Organizing and Simplifying Financial Tasks for Aging Parents

Organizing and Simplifying  Financial Tasks for Aging Parents

Are you seeing un-opened mail begin to pile up in your parents’ house? Are your Mom and Dad complaining about not having enough money and becoming forgetful about cash? These are all signs that your aging parent may be having trouble handling their own finances.
If your parents are having difficulty with simple tasks, like paying bills or balancing their checkbook, it may be time to lend a hand. Here are some helpful ideas of how to help your parents get organized.

Start by making a list of all your parents’ contacts, account numbers and the places they store legal documents such as birth certificates, insurance policies, deeds, and wills. After you establish where to locate everything, make sure all documents are current and valid. Also, make sure any sensitive information is in a secure location.

Before taking over your parent’s finances, start doing the tasks with them. This kind of gradual, sensitive approach gives them (and you) some time to get comfortable with the new arrangements.
Once you establish what income your parents might have, such as retirement or savings, switch those over to direct deposit. This will ensure that your parents will still have an income stream even if they are not able (or forget) to make a deposit.
If paying bills becomes too stressful for them, consider setting up online bill pay. You can also have your parent’s bank statements mailed directly to you, so you can monitor what’s coming in and going out each month. By setting up your parents’ bank account online, you can pay bills and monitor the checking account anytime. For more tips on financial caregiving, the Consumer Financial Protection Bureau offers information on, “Managing Someone Else’s Money”.
At Financial Consulting Group, Inc, we want to be your resource. As experienced financial advisors, we take pride in our ability to help clients simplify and improve their financial lives. If you are wondering what steps are involved in creating a custom financial plan and investment strategy for you or for your aging parent, book your free, no obligation consultation today. There is no time like today to plan for tomorrow.