What do You Know about your Senior Parent’s Finances?
4 Strategies for Managing a Parent’s Finances when They Require Senior Care in Highland Park, IL
“One Daughter’s Suggestion in Highland Park, IL”
Mom was 92 years old and until the past year, she was still going strong. She was, for all intents and purposes, more active than I was and that made me feel as though I was doing something wrong. She was still sharp witted and had a great sense of humor and was a hit wherever she went. Then came the Fall season, and she broke her hip. From that moment on, everything began to change.
Now she requires senior care and even though she is still sharp, it was important for us to help her manage her finances, not only to help protect her, but to also keep track of things in the event that her condition deteriorate suddenly and she was no longer able to communicate these things to us.
We (my brother and I) finally got her to sit down and go over these financial concerns with her. We ended up devising four strategies that we think would be beneficial for other people whose mother or father or other elderly loved one may require some type of senior home services. Some of these we wish we had known or thought about earlier.
Begin the conversation early.
Some people feel strange talking to their mother or father about their finances, but once they reach a certain age, life can change in a flash. It’s important to sit down and have ‘the talk’ with them about their finances, such as where they have their money and assets, and any insurance policies that may be in place.
The sooner that you know this information; the better prepared you will be if you need to manage these finances.
Bring in a professional third party.
When you’re talking about finances, your elderly loved one may very well have a pretty good nest egg for retirement. It’s a good idea to call on the resources of a professional financial accountant or lawyer to help make sure everything is in order.
Talk about wills and trusts.
Even though you don’t want anything bad to happen to your loved one, it’s going to happen eventually. Don’t wait to talk about wills or trusts. This includes living wills.
You want to know what their wishes are with regard to their health care, and any advanced directives before they lose the ability to communicate those things to you or anyone else.
Go over bills with them.
When people acquire various bills through the years, such as magazine subscriptions and more, they can really add up and they can be easily forgotten. Go over all bills with your elderly mother or father who requires senior care. You can help stop potential hemorrhaging of finances.
Be open and honest about finances with your elderly loved one and support them as they rely on senior care services.
If you or an aging loved one are considering senior care in Highland Park IL, -contact the caring staff at Companion Services of America today at (847) 943-3786.
Our senior care service area includes Northbrook, Highland Park, Deerfield, Glenview, Buffalo Grove, Evanston, Des Plaines, Skokie, Lake Forest, Wilmette and the surrounding areas.
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