Protect Your Older Loved One From Financial Frustration
As your parents and loved ones get older, you need to be aware of signs that it’s time for you to step in and provide some help. Financial missteps may begin to occur because of medication changes, reactions to illness, or emerging cognitive decline. Unfortunately, it doesn’t take long for neglected bills and unnecessary expenses to build up. Read on for some tips and advice from Park Place Tyler.
Recognize Signs of Financial Frustration
When you recognize the signs that your parent or loved one needs help with finances, you’ll be in a position to protect their future and security. It may also help you become aware of other areas where assistance is needed. According to National Caregivers Library, there are several signs to watch for:
- Stacks of unopened mail, especially statements and bills
- Mail for sweepstakes, investments, vacation homes, and other possible scams
- Numbers that show up frequently on caller ID logs and recorded messages (These numbers may be credit card companies, utilities, or bill collectors.)
- Expensive, unexplained, or unopened packages
- Repetitive conversations and statements about money or a lack of money
If you notice that your parent or loved one isn’t handling normal daily activities well, there may also be trouble when it comes to money. Hopefully, you and your loved one are having regular conversations about many areas of life. When it comes to money, it may take some practice to become comfortable enough that your loved one will share mistakes and sources of frustration with you.
Take Prompt Action
When you notice behaviors that are out of character for your parents, act immediately; trouble can escalate quickly. Senior News notes that financial hardship often has lasting and devastating consequences for loved ones and extended family members. Your action may prevent a lot of heartbreak.
Maintain Your Close Connection
Visit frequently and spend time talking over your loved one’s interests and concerns. This makes it easier to discuss financial situations when they arise. It will also help your loved one avoid scams. These are often targeted toward lonely older individuals.
Alert Your Loved One to Common Scams
Describe some of the most common scams targeting seniors and talk about how to recognize a scam. It may be necessary to teach your parent about online security and how to protect personal information and identities.
Review Your Parent’s Budget
If spending habits have been changing and unusual purchases have been made, review the budget regularly, and set goals together for major purchases.
Gain Authorization to Financial Accounts
Access to these accounts allows you to keep an eye on spending, pay bills, and generally manage your parent’s money. Depending on your loved one’s needs, you may consider becoming a joint owner.
Sell Businesses and Assets
If your older loved one has a business or other assets that require care, it may be time to sell. Be sure to obtain a professional business valuation for both accuracy and objectivity. Make sure that all business assets, such as inventory and real estate, are included in the valuation. This professional assessment should be done for expensive automobiles and other valuable assets.
Obtain Durable Power of Attorney for Finance
This decision generally needs to be made before your loved one needs help. The paperwork can transfer power of attorney right away or can define when the transfer should take place. This discussion requires sensitivity, but the results can provide a sense of security for both you and your loved one.
When you notice your loved one struggling with memory issues or running out of money frequently, it’s time to lend your assistance. A trusting involved relationship with your parent is vital to providing security and assistance when necessary.
At Park Place Tyler you’ll find compassionate care, professional rehabilitation teams, and exceptional living. Connect with us today to find out more! 806-740-0800