Aging is a fact of life, and with it comes some unfortunate realities. As your loved one's mental state begins to deteriorate, you may feel hopeless and helpless, but there are ways in which you can help those close to you with respect and dignity. Today, Frugal Focus shares some tips and resources to help you get started.
Early Warning Signs
Before rushing in to help, you should make sure your assistance is actually warranted. If your loved one is consistently forgetting conversations, exhibiting signs of confusion and frustration, or having difficulty recalling details, they may be experiencing memory loss, and their finances could fall by the wayside next.
Does your relative have unopened mail scattered about their home? Every time you see them do they seem to have a new frivolous purchase, or perhaps are unable to recall exactly what they've spent their money on? These may not be very noticeable at first, but they're telltale signs that your loved one's finances are spiraling out of control.
Pay special attention to potential phone and email scams. There are nearly 9 million cases reporting financial abuse of senior citizens in the U.S. annually. Since newer technologies can be frustrating and confusing for those who did not grow up with them, seniors are prime targets for these attacks. Watch for voicemails advertising extensions to their car's warranty, especially if the person in question doesn't own a car.
Professionals in matters dealing with elder care may be able to help you in these difficult situations. Senior advocacy groups like MGS can provide you with tips and resources for how to go about assisting your loved one in a variety of age-related situations. There's no shame in asking for help, especially with such a daunting task.
First Steps of Helping
Once you've decided to help your relative, be sure to do so in a way that genuinely benefits them while also allowing them to retain their dignity. Rather than forcing them to do as you say, have patient and supportive conversations regarding your concerns. Try to work out a system in which you can provide them with the support they need without sacrificing their independence.
If you're geographically distant from your loved one, you might need to enlist some help. Talk to family close by to see if they can assist when you're unavailable. Strength in numbers may also prove beneficial in the event you need help convincing them that a course of action is necessary.
If despite their financial troubles your loved one has retained control of a business, it may be time to sell it to prevent any further fiscal damage. Before liquidating the company, obtain a business valuation. This account of all the company's remaining property, equipment, and assets will give you an idea of just how much everything is worth before you start fielding offers.
Finding a Care Facility
Moving a senior loved one to a skilled nursing facility can provide them with specialized, around-the-clock care tailored to their memory issues and physical problems, ensuring their safety and well-being. These facilities have trained staff and medical resources to address complex health needs, offering peace of mind to families while maintaining a high standard of care. It can also alleviate the caregiving burden on family members, allowing them to focus on emotional support and quality time with their loved one. If you need help in finding a trustworthy care facility, there are plenty of resources online. After searching listings and reviews, make sure you tour the facility and ask any questions, as well!
Respectful Control
Sadly, even the best intentions cannot work miracles. If your relative's mental state has deteriorated to the point they refuse to listen to reason and accept your help, you may need to consider getting power of attorney over them. This will allow you to make certain housing, medical and fiscal decisions on their behalf without their consent. This robs your loved one of a considerable amount of independence, so it's best to avoid this course of action unless you feel you truly have no other option.
Those closest to you may one day be those who need you the most. When your loved ones show signs of diminishing financial literacy, do whatever you can to help while making sure they still feel respected.
Frugal Focus shares thoughts from industry leaders to help you make the most of your business. Questions? Feel free to comment on our articles!
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