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Managing Your Elderly Loved One’s Finances

Seniors often have their own savings, investments and other sources of income. Unfortunately, there are unscrupulous businesses and family members who may take advantage of the situation. Sometimes, older adults might also experience difficulty with money management and overspend. In these instances, Altamonte Springs home care agencies advise loved ones to step in and offer assistance.

Inquiries

The discussion may start simple enough. Ask how retirement is going or the health of known investments. When adults offer a negative response, gently encourage further conversation. As uncomfortable as the task might seem, one or more children may find it necessary to sit down with their parents and have a discussion about finances. Resist the urge to be condescending or treat your loved one like a child. While you may be a dementia or Alzheimer’s caregiver in Altamonte Springs, it’s still important to respect your senior loved one’s wishes.

Unnecessary Spending

Evaluate credit card charges for ongoing fees and assess insurance polices for the possibility that your loved one is spending more for coverage that may not be needed. Book or magazine subscriptions along with memberships can also eat away at monthly finances, so be on the lookout for unnecessary subscriptions.

Transferring Assets

If your senior loved one has a large property, estate taxes are easily avoided when he or she pass away if you begin downsizing his or her assets while still alive. According to the Internal Revenue Service, older adults have the right to give tax-free gifts of up to $26,000 each to one or more loved ones annually. He or she might also consider starting a savings account in a grandchild’s name or establishing a 529 plan.

Power of Attorney

In the event that an elderly adult has a cognitive disorder that makes him or her unable to manage personal affairs, Altamonte Springs dementia caregivers can apply for a financial power of attorney in an effort to assist with money management. The document also comes in handy in the event that a parent becomes hospitalized and unable to take care of monthly bills.

In the event that your loved one requires help in his or her personal life, turn to Home Care Assistance of Orlando. We are a leading provider of live-in and hourly home care that helps seniors manage daily tasks such as cooking, cleaning, and personal care without compromising their independence. Call (407) 232-7155 today to speak with a trusted Care Manager and set up a free in-home consultation.