Talking about money isn’t always easy, especially with the people closest to you. Yet some financial conversations are too important to avoid, especially as your parents approach their sunset years.
Whether you’re discussing future care needs, estate plans or end-of-life wishes, having these conversations now can help prevent confusion and reduce stress later. Financial planning for aging parents isn’t simply about managing money and other assets. It’s about helping your family prepare for the future together.
While every family situation is unique, there are three topics worth discussing sooner rather than later. Your goal isn’t to solve every potential issue today, but to begin a conversation that can provide greater clarity and peace of mind as circumstances change.
One of the most important aspects of financial planning for aging parents is discussing what happens if a parent can no longer live independently.
Although no one likes to imagine needing long-term care, planning ahead can help your family better understand your options and prepare financially before decisions become urgent. Questions you could consider include:
To help you, GuideStone® provides a long-term care calculator to help determine whether your family is financially prepared and to provide insight into frequently overlooked costs that come with retirement.
For many families, conversations about inheritance can be uncomfortable. However, avoiding the topic can sometimes lead to misunderstandings down the road. An important part of financial planning for aging parents is understanding how parents hope to pass their assets on to future generations. Topics may include:
These discussions are not solely about wealth transfer. They are also an opportunity for families to share priorities, expectations and hopes for future generations.
Perhaps the most difficult conversation of all involves discussing final wishes. While these topics can be emotional, they can also be among the most valuable conversations families have.
Discussing end-of-life preferences in advance can help loved ones make informed decisions and avoid unnecessary uncertainty during a challenging time. Consider discussing:
Family members should know where to find critical information and whom to contact if questions arise. Having those details organized can make a difficult season more manageable.
Many families postpone these discussions because they feel uncomfortable or believe there will be plenty of time later. Unfortunately, major health events or life changes can occur unexpectedly.
That’s why financial planning for aging parents is about more than preparing finances. It’s about helping loved ones understand one another’s wishes before important decisions become urgent. Starting these conversations now gives family members time to explore options, communicate preferences and prepare thoughtfully for the future. These discussions don’t need to happen all at once. They often work best as a series of conversations over time.
While you and your family can’t predict the future, you can prepare for it. By discussing long-term care preferences, inheritance goals and final wishes, families can gain greater clarity and confidence about the road ahead.
If you’re a GuideStone member with a retirement plan, you can schedule an appointment with a financial consultant through your MyGuideStone® account to help you with financial conversations.
Through GuideStone Advisory Services®, we offer a range of wealth management and financial planning services, tailored investment strategies and ongoing investment management for those looking for a higher level of service and invite you to learn more.
For more information, contact us at Info@GuideStone.org or 1-888-98-GUIDE (1-888-984-8433) Monday through Friday, 7 a.m. to 6 p.m. CT, to speak with a customer solutions specialist.
This information is provided for educational purposes only. This should not be considered tax advice. You should consult a tax professional to discuss your unique situation.
GuideStone Financial Consultants provide financial education and do not provide investment advice. Financial consultants are not investment advisor representatives licensed or registered by or with any state or the SEC.
Advisory services offered through GuideStone Advisors, an SEC Registered Investment Adviser. Registration with the SEC as an investment adviser does not imply a certain level of skill or training. GuideStone Advisors is registered in the United States, and advisory services may not be available in all jurisdictions or to all clients. GuideStone Advisors is a controlled affiliate of GuideStone Financial Resources. For more information about the firm, products and services, please review the GuideStone Affiliate Form CRS.
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• Oct 26, 2026 