When you become a caregiver for an elderly relative, money matters become a big part of your responsibilities. It really can affect the choices you both make about their future. Often, money matters are a huge source of friction within the family. Some elderly adults get offended when their family caregiver brings up the topic of finances. Others may think that they are doing just fine and don’t need help with money or anything else. However, family caregivers need to include talk about current and future money matters as part of their elderly care plan.
Of course it is difficult for an elderly adult to give up control of their finances. However, there are times when those duties at least need to be shared with a family member and eventually taken over. Usually, this process happens when the elderly person is declining cognitively, but there can be physical limitations that make managing money more difficult. While the conversations will likely be difficult, they are necessary to preserve some financial stability for the elderly person.
Some of the warning signs that an aging relative may need assistance include unpaid bills, stacks of unopened mail, losing cash, running out of money at the end of every month, lack of a budget and giving money out to family members. If seniors are no longer able to properly manage their money, their family caregiver needs to step in. Even if the elderly person doesn’t need help now, they should work with the family caregiver to put a plan in place according to their wishes for a smooth transition of elderly care responsibilities when that day comes.
Money matters can lead to a lot of tension between family members, especially the adult children of elderly parents. It is difficult to agree on things like access to money, who should spend it, what they should spend it on and more. Some family members get suspicious and even jealous of family members that may have access to an elderly parent’s money. Holding a family meeting can help alleviate tension. The family caregiver should also document the spending by preserving bank statements and receipts.
Finally, family caregivers should work closely with their elderly relative’s financial planner, accountant, estate attorney, or other professional money managers. Managing an aging relative’s finances can be a lot of work, but you don’t necessarily have to do it all alone. Your elderly loved one will have to sign some documents that grant you permission to be present during discussions and to start giving you access to financial information. It’s best if these documents are created well before they need to be implemented, as privacy laws may make it more difficult to do in an emergency.
You have a lot of responsibility for the elderly care of your aging loved one. When financial matters become more than they can handle, it’s important to proceed legally and with the support of family members. Your elderly relative deserves financial stability so they can be less stressed about taking care of themselves.
If you or an aging loved one are considering hiring professional elderly care in Homewood, AL, call and talk to the staff at Lipford Home Care (205) 623-5700.
They have three teenage children and are actively involved in their church and community – both teach high school Sunday school while Dennis coaches youth sports and Kelly leads a women’s Bible study. Dennis & Kelly personally manage the daily activities of the company.
It is their passion and commitment to providing quality and responsive service that has made their company the fastest growing home care agency in Birmingham.
They believe that being an independently owned and operated company gives them the flexibility to manage their business in a way that better serves their clients.
They understand you have a choice in care providers and they will do their utmost to earn your trust.