How to Manage an Aging Parent’s Finances

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One of the most challenging aspects of being a caregiver is taking care of your senior loved one’s financial affairs. The following tips on financial management can help you handle this important task efficiently and with minimal hurdles.

 

Update Wills

The first step is to check your loved one’s will to see if it needs to be updated. If you do need to make changes to the will, hire a lawyer who specializes in senior legal issues, such as wills and trusts. While checking the will, take time to go over any trusts your loved one has set up to make sure these also contain updated information. If your loved one has a living will, go over the details and make changes as needed. Keep in mind your loved one should be involved in making these changes, provided he or she has the mental capacity to do so. 

Consider hiring a professional caregiver if you need a break from your caregiving duties to sort out your loved one’s financial documents. Whether your elderly loved one needs part-time assistance with basic household chores or you need a break from your caregiving duties, the Frederick respite care experts at Assisting Hands Home Care are here to help. All of our home care services are backed with a 100% satisfaction guarantee, there are no hidden fees in our contracts, and we never ask our clients to sign long-term contracts.

 

Reduce Unnecessary Expenses

These kinds of expenses can add up quickly and make up a considerable portion of your loved one’s budget. Cancel subscriptions to magazines and newspapers your loved one doesn’t read. Go over any memberships your loved one has, and cancel any that aren’t being used frequently or at all. This can save a significant amount of money on monthly expenses, which can instead go toward retirement or medical expenses.

 

Go Over Investments

Set aside time to look over your loved one’s investments. Ideally, the majority of investments should be in bonds rather than stocks. Stock investments can lead to losses that will be difficult for your loved one to recover from. Consider hiring a seasoned financial advisor to go over these accounts with you and your loved one if you aren’t sure how to handle your loved one’s investments by yourself.

By maintaining financial security, older adults can enjoy a higher quality of life. Maintaining a high quality of life can be challenging for some seniors, but professional caregivers can help them attain this goal. Families can trust homecare experts to help their elderly loved ones focus on lifestyle choices that increase the chances of living longer and healthier lives.

 

Make Sure Bills Are Paid

Seniors with dementia or memory problems might need help keeping track of bills and paying them on time. Organize your loved one’s bills, and make sure they’re paid by the due date. A good way to keep track of your loved one’s payments is by writing them down in a day planner, setting up automatic debit payments online, and balancing your loved one’s checkbook regularly. This will help you keep your loved one’s payments organized and allow you to monitor how much money is leaving his or her bank account each month. 

Cognitive issues such as forgetting to pay bills may indicate your loved one needs help with other everyday tasks. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of home care. Frederick Assisting Hands Home Care is here to help your loved one live a happier and healthier life in the golden years. For reliable in-home care services, contact us today.