Supporting Aging Parents
Without Losing
Your Own Financial Plan
When adult children are supporting aging parents, the investment challenge is coordination — clarifying the parent's assets and income, aligning support with both generations' goals, and making decisions together with legal and tax advisors, without sacrificing the adult children's own financial futures.
A Common Challenge for Families in Mid-Life
Many of the families we work with are in their peak career and caregiving years — helping children launch while also stepping into a more active role with aging parents. Questions about how to help, how much to help, and how long arise during periods of stress or change.
- Ad-hoc financial support that quietly reduces the adult children's own savings or retirement flexibility
- Unclear expectations between siblings about caregiving, expenses, and decision-making authority
- Investment or withdrawal decisions made quickly during a crisis, without considering long-term sustainability
- No shared understanding of the parent's resources, or what happens when circumstances change
How One Family Navigated Care, Assets, and Communication Across Three States
One family we serve includes a father in his mid-90s who, due to health issues, now lives with his daughter and her family while two other siblings live in different parts of the country. The family wanted to be sure they understood their father's resources, that caregiving responsibilities were sustainable, and that everyone had a shared understanding of what would happen in the years ahead.
Within the scope of our investment advisory relationship, we:
Structured Family Meetings
Brought all three siblings together for structured conversations about their father's assets, income sources, and intentions — focused on facts and next steps.
Clarified the Asset Picture
Helped organize and clarify his investable asset base so the family could see a complete picture and understand how accounts were titled.
Coordinated with Other Advisors
Collaborated with their legal and tax advisors to design a multi-year gifting plan — recognizing that gifting decisions involve considerations beyond investment management alone.
Documented a Forward Plan
Documented how assets would be managed and monitored, and what steps the family anticipated taking in the years ahead.
This scenario is specific to the individuals involved and does not represent a guarantee of any particular outcome, but it reflects the type of multi-party coordination many families are seeking.
What Steps Can Adult Children Take?
A structured approach can help align support for parents with the adult children's own financial plans.
Clarify the Financial Picture
List income sources, outline essential and discretionary expenses, and inventory accounts. Coordinate with legal counsel on titling, powers of attorney, and estate documents.
Define Roles & Communication
Decide who will help with day-to-day finances and large decisions. Establish how siblings or other family members will share information and updates regularly.
Evaluate Trade-offs for Both Generations
Consider how different support levels may affect the adult children's saving rates and retirement timing. Explore options with tax and legal professionals.
Create a Monitoring Rhythm
Schedule regular check-ins — at least annually and when health or income changes — to adjust the plan as circumstances evolve.
If you'd like to walk through these steps using your family's numbers, you can request an introductory conversation with a Riggs advisor.
How Riggs Supports "Sandwich Generation" Families
Riggs Asset Management Company, Inc. is a SEC-registered investment adviser located in Dallas, Pennsylvania that provides personalized investment management services to individuals and families, including many who are supporting aging parents while planning for their own financial futures. Learn more about our investment management services.
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01
Organizing Accounts & Consolidated Reporting
So multiple family members can understand the resources available, subject to appropriate permissions and privacy considerations.
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02
Aligning Risk and Withdrawal Approaches
With the parent's needs, anticipated time horizons, and the family's goals — recognizing that markets are uncertain and outcomes cannot be guaranteed.
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03
Coordinating with Your Other Advisors
Working alongside your attorneys, accountants, and other professionals to ensure investment decisions support the overall plan those professionals have helped design.
We do not provide legal or tax advice. Any strategy involving gifting, estate planning, or entity structure should be reviewed with qualified legal and tax advisors.
The Families We Help Most
Parents Living With or Near You
Adult children who have taken on primary caregiving responsibility and want to understand the full financial picture — and whether they are on track for their own futures.
Families Spread Across States
Siblings who need to align on a parent's resources, caregiving responsibilities, and expectations — with a neutral party facilitating clear, fact-based conversations.
Balancing Two Generations at Once
Families in their peak earning years who are simultaneously helping children launch and supporting aging parents — and need to understand the trade-offs.
Before a Health Event Forces Decisions
Families who want to create a plan before a crisis makes every decision harder — establishing clarity, roles, and a monitoring rhythm while there is still time.
Learn more about who we help.
Frequently Asked Questions
Ready to Talk About
Your Family's Situation?
Supporting aging parents touches investments, cash flow, and estate plans. A short introductory call can help you decide if working with a SEC-registered investment adviser like Riggs is the right next step for your family.
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Compliance and Disclosure. Riggs Asset Management Company, Inc. ("Riggs") is a SEC-registered investment adviser located in Dallas, Pennsylvania. Registration does not imply a certain level of skill or training.
This material is for informational purposes only and is not intended as, and should not be construed as, individualized investment advice, legal advice, or tax advice, or as a recommendation to buy or sell any security. The situations described are illustrative of the types of services Riggs provides and do not guarantee any particular outcome. Investing involves risk, including the possible loss of principal, and no strategy can ensure success or protect against loss in declining markets.