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No matter what age you are, finances can be a tricky subject to have to deal with. However, the issue of managing your finances probably becomes even more difficult as we get older when we might not have the mental clarity we once had. Suppose, you have a senior loved one who you notice is struggling right now to handle their finances better. Here's how to know when it’s time to step in to help your senior loved one with their finances.
Inability to keep up with daily activities
A telltale sign that your loved ones might not be prioritizing their financial affairs as they should is not being able to cope with their ordinary day-to-day activities. Because the issue of finances is usually left until last, this may be the perfect time to interject with ways you can help them stay on top of their day - and their finances!
Piles of unopened bills
If their mail is piling up and is being tossed in the corner unopened, then this is usually another clear indicator that help is needed in areas where mortgage loans, various credit card repayments, and utility bills are being left unattended.
They mention that they don't have enough money - a lot
Perhaps, your loved one is raising the subject of not having enough money - a lot. You should take this time to talk through any money concerns that could be distressing for them, even if it is just by lending an ear so that they can process their emotions better.
Incessant creditor calls
If you are noticing that calls are not being answered and that they are occurring more and more frequently then this could also be a sign that creditors and service providers are following up on outstanding bills.
If they spend too much on unnecessary things, this could also indicate financial trouble. Then again, the opposite is probably more true if you are noticing that there are insufficient funds at the till or that their card is being declined altogether.
What you can do to help
Sometimes, only offering your support is enough to help a loved one through their financial problems. In more serious cases, however, you might need to take over the financial affairs of your loved one. If your loved one's financial situation is especially troubling, here are some tips you can do to help make a difference in their situation.
Be their power of attorney. This is a way to legally manage their financial affairs especially if they are no longer able to anymore.
Access to their financial records: You will need to be able to access their financial records, such as policies, bank accounts, etc., in order to manage these accounts properly. Don’t forget to request access to their pin codes and passwords so that you can access the relevant accounts when the time comes.
Refinancing assets. If you are looking for ways to find financial relief, this could be the ideal time to think about refinancing your home to get the surplus in cash you need to cover urgent bills or to pay for a skilled nursing facility in Brooklyn if they require constant care. Be sure to do the necessary research regarding pricing, and payment options while taking note of any reviews and detailed facility reports to get a better idea of what the facility is about and what they offer to ensure that your loved one is placed in the best care possible.
Taking over your senior loved one’s finances is probably going to be trying - even a little frustrating as you come to terms with your new financial responsibilities. However, you’re sure to be grateful that you did when you see the relief in your loved one’s eyes knowing that they don’t have to face their financial troubles all on their own.
For more informative articles, postings, and blogs related to health and medical care, be sure to spend some time exploring the Health Care New York website.