This month, your mom just can’t seem to get the checkbook to balance. This event was perhaps the first indication that your aging mother wasn’t as clear-minded as she used to be. Undoubtedly, you were taken aback. How did you manage to miss the red flags? Were you deliberately oblivious to the telltale signs that things weren’t quite right? Because you didn’t want her to change, the answer is yes. Most adult children experience this when their aging parents’ capacities deteriorate. Read on for some great tips on how to manage finances for your aging loved ones.

How to Monitor Your Parents’ Financial Situation

Your aging loved ones may be dealing with their own set of issues. According to the National Council on Aging, the best time to start planning for this situation is while your parents are in their early 60s. However, for many, that window of opportunity has closed. Family caregivers, on the other hand, must continue to provide the best safety net possible. Keep an eye out for the following red flags:

Keep in mind that it’s still your loved ones’ money. They have the right to choose how to spend it and make their own mistakes as long as they are competent. Your goal is to assist them in maintaining their financial security and independence for as long as feasible.
Keep an eye out for purchases that are inappropriate or extravagant, such as beauty and health goods, 21 sets of linens, or excessive subscriptions.
Ensure that your loved ones’ mail is checked and opened on a regular basis. Keep a watch for stacks of late notices, unopened envelopes, and the type of mail they send out. Free prizes, vacations, and sweepstakes, as well as bogus donation requests, should all be reported to the US Postal Service.
Offer to help with house repairs or large expenditures so your loved ones don’t get taken advantage of.
Try to make sure you’re available for assistance. Take this as an opportunity for both you and your aging parents to improve your collective financial health by managing your personal monies wisely.
Show real interest in your aging parents’ lives and learn who they communicate with or see on a daily basis. Friends, relatives, and caretakers can all benefit from a family member’s generosity.
Encourage your aging loved ones to get tax and investing advice from a reputable specialist, especially if you don’t live nearby or have experience in these areas.
Learn to notice small changes in daily functioning by being aware, listening, and learning to recognize subtle changes in daily functioning.
Before any concerns or indicators of incompetence occur, talk about appointing a financial power of attorney. This will legally empower you or another responsible family member to manage your aging loved one’s finances. Guardianship proceedings may be necessary if they become incapable without naming a counsel.

Choose TerraBella Harrisburg for Quality Senior Living

For individuals who want further support, TerraBella Harrisburg provides two outstanding senior living options. Senior Assisted Living is for people who require specialized care, while Memory Care is for those who have dementia. Learn more about them to see whether they can fulfill your loved ones’ requirements.