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Family Caregiver Tips: How to Help Manage Financial Planning for Seniors

Hinsdale Home CareWhen it comes to financial planning for seniors, it’s a sensitive topic to talk about with aging parents, but one which needs to be resolved sooner rather than later. Many adult children are reluctant to get involved with parents’ financial matters until there’s a desperate need, but initiating the discussion ahead of the need provides ample chance 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 will help:

  • Carefully assess the seniors’ ability to handle finances. It may be extremely difficult for older adults to release responsibility for their finances to an adult child, but can be made easier by starting small. Sit together with your parents as they write out bills, offer to help them create online accounts, and simply plant the seed that you are there for support when it is time to make the transition.
  • Stay alert to fraud and scams. Older adults tend to be targeted in financial fraud and scams, with as many as 1 in 18 seniors impacted yearly, based on a current study. Help your elderly loved ones remain informed about trending hoaxes and just how to avoid them – like never giving out banking, bank card, or any other information that is personal over the telephone to callers who request it, even though the caller claims to be from an established 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're not able, and every single family member should respect and abide by that decision. For the person responsible for finances, it is essential to maintain meticulous records and to share those with all the 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 ensure that everything is in order and place all documents together in a protected location.

It's also helpful to have a reliable 3rd party, such as for instance a physician, lawyer, or clergy leader, talk to your elderly parents concerning the eventual need to have advice about financial management before initiating a discussion with them yourself. And be aware that it may take multiple conversations for seniors to begin to feel safe in trusting somebody else to control their finances. Contact Hinsdale home care’s Independence-4-Seniors Home Care with any questions or for additional suggestions.

Posted February 12, 2018
Tags: Family Caregiving, Personal Home Care

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