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How to Help Elderly Parents Handle Finances

How to Help Elderly Parents Handle FinancesMore and more of adult children today are becoming an important source of support for aging parents. One of the most common duties is helping elderly parents manage their finances. Here are some tips on how to make it easier for all parties involved:

Plan early. If you have a parent over the age of 70, have a talk with them about what they want to happen if they can no longer handle their own finances. They may want to sign a durable power of attorney.

Act quickly if necessary. If an aging parent is already showing signs of incapacity, get a durable power of attorney signed now, while they are still competent.

Get everyone involved. Everyone in the immediate family should be brought into the discussion about money management for an aging parent. Once an agreement is made on how to handle financials, put it in writing.

Be respectful. Giving up money management is sacrificing freedom for many seniors; be tactful and respectful when the time comes.

Get help. Talk to a financial advisor or estate planning attorney about what you can do if you meet resistance from an aging parent.

Split to safeguard. Keeping enough money in the checking account to pay monthly bills and the rest in a money market account that you can control will help protect your parent against elder financial abuse.

Set up automatic bill-pay. Setting up bills to be paid automatically each month can ease worries for you and your parent.

A qualified Florida elder law attorney can help you plan for your own needs as you age as well as assist families with caring for elderly loved ones; to learn more, contact our Florida law firm for more information.

Categories: Elder Law
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The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169