As we grow older, our parents and grandparents often need extra help with their finances. This is especially true if they live alone, the two of you live far apart, or they aren’t as mobile as they used to be. As much as we love them—and want nothing more than to make sure they are comfortable at all times—it can be difficult to know where to start helping them out.
From discussing the concept of death, inheritance, and long-term care down to making sure all bills are being paid on time each month, here are four ways that you can help your elderly loved one with their finances:
Pay attention to their spending and budget.
If you’re going to help your elderly loved one with their money, it is important to pay attention to their spending habits. You must also understand their budget and how they manage their money. This can be difficult, especially if they are trying not to burden you with their financial problems or you don’t want them feeling embarrassed that they need a little extra help from time to time. This is important, particularly if they live in a community similar to this assisted living Joliet, IL care home and need to make payments regarding renting, food, and other amenities.
Have an honest conversation about death and inheritance.
It’s important to have a frank and honest conversation with your loved one about what they want to happen after they die and in what circumstances. If you’re the executor of their estate, this is also key information for you to know.
It is also important to discuss these topics to help ensure that your loved ones are getting what they need financially. Making sure that there are no misunderstandings when it comes to money can save you time and money on legal fees later on down the road.
Make sure they don’t fall victim to financial scams.
The best way to protect your elderly loved ones is by educating them on the signs of a scam and helping them understand how they should respond if they are approached by someone claiming to offer help with their finances. If they are having trouble, you can help by checking their finances and looking for signs of fraud and financial abuse.
Talk to a financial advisor.
You may have noticed that your elderly loved one is having trouble handling their finances on their own. This can be stressful for you and your loved one, but it doesn’t have to be. When you speak with a financial advisor, they can help you understand how best to support your elderly loved one in managing their finances. They will also be able to offer assistance with managing the money that comes from Social Security, as well as any other income sources like pensions or annuities.
They can also help set up an estate plan so that your elderly loved one has peace of mind about what will happen with their estate after they pass away. This will allow them to focus on enjoying their time rather than worrying about what will happen after they die.
It can be difficult to approach your elderly loved ones about their finances, but it’s important not to overstep or make them feel embarrassed or powerless. If they’re willing to talk with you about money, the best thing is to listen and ask questions.