For many seniors, managing their finances becomes more challenging as they age. In some cases, they will need a family member to step in and take over to some degree. But, even though it is a responsible move, it can be difficult for them to relinquish control. As a leader in elder care, we have some insight on how to make that transition smoothly.
Strategies for Getting Involved in Money Matters
In some cases, your loved on may ask you to help with their finances. In others, you may feel you have an obligation to help. For either scenario, here are some strategies for gently taking the reins:
- Have a conversation before the need becomes urgent. If you or your parent feel that your help will be needed down the road, laying the groundwork now can be very helpful.
- Involve other family members if appropriate. In some cases a parent may want multiple opinions on financial matters. So, get siblings and others involved if that will help.
- Get an outside perspective. If some of the financial decisions will be difficult, it may help to have an impartial third party, like a financial planner, chime in.
- Be alert for signs of cognitive decline. If you notice your parent starting to show signs of dementia, talk with them about it. The consequences of a poor financial decision can be significant.
- Be transparent with others. If it’s decided that you will be the money manager but that other family members are entitled to information, share it freely so there are no hard feelings or concerns about your actions.
- Do a through financial review. Once you get involved, be sure to review all of the person’s assets to ensure they’re being handled properly.
- Establish power of attorney. It’s important to have your parent’s consent. But, you should also have the legal power to make financial decisions on their behalf.
Elder Care that Frees You to Address Important Decisions
There are many positive benefits of having Seniors Helping Seniors provide elder care for your parent. One is that by freeing you of many day-to-day tasks, we let you focus on making important decisions. And, of course, we enable you to spend more quality time with them.
Contact us today to learn more about our offerings in a free consultation! We’re honored to provide quality care for seniors by seniors in Fort Collins, Loveland, Greeley, Longmont, Johnstown, Berthoud, Ault, Firestone, Wellington, Windsor, Frederick, Firestone, Laporte and surrounding areas.