Life is a cycle that comes full circle in many ways. Your parents spend years caring for you financially, and then a time might come when it's your turn to do the same. That doesn't have to mean spending your money to take care of them, either. Sometimes, it involves taking over their finances, because they're no longer in the best position to do so.

If you find yourself in a situation where you believe it's best to take over your aging parents' finances, here are some steps that could simplify the process.

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Source Fool.com