4 Ways to Protect Your Senior Parent’s Finances

August 17th, 2020 by John Wilson

Even seniors who had good control over their finances in their younger years can experience issues when they get older. There are many scams that target the elderly and even some legitimate ways seniors may lose out on some of their much needed funds. Whether your loved one resides in assisted living communities in Oklahoma City or they are aging in place, there are several things you can do to help them protect their money.

Talk About Their Finances

This may not be one of the most comfortable conversations you have and may not be easy to start, but it’s essential to understand your aging loved one’s finances. Whether you are looking at assisted living options in OKC for their senior care or you have several years before you even consider it, understanding where your parents stand financially and what their goals are can be critical in helping them protect their assets. Go over their monthly income and bills, their overall financial goals and how much money they have set aside. You may need to have this conversation more than once.

Set Up Banking Processes

Assisted living communities can help you protect your loved one's assets.
Protect your loved one’s assets in assisted living communities.

Most financial mistakes seniors make occur when they’re trying to pay their bills or perform other financial transactions through their bank. You can help fix this problem by setting up automatic bank processes for them. Direct deposit and automatic transfers can help ensure your parent’s money gets where it needs to go at the proper time. You should also set up automatic payments for as many of their bills as possible. This ensures the proper amount is paid and is always paid on time.

Assign a Power of Attorney

Sometimes seniors need some extra help in managing their finances. This is why it’s essential to assist them in choosing someone they can trust to serve as their Power of Attorney, especially where money is concerned. Even if you don’t use it on a regular basis, having that paperwork in place will allow you to take action for your parent’s sake, which can include safeguarding their money to keep them from overspending or suffering from the effects of poor money management.

Make Use of Safety Features

The good news is the government has implemented a number of programs designed to help keep not only seniors, but also the general public safer from scams and other solicitations that could cost money unnecessarily. You can help your parents out by adding their phone numbers to the Do Not Call list and registering their address with the Do Not Mail list. This will reduce or eliminate the number of telemarketing calls and spam mail they receive so they are less likely to end up spending money where it isn’t needed. 

If you’re looking for assisted living options in OKC for your aging parents, contact us. We can help you keep your parents safe, as well as ensure they are less likely to be scammed.

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