Managing Your Elderly Loved One’s Finances

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Seniors often have their own savings, investments and other sources of income. Unfortunately, there are unscrupulous businesses and family members who may take advantage of the situation. Sometimes, older adults might also experience difficulty with money management and overspend. In these instances, Altamonte Springs home care agencies advise loved ones to step in and offer assistance.

Inquiries

The discussion may start simple enough. Ask how retirement is going or the health of known investments. When adults offer a negative response, gently encourage further conversation. As uncomfortable as the task might seem, one or more children may find it necessary to sit down with their parents and have a discussion about finances. Resist the urge to be condescending or treat your loved one like a child. While you may be a dementia or Alzheimer’s caregiver in Altamonte Springs, it’s still important to respect your senior loved one’s wishes.

Unnecessary Spending

Evaluate credit card charges for ongoing fees and assess insurance polices for the possibility that your loved one is spending more for coverage that may not be needed. Book or magazine subscriptions along with memberships can also eat away at monthly finances, so be on the lookout for unnecessary subscriptions.

Transferring Assets

If your senior loved one has a large property, estate taxes are easily avoided when he or she pass away if you begin downsizing his or her assets while still alive. According to the Internal Revenue Service, older adults have the right to give tax-free gifts of up to $26,000 each to one or more loved ones annually. He or she might also consider starting a savings account in a grandchild’s name or establishing a 529 plan.

Power of Attorney

In the event that an elderly adult has a cognitive disorder that makes him or her unable to manage personal affairs, Altamonte Springs dementia caregivers can apply for a financial power of attorney in an effort to assist with money management. The document also comes in handy in the event that a parent becomes hospitalized and unable to take care of monthly bills.

In the event that your loved one requires help in his or her personal life, turn to Prestige Home Care. We are a leading provider of live-in and hourly home care that helps seniors manage daily tasks such as cooking, cleaning, and personal care without compromising their independence. Call 407-329-6613 today to speak with a trusted Care Manager and set up a free in-home consultation.

Author

  • Kimberly Miller

    Kimberly Miller, RN, is a proud Florida native with an unwavering commitment to elder care that spans an impressive 25 years. Her extensive journey through central Florida's hospitals, nursing homes, assisted living facilities, and hospice companies has not only honed her understanding of disease processes but has also cultivated a profound expertise in navigating the intricate landscape of elder care. Kimberly's dedication to delivering the highest quality of care to patients and their families is evident in every facet of her career. Armed with certifications as an assisted living administrator, Kimberly's primary focus on customer service and her drive to address the holistic needs of individuals—mind, body, and soul—have led her to a resounding conclusion: home care is the future of personalized, high-quality care. Her conviction is rooted in the understanding that a combination of healthy nutrition, physical and mental exercise, and social engagement is directly linked to improved physical and mental well-being. The recent global pandemic has served as a poignant reminder of the limitations of institutional care, further strengthening Kimberly's resolve. Motivated by a profound desire to make a meaningful difference, she has taken the helm at Prestige Home Care. Here, Kimberly is dedicated to providing a level of care that goes beyond industry standards—a level of care she would wholeheartedly entrust to her own family.

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