As Americans, we often measure our success based upon how much money we have acquired in our lifetime and how well we manage it. That’s why when a person gets older it’s often a very difficult struggle to delegate the handling of their money to someone else. Yet, the elderly are often a target for money scams. Not only do we need to make sure they are not taken advantage of and that their bills are paid on time, but we also will want to make sure that they are getting paid properly on any retirement funds, social security, or investments. Regency Home Care of North Atlanta offers steps to take for helping elderly parents with finances and avoid unnecessary frustration.
It’s all in the approach
The initial conversation doesn’t have to be stressful or awkward. Stay respectful at all times, and make sure it is clear that your intent is not to take over all of their money. Instead, communicate that you want to come alongside them to help them manage their finances efficiently. If the elderly person is hesitant to share financial information or seems upset at the request, it might help to bring in a financial adviser or other professional who is not a member of the family. It sometimes becomes necessary to involve their personal doctor as well. If they are overly resistant, it may be best to wait till another time down the road to bring it up. Just don’t put it off forever.
Gathering important financial papers
Before you can effectively help a senior properly manage their money, it’s important to first gather all of the important financial papers. If you have handled the initial conversation well, this will not be a problem. You will need to gather bank statements, insurance papers, brokerage statements, mortgage or reverse mortgage papers, social security information, Wills, monthly bills, and any other income or expense information they may have. Make copies of everything, and decide on a location that is easy to access them when needed. Also, make sure you have documents in place ready for future changes. These documents include establishing Power of Attorney, a clearly understood Will, and decisions about how assets should be distributed upon death or long-term care, or assisting with in home elderly care Atlanta.
Gain access to accounts
Gaining access to accounts to pay bills may be as easy as getting a password to go online. Other accounts, however, may require a lot more hoops to jump through. It’s best to contact an attorney who is versed in elder law as well as a financial planner so you can have full access to write checks, deposit, or withdraw funds.
It’s a family affair
It’s important to involve more than one family member. This not only alleviates potential future arguments among siblings but also lightens the burden to have others helping. Communication and keeping each other abreast of any changes is very important.
The professionals at Regency Home Care Georgia are here to offer additional suggestions and to help walk alongside you through challenging shifts in life when it comes to elderly and their finances. We offer in home senior care Atlanta that you can depend on and trust. We help keep the elderly stay as independent as possible for as long as they can.
Contact us for more information on private duty care in Atlanta. We are your partner in care to help with senior concerns including managing finances and keeping seniors safe from scams. In home care Atlanta GA also helps with safe, reliable transportation to health-related appointments and procedures, running errands, preparing nutritious meals and so much more.