When is it Time to Manage a Loved One’s Finances?

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When is it Time to Manage a Loved One’s Finances?

Age comes with many challenges including forgetfulness and memory loss. While this can make certain activities of daily living difficult, it can have a severe impact on financial matters. As the Naples live-in care specialists, we understand that finances are often a sensitive subject to discuss, especially between adult children and their aging parents, and have provided a few tips on having “the talk.”

There are many events which may indicate an elderly loved one needs help with finances such as an accumulation of bills, electricity being shut off or expired vehicle registration tags. You’ll need to step in if any of these events occur, however the best plan is to be prepared. You don’t want to wait until tragedy strikes to learn about your parent’s poor financial state. Sit down with your aging parent when they are healthy and able to express their personal wishes, both financially and for care in the future.

The first step in having a successful conversation is to know the conversation is difficult for both you and your parent. Try to understand the conversation may also signify something greater, such as loss of independence. By putting yourself in their shoes and realizing where they are coming from, you can have a more meaningful and effective conversation. Here are a few things you’ll want to touch on during the conversation, and we recommend you do a bit of research into them before bringing the topics up for discussion:

  • The number of banking and investment accounts
  • Locations of safe deposit boxes and how to access the units
  • Investment portfolios and possible consolidation
  • Estate planning documents
  • Life insurance policies, annuities and retirement accounts
  • Power of Attorney in case of an emergency

There are also ways in which you can help your loved one maintain some control over their current bills and finances such as electronic banking. You can help set them up with an automatic payment system so if something unexpected occurs, the payments will continue going out in a timely manner. They’ll be able to check up and monitor their payments, allowing them to maintain a sense of control, without the dangers of late fees or payments of the incorrect amount.

If you notice your loved one has creditors numbers on the phone logs, is continually forgetting about cash and purchases or you additional complaints about not having enough money, consider helping or taking over finances for them. And for adult children who are separated from their aging loved ones by physical distance, consider help from a reliable and professional in-home caregiver in Naples. Not only will they be able to help pay and organize monthly bills, they can provide support with activities of daily living to ensure safety as they encounter physical challenges.

For more information about caring for an aging parent or loved one, please visit our home care website or contact a Care Manager directly at 239-449-4701. Our Care Managers are available 24/7 and are more than happy to answer any of your questions.

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