Americans are living longer than ever before, and they are doing so more independently than ever. While this might be great news for our loved ones, the longer lifespan also makes it more probable that our loved ones will experience some sort of cognitive declines. One of the most difficult aspects to manage for many is finances and this is one of the most difficult things to talk about in eldercare.
If part of your idea of caregiving is making sure that you help your aging parents with their finances, there are a few different steps that you can take to ensure better eldercare financial choices in the future.
Have The Difficult Discussion
Especially later in life, it might be difficult for both parties to accept the idea of a ‘role reversal’. Suddenly the parent is going to have to trust and take advice from their adult children. It is important to have this discussion early, before finances are going to become a problem. It might be a good idea to talk about general financial issues or your own financial situation rather than being confrontational about possible financial problems.
Use Online To Your Benefit
You can put technology to use, even if you live halfway across the world. You can manage finances from across the country thanks to the power of technology. You can check on bank accounts and other assets online, provided that parents give you access. You help automate pension payments or auto-deposit Social Security payment. By not relying on paper, you are making sure that there is less chance of confusion as well.
Get The Legal Documents In Order
You need to make sure that you have a financial power of attorney for your parents. If your parents are somehow unable to take care of their own finances, a financial power of attorney will give you the right to make decisions on their behalf. Do not wait until your parent is no longer able to decide for him or herself.
Keep A List
It is important that you know where your parent’s important documents are. Even though will still need a power of attorney to manage an account, it is always beneficial to know where you can find information about your parent’s finances.
With a little preparation, it is possible to ensure that you are able to help your parents with their finances, whether they are residing in eldercare or are living at home.