Managing a Parent’s Finances

There can be a number of reasons an adult child begins managing the finances of their elderly parent or another senior loved one. It may be the unpleasant surprise of finding a stack of unopened, unpaid bills. It could be noticing their confusion with making plans and/or carrying out those plans. Whatever the reason, once a parent is no longer willing or able to handle their finances, it might be time to step in and lend a hand.

Millions of Americans provide some level of caregiving duties to an elderly relative including managing their finances. If it is now up to you, experts say take the time to get organized. After that your first priority should be to pay overdue bills. If bills are paid online, make sure the amounts going out are in-line with costs. Check credit card statements and bank accounts to ensure there are no unexpected or unnecessary charges. If the person has moved into a senior living community, cancel payments to cable service, etc.

If your role as money manager will be on-going, having your loved one’s mail forwarded to your home will make things easier. If they don’t have automated payments set up for things like taxes and other payments, set it up. Becoming a durable Power of Attorney will allow you to add your name to a joint account. It will remain in effect even if the person loses the ability to make their own decisions due to a disease such as Alzheimer’s.

In order to avoid questions and any conflict, be transparent in all of your transactions. Keep a complete record of expenditures and receipts as well as income. Include the person in the decision making as much as possible; and if you or your parents have any questions, consult an elder care attorney or accountant.

At MorningStar at Bear Creek, we offer compassionate memory care and assisted living in Colorado Springs. Our unique approach to care is all-encompassing and provides an environment in which residents are given the support they need to make the most of each day. As our community is devoted to memory care only, every aspect of our home is designed to make individuals living with Alzheimer’s and other dementia-related diseases feel comfortable, safe and secure. Please contact us or visit our website for more information.

MorningStar at Bear Creek brings a unique vision to senior living with our mission statement “to honor, to value, to invest.” With a foundation built on honoring God, valuing seniors and investing in a staff with a felt calling to serve, we offer loving, compassionate care within a beautiful home-like setting. Please contact us to learn more about the finest memory care and assisted living in Colorado Springs.