Money management for seniors and their adult children begins with sound communication – a foundation that elder financial expert Erik Aho will help families build at a free workshop at the Rohnert Park Library.
California’s elderly population will have doubled by 2025 to 6.4 million, a larger growth rate than any other state, which means that more families than ever will face financial challenges relating to caregiving, health care expenses, and estate planning. Often, it's not until a crisis occurs that relatives delve into elders' financial affairs – but ideally, systems should be established to enact seniors' wishes before a health condition or financial pressure stresses the family.
Mr. Aho’s seminars will help children guide aging parents through tricky financial waters and meet their needs, while reducing the potential for anxiety and frustration that can accompany the job of acting as a caregiver.
With tools provided in the seminar, families can identify long-held attitudes and habits surrounding money, ascertain the scope of assistance financial caregivers will provide, and establish a client-advisor relationship between parents and children that enables joint decision-making as well as the transfer of fiduciary responsibility when needed.
Mr. Aho is an elder law attorney and a forensic accountant with over 25 years of experience helping families care for their elders. The seminars will draw on his work as an ombudsman with Sonoma County Senior Advocacy Services, as well as on his personal experience managing his parents’ finances.