Handling Money Matters For Your Aging Parents
Few conversations are harder to start than the one where you suggest to your parents that it’s time for you to better understand and potentially help manage their personal finances. It can feel uncomfortable and emotionally charged to even raise the subject. But having that talk early, before a health crisis or cognitive decline forces the issue, is one of the most caring and responsible things an adult child can do. Here’s a simple checklist to help your family get started.
Communicate Early and Often
Don’t wait for an emergency. Bring up the topic gently and revisit it regularly. The goal isn’t to take control. It’s to understand your parents’ wishes and make sure everyone is on the same page before decisions need to be made under pressure.Get Organized
Help your parents compile a clear picture of their finances: income sources, account numbers, insurance policies, recurring bills, and any outstanding debts. Having a full understanding can save enormous stress down the road and prevent critical details from falling through the cracks.Establish Access
In today’s digital age, so much of our financial lives exists online, from bank portals to investment accounts to online bill pay. Work with your parents to ensure you (or another trusted family member) can access key accounts if needed. This might mean being added to a bank account or simply knowing where passwords and documents are stored.Put a Durable Power of Attorney in Place
A durable power of attorney allows a designated person to make financial decisions on a parent’s behalf. It’s one of the most important (and most overlooked) planning steps a family can take.
Review the Estate Plan
Is your parents’ will/trust current? Are beneficiary designations up-to-date? Life changes, such as marriages, divorces, births, and deaths, can make older documents obsolete in ways families don’t always notice. A comprehensive review of your parents’ estate plans can ensure they are still satisfying their wishes.
Getting ahead of difficult issues brings peace of mind to everyone involved. If you’re not sure where to start or need help with the process, First Fiduciary is here to advise. Our team works with families every day navigating these exact challenges. We understand that these conversations are about far more than money. They involve family, trust, and the people you care about most.
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A man with no biology background used ChatGPT and AlphaFold to design a personalized mRNA cancer vaccine for his dying dog…and it worked.
A moving obituary for a Holocaust survivor who, at 16, was forced to dance for Josef Mengele at Auschwitz and went on to become one of the world's leading psychologists on trauma and healing.
Notable Reads
The Maltese Falcon
by Dashiell Hammett
The Maltese Falcon, originally published as a five-part serial in Black Mask magazine from September 1929 to January 1930, is a sharp, entertaining read where you can clearly see the references that later became noir tropes: the cynical detective, the femme fatale, the double-crosses, and the priceless object everyone is chasing. But what makes it so impressive is that these elements don’t feel stale on the page. Hammett’s style is too lean, fast, and morally murky for that. The book’s impact is obvious in how much of modern detective fiction and film noir still follows the template it helped create. – AG
The Devotion of Suspect X
by Keigo Higashino
The Devotion of Suspect X is a clever, tightly constructed novel that turns a police investigation into something closer to a battle of minds. What makes it so compelling is that the suspense comes less from “who did it” than from how the truth will be uncovered. Keigo Higashino gives the story real emotional weight, so the final revelations feel tragic as well as ingenious. It’s the rare mystery that works as both a satisfying puzzle and a quietly devastating character study. – AG
The Murder of Roger Ackroyd
by Agatha Christie
A murder in a small English country town sets the stage for what begins as a typical Christie novel, until it isn’t. Without spoiling anything, the ending will make you question everything you just read. Widely considered her masterpiece, Ackroyd is one of the rare mysteries that genuinely rewards a second read, letting you marvel at just how precisely the whole thing was constructed. – AG
Restaurant Reviews:
Aventura
Ann Arbor, MI
Aventura delivers an exceptional downtown dining experience that beautifully captures the essence of authentic Spanish tapas, made even better by outstanding service. Our server was friendly, incredibly knowledgeable, and brought a fun-loving, edgy energy to the table that elevated the entire vibe of the night. We kicked off the meal with the Amorio de Primavera cocktail, a refreshing version of gin and tonic featuring, grapefruit, honey, and cognac beautifully crafted into a light aperitif. For tapas, the Pan a la Catalana, a Spanish version of bruschetta, was intensely tomatoey and fresh, pairing perfectly with the crispy patatas bravas. The Pulpo a la Gallega (octopus) was flawlessly executed, offering a tender texture with a wonderful char. The absolute crown jewel of the dinner was the vegetable paella, featuring perfectly cooked rice with that coveted, crispy bottom layer and rich, savory depth in every bite.
Our enjoyment carried through to the final course. For dessert, the Tarta de Santiago provided a dense cake with a fluffy, warm almond flavor, rounded out by a touch of vanilla ice cream. Aventura masterfully balances traditional Spanish techniques with bright, modern execution and tantalizing presentation. – BH
More Than A Trusted Investment Advisor
We recently spoke with a very successful client in his early 30s weighing a career change and whether to sell several real estate investments to help fund the transition. The conversation covered the tax implications, specifically the tradeoffs between a 1031 exchange and realizing long-term capital gains, alongside the broader financial impact of stepping away from a high, stable income.
One theme that emerged: the value of flexibility during periods of transition. In many cases, building something new gradually while maintaining an existing role reduces financial pressure and lets long-term investments compound undisturbed.
If you’re facing a major career decision, let’s discuss the situation, the strategy, and the tradeoffs.
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First Fiduciary Investment Counsel, Inc. is a registered investment adviser with the Securities and Exchange Commission. A more detailed description of the company, its management and practices is contained in its firm brochure document, Form ADV, Part 2. A copy of this form may be received by contacting the company at: 6100 Oak Tree Blvd., Suite 185, Cleveland, OH 44131; Phone: 216.643.9100; Email: ffic@firstfiduciary.com.