Helping Aging Parents with Money Matters

It’s all too common these days that people in their 50s and early 60s notice their elderly parents having trouble with memory loss and with handling finances. In fact, one in eight Americans 65 and over and 43 percent of individuals 85 and over have Alzheimer’s disease.

Financial advisors and accountants say elderly parents and adult children alike are too slow to seek or provide help in the early stages of decline. Denial is part of it. Hoping to stay independent, parents may minimize their difficulties. Adult children hesitate to step in and help out and oftentimes ignore warning signs.

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Reporting in Smart Money, Kathleen Michon, an attorney and editor at Nolo, a provider of legal information and products, says the damage can be dire: closed accounts, damaged credit, money lost to scam artists, even foreclosure.

A mailbox stuffed with donation requests, checkbook mistakes, unpaid bills, and desks and drawers that were once neatly organized now scattered with paperwork, are all signs that help is needed.

Don’t try to suddenly step in and take over. To ease into their financial affairs, begin by offering help with such matters as filling out insurance claims, helping to adjust property tax bills or checking credit card statements.

Enriched Life Home Care Services is passionate about educating families and bringing awareness to issues facing aging loved ones. We are here to help answer questions that may arise as you are caring for your loved ones.

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