Helping your Senior loved one wrap up finances
For some seniors, there eventually comes a time when cognitive and physical issues get in the way of everyday administration and finance management. It may be time for a loved one or family member to step up and, with great sensitivity, provide some guidance. If so, Safeway Medical Supply has some tips and resources to make this difficult process a little easier.
Photo via Pexels
For some seniors, there eventually comes a time when cognitive and physical issues get in the way of everyday administration and finance management. You probably already know the signs: confusion about statements and bills, unopened mail, memory issues, physical problems such as blurred or fading vision, strange purchases, falling victim to scams, or any other behavior that doesn't feel quite right. Perhaps neighbors or caregivers have expressed concern. It may be time for a loved one or family member to step up and, with great sensitivity, provide some guidance. If so, Safeway Medical Supply has some tips and resources to make this difficult process a little easier.
Bills, Bills, Bills
Running a household involves staying on top of monthly bills such as heat, water, mortgage payments, and other essentials. If you notice a senior loved one struggling with these, consider helping them by establishing a joint account, power of attorney, or some other management framework. Most regular payments can be made online by anyone with the bill recipient's banking information. This arrangement is easy to set up and may be a good short-term solution while the need for a change in living arrangements is assessed.
Wrapping Up a Business
If your senior loved one is a business owner and can no longer handle the complexities of running their business, you can assist them in winding things up. You can help them prepare to sell their business by arranging for a professional business valuation, taking stock of inventory, and closing accounts. Organize documents and assess the market in consultation with the valuation consultant. Using their expertise will help your loved one get the best possible price in the market.
It's an extremely challenging moment for families when their senior loved one is no longer capable of living independently. Research alternatives and there are many, carefully. What level of care or support does your senior need? They may have special needs such as memory care that could determine what kind of facility to look for.
What will happen to their current home, and what is its value? Use a home proceeds calculator to help determine how much your loved one will make from selling it.
If your family is large, figure out a way to communicate with them about what's happening and aim for a consensus. Document your research, the options available, and any professional advice you receive along the way. You may need to convince your senior loved one and the rest of the family, so build a case for what should happen next.
The Fine Print
Ideally, seniors will have living wills, with their wishes legally documented in case of physical or mental deterioration. But that is seldom the case. However, legal structures such as a power of attorney and the establishment of trusts are important. And the business of wills and executors should not be overlooked.
Help your loved one get these legalities and documents in place — they're designed to protect seniors and their assets from exploitation. Be sure to use digital tools where helpful — an online resource will help you edit a PDF for free. A PDF can make it easier to read fine print on a digital reader.
If it's time to start researching alternative living arrangements for your senior loved one, remember to handle the situation delicately and with patience and compassion. Do your research as well, and involve your beloved senior in the decision-making process as much as possible.
For durable medical equipment to help you stay ready for life, visit Safeway Medical Supply today!
Be the first to comment...