How To Help Aging Parents Manage Their Money
Many adult children often worry about the ability of their aging parents to manage money and financial affairs, and for good reason. Statistics from The National Council on Aging show that 29 percent of homeowners over the age of 62 have difficulty or need help with instrumental activities of daily living, which includes needing help to manage their money.
Yet many adult children would be unprepared if they had to suddenly take over management of an aging senior’s money and finances.
While Parents Are Still In Good Health
There are many issues to consider when it comes to helping aging parents manage their money. A good place to start is to answer the following questions.
Find out where important papers are kept and if wills and other documents are up to date. Be sure to note and codes to lock boxes, location of keys and specifics on all account numbers.
Questions to ask:
Where do they keep their financial records?
Who do they bank with?
Do they have a professional money manager, accountant, lawyer, etc.?
At The First Signs of Memory Challenges:
Now is the time to sit down and open a discussion about helping out with their money management. Start with a review of their income and expenses. Be respectful. Make sure they understand you’re not trying to take over but offering a helping hand.
Questions to ask:
1. What is their annual income and how is it derived?
Do your parents receive a pension check, IRA, Social Security or other sources of income (e.g. disability or alimony)? Do they have dividends coming in from investments?
2. What are your parent’s monthly expenses?
Gather information on their mortgage, credit card debt, utilities and other expenses. Also note the usual dates that bills are mailed (in case they get waylaid in the mail or misplaced by a parent).
3. How do they pay their bills?
Do they use online banking, paper checks or visit their bank when a bill is due?
When Your Parents Need More Help
When an occasional review of their accounts is not enough, adult children may need to take on a more active role. In many cases, it is a good idea for at least one of the children to get online access to their bank accounts to see how things are doing and add themselves onto their parent’s accounts as a person of interest.
If your parents pay bills via check, you can start writing checks for them to sign. Arranging to do this at their house keeps them involved in the process as long as possible. If that is not convenient, suggest a switch to direct deposit for their income and automated billing for expenses.
Now may also be the time to consider hiring a accountant\bookkeeper.
The Bottom Line
Most aging parents don’t have a financial expert as their helper but simply rely on a family friend they trust. Bill paying is usually a simple task for adult children to manage but if tax, estate or other issues are a concern, most adult children do not have the financial expertise to manage complex financial affairs. The American Association of Daily Money Managers is a good resource to help you find qualified and vetted money managers for your senior parents.
Adult children with aging parents that need help with their finances should not hesitate to discuss these issues with them. It is also important for children to allow their parents to retain as much of their independence as possible. Use the tips above to help you start the discussion and help your parents make the best decisions.
ABOUT THE AUTHOR:
Jon Scott Williams
Jon Scott is a Certified Assisted Living Facility Manager with 27 years experience in independent living, assisted living and long-term care. To download a special guide to help you have a positive, productive, and caring conversation with your parents about senior living, please visit http://seniorlivinghomeguide.org/
Tuesday, 26 August 2014
Easing The Transition To A Senior Living Community
How To Talk To Your Aging Parents About Senior Living
If you are an adult child of aging parents, you may be concerned that they are no longer the vibrant, active retirees they were. You may notice your parents moving a little slower and needing more help to be safe. Their medical problems are becoming chronic and may be getting more serious, or that they are much more forgetful and fatigued than in the past. Perhaps, you’ve even had to insist that Mom or Dad refrain from driving. You know it’s past time to start discussing senior living options for your parents where they will be safe.
Helping Your Parents Decide
According the Seniors Housing Association, 89% of children with aging parents help them with the decision-making process when planning a move to a senior living community. When you see indications that your parents are not safe in their house, studies prove they will benefit from the advantages of a senior living community. The transition to a senior living community requires that you will need to initiate the conversation.
Keep in mind, most aging parents don’t like to admit they need help … and they’re fighting to retain their perceived independence. So, start the dialog gently by asking hypothetical questions, such as, “Mom and Dad, what are your thoughts about living in a senior community?” Or, “if at some point you or Dad have trouble handling your day to day activities, would you be open to looking at senior living options?” You may have to have these discussions a number of times before getting your parents to even consider the possibility of moving.
Assess Level of Care\Assessing Senior Living Communities
There are many senior living levels of care; so, it’s important that you know your parent’s preferences and understand the optimum level of care needed. Most communities today offer a continuum of care. Many healthy seniors opt for independent living in cottages or apartments. As they age and have health or mobility issues, they can choose a more catered lifestyle such as assisted living. Many of these communities also have memory care, rehabilitation services and skilled nursing facilities. Your parent’s physician as well as the senior community staff can help assesses the level of care your parents need.
Focus on Three Critical Issues
When choosing the best senior living option for your parents, you will want to focus on three important criteria: quality of life, standards of care, and cost verses value. Which senior living community will meet the criteria? You and your parents will need to tour the various communities, sit down with their staff and ask lots of questions, as well as be prepared to discuss finances.
As you walk through the community, look to see if residents and staff are smiling and friendly? Try to get a feel for how well the residents are cared for by the smells, how well the property is maintained, and how you feel when you are touring. Ask about activities, social opportunities, and supportive programs. What are the meal options? Talk to the other residents that are living at the community currently. Today, senior communities address not just the physical well-being of their residents but also the spiritual, emotional and mental well-being. No doubt, you and your parents will be pleasantly surprised at the number of services and amenities offered.
Make This Decision With Your Parents
Letting your parents be a big part of this decision-making process can help with their acceptance of such a monumental change in their life and help them adjust to a different lifestyle. The more you allow it to be their choice, the better their dignity will be preserved. Mark Twain once said, “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” But, here is what really matters … your parent’s happiness, quality of healthcare, and your peace of mind.
Need Help Discussing Senior Living With Your Parents?
We’ve prepared a special guide to help you have a positive, productive, and caring conversation with your parents about senior living.
It’s called Life’s Most Challenging Conversation: How To Talk to Your Parents About Senior Living.
Your special guide is free. There’s no obligation, and you can download your copy right now.
http://seniorlivinghomeguide.org/
ABOUT THE AUTHOR: Jon Scott Williams
Jon Scott is a Certified Assisted Living Facility Manager with 27 years experience in independent living, assisted living and long-term care. To download a special guide to help you have a positive, productive, and caring conversation with your parents about senior living, please visit http://seniorlivinghomeguide.org/
If you are an adult child of aging parents, you may be concerned that they are no longer the vibrant, active retirees they were. You may notice your parents moving a little slower and needing more help to be safe. Their medical problems are becoming chronic and may be getting more serious, or that they are much more forgetful and fatigued than in the past. Perhaps, you’ve even had to insist that Mom or Dad refrain from driving. You know it’s past time to start discussing senior living options for your parents where they will be safe.
Helping Your Parents Decide
According the Seniors Housing Association, 89% of children with aging parents help them with the decision-making process when planning a move to a senior living community. When you see indications that your parents are not safe in their house, studies prove they will benefit from the advantages of a senior living community. The transition to a senior living community requires that you will need to initiate the conversation.
Keep in mind, most aging parents don’t like to admit they need help … and they’re fighting to retain their perceived independence. So, start the dialog gently by asking hypothetical questions, such as, “Mom and Dad, what are your thoughts about living in a senior community?” Or, “if at some point you or Dad have trouble handling your day to day activities, would you be open to looking at senior living options?” You may have to have these discussions a number of times before getting your parents to even consider the possibility of moving.
Assess Level of Care\Assessing Senior Living Communities
There are many senior living levels of care; so, it’s important that you know your parent’s preferences and understand the optimum level of care needed. Most communities today offer a continuum of care. Many healthy seniors opt for independent living in cottages or apartments. As they age and have health or mobility issues, they can choose a more catered lifestyle such as assisted living. Many of these communities also have memory care, rehabilitation services and skilled nursing facilities. Your parent’s physician as well as the senior community staff can help assesses the level of care your parents need.
Focus on Three Critical Issues
When choosing the best senior living option for your parents, you will want to focus on three important criteria: quality of life, standards of care, and cost verses value. Which senior living community will meet the criteria? You and your parents will need to tour the various communities, sit down with their staff and ask lots of questions, as well as be prepared to discuss finances.
As you walk through the community, look to see if residents and staff are smiling and friendly? Try to get a feel for how well the residents are cared for by the smells, how well the property is maintained, and how you feel when you are touring. Ask about activities, social opportunities, and supportive programs. What are the meal options? Talk to the other residents that are living at the community currently. Today, senior communities address not just the physical well-being of their residents but also the spiritual, emotional and mental well-being. No doubt, you and your parents will be pleasantly surprised at the number of services and amenities offered.
Make This Decision With Your Parents
Letting your parents be a big part of this decision-making process can help with their acceptance of such a monumental change in their life and help them adjust to a different lifestyle. The more you allow it to be their choice, the better their dignity will be preserved. Mark Twain once said, “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” But, here is what really matters … your parent’s happiness, quality of healthcare, and your peace of mind.
Need Help Discussing Senior Living With Your Parents?
We’ve prepared a special guide to help you have a positive, productive, and caring conversation with your parents about senior living.
It’s called Life’s Most Challenging Conversation: How To Talk to Your Parents About Senior Living.
Your special guide is free. There’s no obligation, and you can download your copy right now.
http://seniorlivinghomeguide.org/
ABOUT THE AUTHOR: Jon Scott Williams
Jon Scott is a Certified Assisted Living Facility Manager with 27 years experience in independent living, assisted living and long-term care. To download a special guide to help you have a positive, productive, and caring conversation with your parents about senior living, please visit http://seniorlivinghomeguide.org/
Ready For A Move To A Senior Living Community?
No one is immune from the aging process, and most people need a little help as they get older. This help can come in the form of assisted living, independent living, or any other type of senior community. If you are having trouble deciding whether you need a little assistance as you get older, take a look at these common signs.
Medical Issues
Senior healthcare is a major feature that most senior living communities can help with, so if you find that you are frequently ill, injured or simply taking a long time to recover, you might need help with your medical needs. In addition, Caring.com reports that sudden weight loss or gain, frequent falls around the house and even close calls can be signs that you need a little assistance from day to day.
Personal Hygiene
Most senior living communities offer help with personal hygiene. This might include bathing, dressing and brushing hair and teeth. Maybe you only need assistance with one of these tasks, or maybe you could use the help all around. Either way, choosing senior living options that can help you stay clean and feel good about appearance is a good idea.
Housekeeping
If you have become increasingly overwhelmed with the many needs of your home, moving to a senior community can relieve some stress. Helpguide.org points out that many seniors struggle with tasks like cleaning, grocery shopping, taking care of pets, paying bills and cooking. And if you are rarely able to keep the house clean, home maintenance and repairs can seem downright impossible. If you think you could breathe a sigh of relief if you no longer had these responsibilities, you should considering choosing senior care.
Social Needs
Many seniors find it hard to leave their house, especially if they no longer feel comfortable driving. This can cause them to feel alone and even depressed. If you don’t have friends or relatives nearby and are starting to feel like your social life no longer exists, moving to a senior care facility may be the best choice. Most senior communities have social events that make it easy to meet peers without having to make your own plans or even drive anywhere.
Do any of these telltale signs seem familiar? If so, it may be worth it to start looking into how to choose senior care.
ABOUT THE AUTHOR:
Jon Scott Williams
Jon Scott is a Certified Assisted Living Facility Manager with 27 years experience in independent living, assisted living and long-term care. To download a special guide to help you have a positive, productive, and caring conversation with your parents about senior living, please visit http://seniorlivinghomeguide.org/
Medical Issues
Senior healthcare is a major feature that most senior living communities can help with, so if you find that you are frequently ill, injured or simply taking a long time to recover, you might need help with your medical needs. In addition, Caring.com reports that sudden weight loss or gain, frequent falls around the house and even close calls can be signs that you need a little assistance from day to day.
Personal Hygiene
Most senior living communities offer help with personal hygiene. This might include bathing, dressing and brushing hair and teeth. Maybe you only need assistance with one of these tasks, or maybe you could use the help all around. Either way, choosing senior living options that can help you stay clean and feel good about appearance is a good idea.
Housekeeping
If you have become increasingly overwhelmed with the many needs of your home, moving to a senior community can relieve some stress. Helpguide.org points out that many seniors struggle with tasks like cleaning, grocery shopping, taking care of pets, paying bills and cooking. And if you are rarely able to keep the house clean, home maintenance and repairs can seem downright impossible. If you think you could breathe a sigh of relief if you no longer had these responsibilities, you should considering choosing senior care.
Social Needs
Many seniors find it hard to leave their house, especially if they no longer feel comfortable driving. This can cause them to feel alone and even depressed. If you don’t have friends or relatives nearby and are starting to feel like your social life no longer exists, moving to a senior care facility may be the best choice. Most senior communities have social events that make it easy to meet peers without having to make your own plans or even drive anywhere.
Do any of these telltale signs seem familiar? If so, it may be worth it to start looking into how to choose senior care.
ABOUT THE AUTHOR:
Jon Scott Williams
Jon Scott is a Certified Assisted Living Facility Manager with 27 years experience in independent living, assisted living and long-term care. To download a special guide to help you have a positive, productive, and caring conversation with your parents about senior living, please visit http://seniorlivinghomeguide.org/
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