For many adult children, there comes a time when an older loved one may have difficulty managing their finances. The situation may last for a short time while they recover from an injury or illness. However, a family members diagnosed with cognitive issues require assistance on a permanent basis. In any event, children should step in and offer financial assistance. Dayton, OH, at-home care professionals recommend the following course of action.
Having the Conversation
First, ask if you may be of assistance. Often, the senior will readily admit that they are finding financial matters challenging and could use help. They may not ask for help because they do not want to impose on their children, or they feel embarrassed about the situation. Regardless, it’s important to address the situation out right to avoid problems down the road.
Acquire the legal documents necessary that give you the right to make financial decisions on behalf of your senior parent. These documents include a power of attorney concerning healthcare and financial decisions. The paperwork enables you to pay bills and make other investment decisions on behalf of your loved one.
Organize Documents and Records
Locate and organize the following documents in one place:
- Birth certificates
- Marriage licenses
- Spousal death certificates
- Powers of attorney
- Titles and deeds to personal property
- Military discharge papers
- Insurance policies
- Investment records
- Bank statements
Before a crisis occurs or the cognitive ability of a parent further declines, gather together and discuss how your loved one would prefer that a situation might be handled. Determine if they prefer staying going to an assisted-living facility or hiring hourly or live-in Dayton home care. From there, you can do financial planning so your loved one can afford the care he or she might need.
An older adult may qualify for state or federal funds. Explore Social Security disability, Supplemental Security Income, Veteran’s Aid and Attendance, Medicaid and other programs. The National Council on Aging website features a Benefits Checkup that helps family explore their financial options.
Keep receipts for caregiving, health and travel expenses revolving around the costs that you have incurred on behalf of your older loved one. Consult with a tax consultant to learn what deductions are available to you.
You can also turn to Home Care Assistance for help regarding your loved one’s care. We provide comprehensive Alzheimer’s, dementia and stroke care Dayton families can count on to help their loved one’s age in place with dignity. Call (937) 353-1412 today to schedule a free in-home consultation and meet with an experienced Care Manager.