Jason Alderman raises a possibly touchy subject with his item, Help your parents stay on track financially.

If you’re not familiar with your parents’ financial situation, you may be doing them – and yourself – a disservice.  Even with parents currently in good health, it’s wise to become familiar with their financial, medical and legal recordkeeping so you’ll be able to step in and help out if needed. You may have to walk a fine line between appearing nosey or controlling and not spotting warning signals that something may be amiss.

He suggests that when you visit your folks, you should keep an eye out for such things as:

• Unpaid bills, late payment notices or utility shut-off warnings.
• Hints they sometimes must choose between filling prescriptions and buying food, heating or other necessities.
• Uncharacteristic secretiveness or defensiveness, possibly indicating they’re embarrassed about money problems or afraid their independence would be at risk if they confide in you.

Part of what you can offer is helping them get better organized and help them deal with all legal issues and budgeting.

Other websites with useful resources on this subject are:

• Talk to Your Aging Parents About Money – If your parents are in their 60s or older, it’s time to have “the talk.” Here’s what you need to know before they need your help.
• How to Budget for Elder Care – Whether your aging parents live independently, with you, or in extended care, here are some thoughts on budgeting for elder care.

The latter covers the following topics:

1. Help your parents protect their assets.
2. Sort out their savings and investments – and get power of attorney if necessary
3. Talk over long-term plans with your parents (and your siblings, if you have them). If possible, get your parents to make a Living Will so that their wishes can be followed even if they are unable to communicate.
4. Make sure your parents’ health-care costs will be covered.
5. Work out a budget with your parents if they will be living with you.
6. Help your parents work out their own budget if they live independently.
7. Discuss joint ownership, where appropriate, re property deeds and bank accounts so as be able to act swiftly in a financial emergency.
8. Talk over all the options avoid making unilateral decisions if your parents are of sound mind and able to share in decisions that affect their personal and financial lives.
9. Remember to allow for some travel and entertainment “mad money” in their budget so that your parents will be able to have some fun.

As always, thinking ahead and getting to potential problems early can make everything much more manageable. It is the least you can do for your folks.

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