It’s a sensitive topic to discuss with aging parents, but one that should be resolved at some point: senior money management. Many adult children are hesitant to muddle with
until there’s an obvious need, but beginning the conversation prior to the need provides ample opportunity to ensure all things are in order.
Amy Goyer of AARP shares, “One of the first things seniors tend to struggle with as they age is keeping up with their personal business.” These tactics might help:
- Carefully assess the seniors’ ability to handle finances. It could be very difficult for older adults to let go of responsibility with their finances to an adult child, but could be made easier by starting small. Sit together with your parents while they write out bills, offer to assist them to create online accounts, and merely plant the seed that you are there for support when it is time to make the transition.
- Be wary of fraud and scams. Older adults in many cases are focused on for financial fraud and scams, with as many as 1 in 18 seniors impacted each year, according to a current study. Help your senior loved ones remain informed about trending cons and exactly how to avoid them – such as never giving out banking, bank card, or other information that is personal over the phone to callers who request it, even in the event the caller claims to be from a professional organization including the IRS or Social Security.
- Be mindful of family dynamics. Your senior parents should make the decision about who should manage their finances when they are no longer able, and every member of the family should respect and abide by that decision. For the person responsible for finances, it’s important to have meticulous records and to share those with the other siblings.
- Be sure that all legal documentation is in place. Take stock of the seniors’ important papers, like wills, advance directives, living wills, medical care proxy and power of attorney documents, etc. Engage the services of a legal professional to confirm that everything is in order and put all documents together in a protected location.
It can also be beneficial to have a trusted alternative party, like a physician, lawyer, or clergy leader, consult with your aging parents concerning the eventual need to have assistance with senior money management before beginning a discussion with them yourself. And be aware that it could take more than one conversation for seniors to begin to feel comfortable in trusting someone else to manage their finances. Contact Marietta home care experts, Regency Home Care with any questions or for additional suggestions.