Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.

That's a winner all the way around.

Record-keeping is important. Document everything you do.

One of the biggest problems I see these days is when the children feel they have a right to an inheritance and a lot of times [they want to intervene on their parent's financial behalf] before they are ready and willing to do that. I know a lot of lawyers who say the first thing they do is take the parents into a room and ask them if they are ready for this.

A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.

There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.