Author: cfofa

By Andrea Needham
eldersday.org

It’s never easy to accept that an elderly loved one can no longer take care of themselves. Naturally, you feel a strong sense of responsibility to help. Often, though, you’re not sure where to begin. That’s why Concord Friends of the Aging is here to outline the following critical steps to make the process a little easier. 

1. Start Managing Their Finances

Start collecting their bills so you can ensure that utilities and other important accounts remain current. Speak to a lawyer about power of attorney privileges so you can manage their bank accounts. You’ll relieve a great deal of stress from your loved one if you can handle this part of their lives as it gets more confusing.

Gather all their financial documents when you take over as power of attorney. You need to understand the entirety of the financial situation to help with estate planning. Get family members to help you if it gets too overwhelming.

2. Teach Them About Scams

If you cannot be present all the time, you’ll want to teach your loved one about scams. Seniors are a primary target for scammers because many have not invested much time in learning about technology. Explain the phone calls, texts, and emails they should ignore, and specifically reference that they should never click on any links or provide any personal information.

3. Reach Out to Other Family Members

Let other members of the family know what is going on so they can help. Being a caregiver is incredibly demanding and can be emotionally draining. You will need the help so that you can take proper care of yourself as well.

4. Help Them Eliminate Baggage

If your loved one is a business owner, they may need help selling the company. If they struggle to maintain the demands of daily business operations, it is likely time to sell. Get a professional valuation first so you know how much to ask for before putting it on the market. A proper valuation should include all assets under the business name, including any inventory and property.

5. Hire Home Care Services

Sometimes the best option is to get professional assistance. You can hire a company that offers in-home care services as an alternative to assisted living. Leaving your forever home is scary for seniors. You can keep them at home but still have all the help they need to carry out daily tasks. Many in-home care services companies help take seniors out of the home during the day for exercise, shopping, and other activities. The overall goal is to make them feel as though they live an independent life with a friendly companion. Be sure to read reviews and evaluate your loved one’s needs before you hire someone.

6. Start Downsizing

Downsizing can help relieve many burdens. Seniors living in a large home may not be able to handle the upkeep. You can help them sell or donate what they don’t need. Research shows that a fresh start is often a great mental health booster for seniors.

Downsizing can also be helpful if your loved ones need money. Selling their home and moving into more modest accommodations can simplify many issues. Be sure to investigate local market conditions before helping with a sale. Online resources can give you an idea of whether or not it’s a good time to sell as well as providing information about how much to expect from the sale.

Now that you know a few steps you can take to help your loved one, you’re on the right track to giving them a good quality of life. Remember that there will be hard times. However, if you take the time to take care of yourself, you’ll be a better caregiver as well.

Concord Friends of the Aging is a private non-profit corporation supporting programs and services for the Concord senior community. Please scroll down to sign up for our newsletter!

By Andrea Needham
eldersday.org

Guidance for Deciding When to Intervene with a Senior’s Finances

No part of aging is pleasant. The gradual loss of independence and frustration with health concerns can be overwhelming. As a relative or close friend of an older adult, you may need to step in and assist with finances to protect your loved one from financial fraud or catastrophe. Learn some of the risks and how to address them, courtesy of Concord Friends of the Aging.

Notice the Warning Signs

Reports estimate that seniors are cheated out of billions of dollars every year by fraud. Alert your friend or relative to the possible scams. Scammers pose as various trusted agencies and individuals online and through social messaging, so educate your loved ones on how to recognize traps. Encourage them to ask for a second opinion before responding to unsolicited messages that are supposedly from the IRS, a sweepstakes company, Social Security Administration, lawyers, or a technical support company.

Watch for small indicators that may result in significant problems. Warnings may include:

• Forgetfulness about cash and accounts
• Struggles balancing the checkbook or paying bills
• Repeat purchases of unnecessary items or a lot of expensive purchases in a short time
• Unopened mail piling up in the home
• Declined cards and complaints about not having enough money

Discuss the Issues

Even if you don’t have concerns now, take a more active role in your loved one’s finances, especially after retirement. Discussions about probate, estate, and trust administration early can prevent embarrassing losses and uncomfortable conversations. Maintain a positive atmosphere and discuss the need to prepare for emergencies. Work on your estate plan, involve your loved one in the discussion, and ask them about their arrangements.

Stay calm and respectful during the discussion. Patiently listen to concerns and be transparent. If you need to involve other family members, a written agenda can keep the conversation on track. Keep the meeting to only relatives directly involved. Remind everyone that decisions can be changed later, but starting a plan to protect the family and honor your loved one’s wishes is vital.

Offer Practical Assistance

If your loved one understands the risks they face and wants help, organize things in a way you can work together. Make an account of their total income, assets, and liabilities using credit reports and tax returns. You’ll have an easier time making adjustments and accessing accounts if you receive power of attorney, giving you legal authority to act on your loved one’s behalf. Put your name on accounts for easy access to future documentation.

Compile bills and set up auto payments if possible. If some accounts are already in arrears, communicate honestly with creditors about the situation to work out a payment plan. Credit counseling may help determine your options for consolidation.

If the responsibility of running a business is now too much for your loved one, assist them with selling the company. A professional valuation gives the family an objective understanding of the company’s value before selling. To estimate the market value, the appraiser looks at your assets, including inventory, property, and liabilities. The number helps you avoid being taken advantage of or missing out on a good deal because of unreasonable expectations. The steps you need to take to assist your loved one with their finances vary by the situation. The most crucial factor is that you stay alert and help the person care for issues before challenges become insurmountable problems. With patience and concern, you can help your loved one safely steward their finances.