Page 2 - Senior Times South Central Michigan - March 2016 - 23-03

Page 2 Senior Times - March 2016
HELPING A LOVED ONE MANAGE THEIR FINANCES
By: Sherii Sherban, Publisher, Senior Times
Sometimes an older person needs a guardian or conservator to take control of finances and medical decisions. Guardians and conser- vators can be family members or other adults, but must be appointed by the court. To learn more about these more formal methods of handling an elderly person's affairs reach out to Guardian Finance and Advocacy Services at (269) 963-3253 or 1-866-963-3253.
Many adult children worry about the ability of aging parents and other loved ones to handle money and fi- nancial affairs. Some studies indicate that as many as 29% of our seniors need assistance with money manage- ment.
Many older people need assistance because of:
• Loss of a spouse who handled all of the finances.
• Mental impairments.
• Visual impairments.
• Physical impairments (like arthritis) that limit the ability to write checks or sign documents.
• Lack of English skills or familiarity with banking and tax procedures.
• Increased vulnerability to scammers.
that they are O.K.
Significant life changes are another
time when asking about their overall well being is appropriate. This also al- lows for further questions about areas that you might be able to provide as- sistance with during their transition.
Bottom line, if you see signs that as- sistance might be necessary, do some appropriate, initial investigating.
• A quick glance around your loved one’s home is a great place to start. Piles of unopened mail, bills, pa- pers, and more could be indication that they are overwhelmed. You might ask if they are having a hard time keeping up with the mail or if they have been too busy having fun to do the boring things like paying bills.
• A look through that stack of mail might also lead you to questions or concerns. Are there unopened bills, credit card statements, bank state- ments, collection notices, account alerts, and more? Ask if you can help them go through the mail to help clear some of the clutter? A little extra time will allow you to help them file things away as well and find out how their system is supposed to work.
When elderly people cannot handle daily finances or become more sus- ceptible to financial abuse, the conse- quences can be severe. Older people who forget to pay bills could lose their home to foreclosure, get evicted from an apartment, risk utility shut-off, or damage their credit. Those who fall victim to scams might get cheated out of large amounts, or priceless smaller pots, of money or lose their home.
The first step in assisting your elderly parent or relative with money management is to determine if they need help – and, if they do, how much help. It all begins with a conversation.
Finding the right time for the “fi- nances” conversation may be chal- lenging. Sometimes the best time to bring up finances is when you are certain that no assistance is needed. Knowing this to be the case, you can also ask them if they have suggestions about when you should ask again.
Another less vulnerable time is when another friend or family member is experiencing difficulties; this gives you an opportunity to let your parents know that you’re just checking to see
ARE YOU READY!?
SNEAK PEAK
Lakeview Senior Living Addition
WEDNESDAY MARCH 23, 9-11AM & 4-6PM
We will have light snacks and refreshments. Tours will be available and we will be reserving
rooms for spring time move ins!
Please call Jenny Andrews with questions regarding the event (269) 969-8900.