The admonition to honor parents can be found on numerous occasions in the pages of Scripture (Exodus 20:12, Deuteronomy 5:16, Matthew 15:4, Ephesians 6:2). The attitude on the part of grateful children should solidify the desire to more than comply with the exhortation.  
There is a debt that is owed on the part of those of us who were reared to adulthood by loving and caring parents. The average cost to rear a child to age eighteen in today’s dollars is approximately $275,000. If interest were compounded, it would be difficult if not impossible for many of us to repay the initial financial debt we incurred. That financial portion does not begin to compare to the investment of time, care, compassion, and direction for our lives. Those debts were all paid in full by love. We often have an opportunity later in life to help our parents with their finances.  
We live in a world and a time where financial decisions can be complex and often confusing. As parents age, it becomes even more important that certain monetary decisions be wisely formulated. The elderly are often a target for financial scams prompting children to become more involved as aging can increase the possibility of confusion. 
Parents are sometimes reluctant to release information about their finances to their children. The failure to do so can become particularly problematic once dementia sets in or other issues arise that demand a need to handle financial matters. Something as simple as paying bills can become an ordeal.     
It is important for a number of reasons for there to be a single place where financial information is kept and available to be accessed. Physical sickness, a change in mental capacity, and death are all circumstances that mandate a need for others to be able to quickly know the state of the finances. Many options exist to place this information in some form of a financial portal. 
There is also a need to make sure financial accounts allow access to the proper people especially in times of sickness, emergency, and even death. Failure to set up accounts correctly has resulted in accounts being “frozen” for days, weeks, and months, rendering funds limited in their access. It is needful to know the difference between “and” and “or” when it comes to ownership and access to accounts. POD (payable on death) is another method used to transfer access at death. It is wise to seek legal counsel as to the use of power of attorney regarding financial issues.  
Properly drafted wills and trusts are a benefit and blessing for a variety of purposes. Wills need to be updated as circumstances change. It is unfortunate that many people do not have wills or have wills that have not been updated in many years.  
A major financial matter is where aging parents will live. It is no surprise that studies reveal that 90% of those considered elderly prefer to live in their own place of residence as long as possible. Health and other issues often eliminate this possibility. Nursing care is expensive. The average annual nursing home charge in 2011 was $77,745. Assisted living is an alternative in some cases. The average annual cost in 2011 was $39,135.  
Some parents have planned ahead and purchased long term care insurance. These policies need to be accessible and understood. Many people are not aware of the differences in Medicare and Medicaid. These are areas that need attention well before the need for either exists.     
A question that often arises involves a transaction to put a house the parents own in the children’s names to avoid “losing” it if the parents need to reside in a nursing home or similar long-term care facility. Two important considerations should preface such a decision. There could be some significant negative income tax implications when transferring a residence to children. There can also be problems if property is transferred within what is considered the “look back” period for Medicaid eligibility.    
Caring for aging parents is a privilege and not a burden. Financial decisions have to be made in a complex financial environment. Children are wise to gently offer their aid and assistance.