with money.

When they grew up, it was not something they talked about. If your parent's are open about their financial situation, consider it a blessing. If not - and you don't want to be caught off guard later - it's wise to bring up the subject.

Money can be a major point of pressure for adult children and their elderly parents. One issue is their ability to meet current expenses. Another is how well they manage their resources to meet expenses tomorrow and the next day.

Be sure to discuss debts, too.

A growing problem among our parent's generation is massive credit card debt. The increasing costs of food, utilities and prescription drug pushing against fixed income is driving tens of tens of thousands of seniors to their credit cards. Sometimes it's for essentials like food and medicine. Many times it's so they continue their lifestyle without tipping off their kids.

It's not unusual to find seniors with a crushing credit card debt of $30,000 to $50,000. Are your parent's one of them?

One way to take the emotion out of the conversation is to use the services of a professional financial planner. Look for a financial advisor who specializes in working with elderly parents and their children. That way you'll know all the bases have been covered: cash flow, debts, asset allocation, insurance, government benefits and estate distribution.

Don't be put off by the term "estate" either. Financial planning is not just for the wealthy. It's more important for those with limited resources. They have less room for financial mistakes.

Ask friends, neighbors and co-workers for their recommendations. You can also find senior financial the Society of Certified Financial Advisors and The American Institute of Financial Gerontology.