When talking about money, everyone is different. This is especially true for seniors. Some parents may have been upfront about their financial position with their kids for a long time, while some prefer to keep it to themselves until the very last minute. Giving permission to someone else to make all your financial decisions would be difficult at the best of times. But as seniors age, they can become vulnerable to scams, insufficient income, and poor decision-making that can come with age.
When is the Right Time to Talk?
In an ideal world, the right time to talk about your elderly family member’s finances is right when they face the possibility of senior care, and perhaps even earlier. The situation may not be that simple due to the delicate nature of the subject. Even bringing it up in casual conversation is a good idea, even if it only gives you an idea of your family member’s responsiveness to the state of their finances. And even if your first talks do not give you any specific numbers, discussing the state of your family member’s financial affairs together can help you form a plan for the future. Seniors never want to outlive their retirement, and it is vitally important to help them avoid that.
For many seniors, however, financial troubles are very embarrassing. And in such cases, they may even keep these troubles secret from close family until the time to fix them has passed. Worse, after these elderly mothers or fathers pass away, their debts and mistakes may be passed on to their kids. Showing these family members love and empathy no matter their circumstances will resolve any problems with much fewer repercussions.
Scams and Theft
You have no doubt heard many horror stories of elderly people being taken advantage of by individuals claiming to want to help them before robbing them blind. These people can pose as home repair specialists, financial advisors, insurance inspectors, investors, and even the IRS. Whether due to mental ailments or poor judgment, senior citizens in the U.S. lost over a billion dollars in 2020, with the average amount ranging from $10,000 to $100,000.
If your loved one has fallen for one of these scams, you have probably already felt the heartache of seeing their sadness. If you haven’t spoken with them about their finances before, you certainly should now.
Work with Trusted Financial Advisors
Working with your family member on their finances early and often is a great way to ensure a secure future. If things become too complex for you to solve together, however, you can decide to work with a trusted financial advisor. Choose an advisor with a sterling reputation, and, if possible, select one that your family member is comfortable with.
Once all of their finances are set, you can then help your elderly loved ones live with dignity and without worry. If you think your loved one might need help beyond finances, Visiting Angels is the perfect choice. Contact us today to find out which of our services will best fit your needs and budget.