When planning for a senior loved one’s future, family caregivers consider everything from healthcare to home care in Lincoln. However, managing a loved one’s finances is one of the most overlooked aspects of planning. If your loved one has developed dementia, here are 5 tips to help you plan his or her finances.
1. Sign Up for Credit Monitoring
Senior citizens are often targeted for scams. One way to save your senior loved one from being conned is to sign him or her up for credit monitoring. This offers a periodic check on his or her credit report to ensure there are no major charges that shouldn’t be there.
2. Pay Bills Together
Once a month, sit down with your loved one and help pay his or her bills. Gather utilities, credit cards, mortgage, insurance, and medical bills, and write out checks or pay each one online. Your guidance can be of great help to your loved one if there is any confusion.
3. Have a Family Meeting
As soon as you identify early signs of dementia, you need to have a plan in place for the future. Eventually, someone will have to take over your loved one’s finances. Call a family meeting with siblings and other key members, as well as your loved one. Talk about who will be in charge when he or she cannot make decisions. Set up a power of attorney for the chosen person and be sure there is a will in place.
4. Update Do Not Call Registry
Some telemarketers can con your loved one to sign up for irrelevant products or services and drain his or her finances. Make sure to add the marketer’s name to the Do Not Call Registry on your loved one’s phone to block unsolicited calls.
5. Hire a Money Manager
If managing your loved one’s finances is a challenging task, consider hiring a reputable money manager or accountant who can look at your loved one’s financial documents and offer advice on how to better manage his or her money. Opt for a professional who charges an hourly rate.
Planning for a senior loved one’s finances may require time and effort. At Home Care Assistance, our friendly respite caregivers in Lincoln assist seniors with their daily activities such as bathing, dressing, medications, and eating, giving family members time to tend to important legal and financial matters. If you’re in need of a reliable caregiver for your loved one, call one of our professional Care Managers today at 916.226.3737.