As your parents age, they need support to maintain their independence, but it is difficult for seniors to ask for this support because it feels like forfeiting their dignity. Still, even if they don’t explicitly request help, your parents will ask for help without asking. Many people ask, How do you know if your parents are struggling with money?
At Marcia L. Campbell CPA, we have helped seniors maintain their dignity and independence while ensuring they are financially secure for decades with premier private professional fiduciary services. Read the second installment in our two-part series on how to tell if your parents are struggling financially and what you can do to help.
Related Article: What Are the Elder Care Financial Service Options in California?
How Do You Know if Your Parents Are Struggling with Money?
As your parents get older, there are a few tell-tale signs that will signal they are having problems managing their finances. From difficulty writing checks to risky investments, read on to learn how to detect elderly parents’ financial problems.
Related Article: How Do You Know if Your Parents Are Struggling with Money, Pt. I?
They Have Trouble Writing Checks or Doing Simple Math
Having trouble writing checks or performing simple math is also a major sign for those asking themselves, How do you know if your parents are struggling with money?
Checks may seem outdated, but many seniors still use them to pay bills and make other purchases. If your parents have trouble remembering the date or completing checks correctly, this is an early warning sign of deteriorating financial management ability.
Also, when you are out with your parents, monitor how well they can do simple math. If calculating a tip or the correct change is an issue when buying something, this is also a sign that it’s time to start working with a professional fiduciary for elder accounting services.
Related Article: Private Fiduciary for Elders with Alzheimer’s
Risky Investments and Lack of Knowledge
Maybe your parents were veteran investors. But as they age, they become increasingly more susceptible to investment fraud. If your parents have trouble identifying risky investment opportunities, hiring elder care accountants to support them is essential.
“Talk to your parents about their investments, and ask for details. This may require some due diligence, but not getting ahead of investment fraud can undermine their quality of life. You should also regularly talk to them about their finances. If they forget important details, like where their money or investments are, this is a huge red flag and requires immediate attention.” – Marcia L. Campbell, a leading elder care CPA in California
Premier Elder Care CPA and Professional Fiduciary Services
So, how do you know if your parents are struggling with money? Your parents will convey this in several different ways that often don’t involve words at all. When it is clear that they need extra support, taking over elderly parents’ finances with the help of premier elder care accountants is essential to help them make the most of their golden years and eliminate this burden and stress from your relationship with them.
