Signs Your Aging Parents Need Help With Finances

As our loved ones age, they may struggle to admit when they need help managing their finances or handling daily tasks. It's essential to stay vigilant for signs of cognitive decline, changes in medical conditions, mental wellness, or physical abilities that may indicate they require assistance.

Key Signs Your Aging Parents Might Need Financial Help

• Difficulty with Activities of Daily Living (ADLs): Look out for challenges in tasks like housekeeping, meal preparation, medication management, and personal hygiene.
• Unopened Bills and Mail Piling Up: A buildup of unopened mail may signal that managing finances has become overwhelming.
• Sudden, Unusual Purchases: New expensive items or frequent purchases outside normal spending patterns could indicate impaired judgment, memory loss, or susceptibility to exploitation.
• Victim of Financial Scams or Exploitation: Be wary of sweepstake mailings, requests for gift-giving or donations, or unfamiliar individuals claiming to manage your parent's finances.
  
  

Taking a Supportive Approach

If you notice any of these signs, approach the situation with sensitivity and offer assistance gradually. Here's how to start:

• Gradually Increase Support: Begin with minimal assistance and adjust as needed over time.
• Organize Financial Information: Locate important documents and compile a list of financial accounts, bills, investments, insurance policies, debts, and income sources.
• Consider Professional Help: Hire a qualified professional to manage monthly bills, taxes, and other financial matters.
• Update Financial Plans: Encourage your parents to meet with their financial planner, accountant, or attorney to review and update their financial plans and legal documentation.
  
  

Seeking Additional Resources

If you need further assistance, several resources are available to you and your aging parents. Contact your local Council on Aging or your local ASAP (Aging Service Access Point) for a list of resources in your area.

Accessing personalized support

Our team of Certified Senior Advisors® and Certified Dementia Practitioners® has successfully assisted hundreds of families. We offer a single point of contact for all services you or your loved one might need when transitioning from longtime homes. We ensure a stress-free move that allows you to focus on the transition rather than the logistics.

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