Wednesday Workshop – Helping Aging Parents with Their Finances
Hello and welcome to Wednesday Workshop. Many people worry about the ability of aging parents to handle money and financial affairs. Talking about finances is never easy, but it must be done if you want to ensure your parents’ financial security. When elderly people cannot handle daily finances, the consequences can be severe. Here, we’ll discuss some methods of assisting aging parents with their finances.
Start by taking stock of the situation.
Identify income, bank accounts and investments. Gather information regarding accounts and debts. If you discover that your parent(s) is in debt trouble, you should take action immediately. There are tools that can help.
1. Have your parent add you as an authorized signer to their checking or saving account. This means you can deposit and withdraw funds if necessary.
2. You can ease the bill paying burden by setting up automatic bill-pay. This eliminates the need to hand write checks each month and ensures that bills get paid on time.
3. Consider getting a financial power of attorney. With this document, your parent gives you legal authority to act of their behalf. Usually, the person is limited to paying monthly bills, preparing annual tax returns and making investment decisions. If you make the power of attorney “durable”, then it remains in effect even if your parent becomes capacitated.
If you don’t have the time or feel you lack the expertise to assist your parents with their finances, it’s okay. Consider getting help from a professionals like accountants or financial advisors.
To speak with us here at the Alzheimer’s Care Resource Center
Please call us at (877) 760-9199. Thanks for watching today’s Wednesday Workshop and we’ll see you again next week!