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Protecting Your Parents' Money: The Essential Guide to Helping Mom and Dad Navigate the Finances of Retirement Paperback – August 9, 2011

14 customer reviews

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Protecting Your Parents' Money: The Essential Guide to Helping Mom and Dad Navigate the Finances of Retirement + The Complete Guide to Managing Your Parents' Finances When They Cannot: A Step-by-Step Plan to Protect their Assets, Limit Taxes, and Ensure their Wishes Are Fulfilled + The Complete Eldercare Planner, Revised and Updated Edition: Where to Start, Which Questions to Ask, and How to Find Help
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Editorial Reviews

Review

“Anyone anxious about how best to protect aging parents and their assets will find this guide from veteran Wall Street Journal journalist Opdyke…a godsend. A smart comprehensive guide to helping children assist their parents through a difficult time with candor and compassion.” (Publishers Weekly)

“Opdyke (Piggybanking, 2010, etc.) offers sensitive, user-friendly advice for adjusting to those stressful parent-child role reversals…A solid, informative reference.” (Kirkus Reviews)

“This guide offers sound advice for handling the financial issues stemming from medical care and daily living situations for seniors…This is one of the only books to provide clear instructions for adult children dealing with their parents’ financial needs.” (Library Journal)

From the Back Cover

Are you ready for the inevitable day whenyou will have to act as parent to your parents?

Protecting Your Parents’ Money is the essential financial handbook that will help you navigate this confusing and difficult transition, providing a game plan for tackling complex issues like estate planning, retirement income and savings, and long-term health care. Most important, it will help bridge the communication barrier between parents and adult children, which often makes the process much more difficult than it needs to be. Important topics include:

  • Personal Finance 101, the Senior Years: The essential definitions and workings of the myriad investment options and financial requirements your parents will deal with in retirement.
  • The Move: How to find the right nursing homes or retirement communities, comparing costs and factoring your parents’ assets into the mix.
  • Understanding Medicare: What it is, how to qualify for coverage, and what it means for your parents’ finances.
  • Elder Fraud: How to look for telltale signs that your parents have been victimized.

Protecting Your Parents’ Money provides the comprehensive guide every loving son and daughter will need to understand and help manage Mom and Dad’s financial concerns.

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Product Details

  • Paperback: 288 pages
  • Publisher: HarperBusiness; Original edition (August 9, 2011)
  • Language: English
  • ISBN-10: 0061358207
  • ISBN-13: 978-0061358203
  • Product Dimensions: 5.3 x 0.6 x 8 inches
  • Shipping Weight: 8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon Best Sellers Rank: #797,256 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

18 of 19 people found the following review helpful By Library lady on October 10, 2011
Format: Paperback Verified Purchase
An excellent book. Provides a good starting point for those conversations about money with parents. It would be a good idea for parents to give this book to their children when the parent is about 55. Also a good read for anyone in that age group approaching retirement.

One thing missing that I would like to see in an update of the book is a chapter on strategies for dealing with the financial predators - especially unscrupulous charity fundraisers who phone our elderly parents and keep asking them for donations. These people are relentless and it is very hard to get them to back off.
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13 of 14 people found the following review helpful By GM on December 13, 2011
Format: Paperback
I am 58---maybe the "parent" they discuss. But I read this book because my brothers and I are caring for a mother in mid-stage dementia. I spent an entire summer going through her papers, trying to understand her financial situation. Meanwhile my husband and I are planning our own retirement.

This book had the clearest descriptions and discussions of these topics that I have seen. Whether it is durable power of attorney or variable annuities, this book explained what they are and discussed what you need to consider.

I found this in the library, but I am ordering my own copy to use for my mother, but also for myself.
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3 of 3 people found the following review helpful By Anne on December 9, 2012
Format: Paperback Verified Purchase
Please read this book! Buy one for every sibling in your family. Put it in your safe deposit box. Also ask your parents questions now. My father is a brilliant man. He started making a family 30 years ago for me and my other 2 siblings of everything we would need to know in case my Mother and him passed. My Mother is 76 and he is 79 now. He bought this bought for all of us kids last year. I went of it with him and used a highlighter. I have a file of everything from copies of their Medicare cards to birth certificates, insurance cards on the cars, wills, appraisals on their house, titles on their house, lawyers names, accountants names, funeral plots, even what music they want played at their funeral. It may sound morbid now, but it will be so much easier for you and your siblings. AWESOME BOOK!
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2 of 2 people found the following review helpful By Dennis Doverspike on April 17, 2013
Format: Paperback Verified Purchase
In my view, this book deals more with relationships with your elderly parents or relatives, and with counseling them, than it actually provides very detailed financial advice. The financial advice is probably helpful, but tends to be on the simple side. Sort of like - Your Parent's Money for Dummies. Although, if you do not already know the information that is in this book, then you should be asking a professional for help with the management of your parent's money. I have to admit, I was looking for something more complex and more detailed, with more advanced suggestions for managing your parent's money. So, the book would be helpful for those looking for an introduction and overview of issues involved in managing the money of elderly relatives, but it does not get too much in depth.
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Format: Paperback
I confess, I only made it halfway through this book... At first is seemed fine, the author talks about how it can be hard to discuss these things with your parents and that if they don't want you to help you have to back off etc. He talks about respect a lot. But then as the book progresses he proceeds to tell you how to take over without their permission. For instance if you were to notice that your parents were having trouble with late fees then he suggests calling up all the utilities, landlords etc and have the bills sent your own house. Then almost as an afterthought he mentions that you tell your parents what you did. Not sure about his parents but mine would justifiably go through the roof if I did that without asking even if they were having trouble. There are many other inconsistencies that bother me, advice to consolidate every account, credit card and IRA to a single bank to make it easier to keep track of. Then in a later chapter he mentions that if your parent's are getting low interest rates that you can almost always find them a better one by going online or choosing a credit union. Decent advice but directly contradicting his previous strongly worded caveat to consolidate. (Perhaps each chapter was put together by separate committees?)
I was hoping for some more nuts and bolts of exactly what kind of paperwork to have and maybe even some advice on where and how to find help for that kind of stuff.
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Format: Paperback
I worked as a professional Senior Living Advisor speaking with thousands of families (and I have also spent my life in healthcare) - I would urge you to read this early, give to your best friends, implement NOT just for "your parents" but for YOUR asset protection. By the way, I also am a student of finance with an MBA and read the Wall Street Journal daily among other qualifications....in case credentials mean anything to you/are important to you...

EASY to understand and read - VERY comprehensive. I am a voracious reader, always carrying a bag of books to read. The clarity of the writing of this book is excellent.

I particularly liked his advice on page 231 AFTER hearing so many distressed callers with my head set on- from the most intelligent, to the biggest hearted, to the young and the old... - caught by surprise and despair when that crisis hit home (and crisis never seemed to hit at a convenient time....)
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