Concerned About Your Senior Loved One’s Finances? 5 Steps to Take
Maybe you’re worried your senior loved one has fallen victim to a financial scam, or perhaps it seems like they’re behind on their bills. At some point, many seniors need a trusted loved one to manage their finances on their behalf. If you’re in this position, J.A.H Financial Services & Real Estate has some tips to help you sell your loved one’s home, nail down a budget for them, and find a reputable financial advisor.
Monitor These Warning Signs
How do you know that your senior loved one needs help managing their finances? It’s important to familiarize yourself with certain red flags and monitor your loved one’s spending behaviors and environment. Harrisburg Home Care states that if your loved one has dramatically changed their spending habits, stopped opening their mail, or has received numerous calls from creditors, it’s time to intervene.
Moving to Senior Living Accommodations
Perhaps your senior loved one can no longer manage their own finances due to a medical condition that has drastically affected their cognitive abilities and quality of life. In this case, it’s a good idea to start researching assisted living facilities in their town. If your loved one will be moving out, you’ll need to help sell their home. To figure out how much they can expect to make from their home sale, plug their property details into a home proceeds calculator.
Sell Your Loved One’s Business
Maybe your loved one continued operating a business well into their golden years – but now, they can’t keep running their company. You’ll have to prepare to sell the business. Prior to selling it, you’ll have to get a professional business valuation to get a sense of the company’s objective value. A valuation will take several company assets into consideration, including inventory and real estate. Furthermore, if your loved one managed a nonprofit, make sure to research how to dissolve the funds according to your state’s legal regulations.
Something else to consider: if you live far away but will be staying in the same area as your loved one for a while, but staying at their current home isn’t an option, those hotel costs could quickly add up. Especially if you anticipate being in the area for a few months, it might be a smart move to rent an apartment for a while. Luckily, there are plenty of great options available, including 99 in Hartford alone.
Meet With a Financial Advisor
If you need to take control of your loved one’s finances, you probably have lots of questions. Rather than trying to figure it all out on your own, it’s a good idea to turn to a financial advisor who specifically works with seniors and their families. To find the right advisor, Seasons recommends visiting a brick-and-mortar branch of the bank that your loved one uses, as well as asking other people you know for references – it’s often easier to get trustworthy recommendations from friends and relatives.
If your loved one can no longer handle paying bills on their own, you or another relative will need to take on this responsibility. In order to do this, you’ll need some key information. AgingCare states that you will need details on all your loved one’s bank accounts, insurance policies, any benefits they receive, and where they keep their financial records. You will also have to determine whether or not they already have a durable power of attorney for their finances. Additionally, find out if you will need to file for guardianship in order to gain access to their accounts.
Taking over a senior loved one’s finances can be complicated. But it’s often the best way to protect your senior loved one from people who would otherwise take advantage of them. With these tips, you’ll be able to determine when your loved one needs help, sell their business and home if necessary, and manage their bill payments for them.
J.A.H Financial Services & Real Estate provides Financial, Real Estate and Business Consulting services. Call (860) 538-4476.
If you or an aging loved-one is considering Home Care in Hartford, CT, please contact the caring staff at Golden Touch Personal Care LLC today. 860-393-1055
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