It is not uncommon for middle-aged adults to find themselves in the position to be directing their efforts towards the care of their parents. It is natural for the body and mind to degrade, and sometimes we need a little help keeping things in order when we are old.
An honest and loving individual has their parent’s best interest in mind and can be the best fit for the role of accounting assistant. If you find yourself facing the challenge of helping your aging parents manage their finances, take heart. Read through a few tips that will guide you through the challenges you may face.
They had made all the decisions for you when you were young. It is only natural that you look after them and make them feel secure. With investment opportunities becoming increasingly difficult to comprehend, your parents might have a hard time understanding them. Not to mention, how manipulative salespeople are always on the lookout for vulnerable old people.
Make sure they are getting what is owed:
Getting older typically means that you become eligible for the support that you could not get when you were younger. Your aging parent may be shorting himself or herself an opportunity to boost their monthly income by missing various government resources.
If your aging parent is permanently disabled and not yet at the age of retirement, it’s important that they apply to receive social security disability assistance. If your parent is over the age of 65, make sure they are receiving their standard social security installment each month.
This is not a small amount. Rather the amount of social security is enough to cover their minimal expenditure. There are other add-ons for people who suffer from a disability and other medical ailments. Be sure to be updated with all the recent happenings that are happening. A large section of the population overlooks governmental benefits, as they are not informed about the same.
Make sure all of their legal documents are current:
It may be a hard subject to tackle with your parents, but it’s important that they let you know their thoughts and feelings regarding their wills, living wills, and healthcare directives.
Your parents likely have named each other as their caretakers thus far in life, but there are times when it’s more helpful for a younger family member to step in to make decisions.
They may need help organizing a budget:
The role of aging parent doesn’t come equipped with the ability to strategically handle finances. It’s not uncommon that individuals of all ages have issues with budgeting, and an aging mind may have a bit more trouble.
It doesn’t hurt to check in on your elderly parent’s financial situation. If it’s clear that the management of their finances is in peril, you may need to lend a guiding hand.
Help your aging parent protect their money:
The elderly are too often a target for fraudulent individuals looking for a fast buck. Even worse, family members are most often to blame for draining the accounts of their aging family members. Your aging parent will be safer with an honest assistant.
Hire a trusted accountant:
It may not be in your best interest to try to handle your parents’ finances as they age. Due to the terribly high number of individuals who do steal from their aging parents, hiring an accredited professional accountant may be the best way for you to lend a helping hand.