5 Strategies for Helping Your Senior Parent with Their Finances

June 27th, 2017 by John Wilson

Managing your finances is one of the most important parts of life, as well as one of the most frustrating. As you get older, it can become even more difficult, which is why many adult children help with financial planning for seniors. The following tips will help you manage senior finance issues with ease as you assist your aging loved one with protecting their assets.

Start the Conversation Early

Unfortunately, many people leave this important conversation until the last minute. This is because talking about issues like affordable assisted living in Oklahoma City can feel awkward and intimidating. However, if you wait too long, you increase the chances you will need to rush into a decision and potentially make the wrong one. Therefore, it is best to begin these difficult conversations when there is less stress and your parents will be able to provide the appropriate amount of input so you know what they want when the time does come to make decisions like moving to assisted living.

Ask for Help

There’s no shame in bringing in a neutral third party for financial planning for seniors. A trained financial advisor or even a trustworthy person outside of the family can help seniors feel confident their best interests are being considered. These individuals can also provide valuable insight.

Learn to better manage senior finance.

Senior finance can be a difficult topic.

Establish Power of Attorney

Some seniors hesitate to name a power of attorney because they feel it removes their control over their own finances. This is not the case. Even with a power of attorney in place, seniors will still be in charge of their own finances. In fact, it simply provides a trusted individual with the opportunity to act in their stead in the case of incapacitation.

Watch for Red Flags

Even if your senior loved one claims to be handling their finances just fine, it’s important to keep a close eye on the situation. Many scammers target seniors in particular. When you visit, watch for stacks of bills that may be going unpaid or other signs your loved one may be losing money, such as a lack of groceries or other essentials. If you see warning signs, talk to your loved one and try to evaluate the financial situation.

Be Transparent

It’s common for parents to select one person to hold their power of attorney and help them manage their finances. However, when you have siblings, this can create concern among the others. Sharing information and being as transparent as possible, while maintaining your parents’ wishes, will help alleviate these concerns and create a sense of unity with your siblings.

Managing senior finance issues can be difficult. As individuals age, they may make poor financial decisions that can lead to running out of money, even before seeking affordable assisted living in Oklahoma City. Before this happens, it’s important to talk about their finances and establish the best ways to ensure their financial future is protected.

If you’re looking for the most affordable assisted living options, contact us. We can help you manage your loved one’s finances and find the best living situation at the most reasonable rates.

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