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As your loved one gets older, they’ll need more help completing daily tasks and caring for their health. If memory becomes a problem or vision starts to fail, you might also find that they are unable to continue managing their finances. This is a stressful realization, but there are steps you can take to help them handle their money and manage other essential tasks.
1. Pay Attention to the Signs
There are a few telltale signs that likely indicate your loved one is struggling to stay on top of their finances. If you notice unpaid bills, interrupted utilities, or a series of strange purchases, it’s likely time to intervene. These issues can quickly snowball and result in debt and damaged credit.
2. Provide as Much Help as They Need
When you see that your loved one is struggling, it may be tempting to swoop in and take over everything. According to research, though, seniors who retain a sense of independence are healthier and happier than those who don’t. Rather than take over, then, you should offer only as much help as they need. Start by gathering financial records, learning about their monthly expenses, and keeping track of any benefits they receive.
3. Take Over Affairs If It’s Necessary
Unfortunately, it’s sometimes impossible to allow a loved one to continue managing their own money. If this is the case, you should research power of attorney and be careful to document any action you take on their behalf.
4. Help Them Sell a Business They No Longer Operate
Perhaps your loved one previously owned a business, but as they’ve aged, they’ve transitioned out of a leadership role. Helping them sell their business could be a great source of income, and it can also eliminate unnecessary tax liability. Before you proceed with a sale, though, you should invest in a professional valuation of the business to ensure that an outside party confirms its worth. The valuation should take the business’s real estate and assets into account.
5. Consider Downsizing
If maintaining an overly large home is the cost of the money management problems, you may consider downsizing. Additionally, downsizing into an accessible home often makes it easier for seniors to maintain their independence, comfort and safety, as they no longer need to worry about navigating their living space. If you’re considering a downsize, check online listings to find apartments and rentals in your area that suit your needs and lifestyle.
6. Help Them Avoid Scams
Many predators take advantage of seniors’ unfamiliarity with technology — and their willingness to trust — and target them for scams. These campaigns are often spread through phone calls or emails, asking seniors to donate money for urgent emergencies. If you think your loved one is susceptible to scams like these, you should educate them about the warning signs so that they don’t fall prey.
Help Your Loved One Protect Their Finances
Seniors have spent their whole lives working hard to establish financial security. It’s hard to watch them lose their independence. However, it may be necessary to offer help if they are not managing their money effectively. Consider carefully whether you need to step in, especially if there’s a business or serious health issue. You very well could be saving them from financial anguish down the road.
If your senior loved one needs skilled or non-skilled home care, trust Adcare Home Health Services to provide for their well-being. Call 301-678-3945 or contact us to learn more about our services.
