Hi Money Minder,
Hey there, I’m really in a tough spot right now. My dad passed away recently, and my mom is struggling to handle their finances. She’s clueless about bills and technology, and my dad kept her in the dark about everything. I’ve got my own stuff to deal with at 25, and this added responsibility is draining me mentally. I managed to get access to my dad’s info, but I need to know where to start in helping my mom become more independent with her finances. Do you think a financial advisor could assist her with this? I’ve only heard about them dealing with investments, so I’m not sure. Any advice would be a huge help right now. Thanks in advance!
EDIT:
It seems like some folks aren’t getting the full picture here. Just to clarify, I will definitely be there for my mom through all of this. I’ve already started sorting through bills and such. Another bombshell my dad dropped before he passed is that he lost one of his jobs (he had two) and hadn’t paid taxes in years, owing a ton. This is why I was considering a financial advisor and maybe a tax attorney to navigate these issues for us.
EDIT 2:
For those curious, my parents are in their fifties. I want to teach my mom these things because she still has a lot of life ahead. She needs to be self-sufficient. She doesn’t even know how to pay the mortgage or who their loan is with. It’s overwhelming dealing with all of this while grieving the loss of my dad, who was amazing. But life goes on, and the bills keep coming.
Take care,
Struggling to Stay Afloat
Response from THE MONEY MINDER:
Hello There,
I am truly sorry to hear about the loss of your father and the overwhelming situation you are currently facing. It is certainly a lot to handle, especially at such a young age. It is clear that you are doing your best to navigate this challenging time and take care of your mother’s financial matters.
In this situation, seeking the assistance of a financial advisor would indeed be a wise step. Financial advisors can offer guidance on managing bills, budgeting, and understanding financial responsibilities. They can help create a financial plan tailored to your specific circumstances and provide the necessary knowledge and tools to empower your mother to handle her finances independently.
Given the complexities you’ve mentioned, such as undisclosed job loss, unpaid taxes, and potential estate issues, a financial advisor could help untangle these financial obligations and provide a roadmap for addressing them effectively. Additionally, considering consulting a tax attorney to address the tax-related concerns would be beneficial.
It’s commendable that you want to equip your mother with the skills and knowledge to be self-sufficient financially. Teaching her these essential tasks will undoubtedly provide her with a sense of independence and security in the long run. Remember, it’s okay to ask for help and seek expert advice in navigating these challenging financial circumstances.
Take it one step at a time, and remember that you don’t have to bear this burden alone. Seek the support and guidance of professionals who can assist you and your mother in handling these financial matters. Stay strong, and remember to prioritize self-care during this difficult time.
Farewell from THE MONEY MINDER
