As your parents begin to age, remember that we all eventually need help with maintaining our financial well-being. Still, it is normal to ask, ‘How do you take care of elderly parents’ finances?’ While you can manage their finances alone, it requires considerable expertise to make the most of their financial situation, avoid costly mistakes, and help them hold onto their independence. So hiring a professional is essential.
At Marcia L. Campbell, we have helped manage seniors’ finances for decades to relieve the strain this places on their relationship with loved ones and help them make the most of their financial situation. Read the second installment in our two-part blog series on how to take care of senior parents’ finances to learn more.
Related Article: How Do You Take Care of Elderly Parents Finances in California, Pt. I?
How Do You Take Care of Elderly Parents’ Finances?
Tending to your aging parent’s finances is no small feat. From gathering and updating documents and personal information to reviewing investments and loans, read on to learn more about how to help your parents take care of their finances.
Related Article: What Are the Elder Care Financial Service Options in California?
Gather & Update Documents and Personal Information
Gathering and updating personal information and documents is another component of answering the question, How do you take care of elderly parents’ finances? The documents you need to locate include their:
- Power of attorney documents
- Birth certificates
- Social security cards
- Driver’s licenses and IDs
- Passports
- Marriage/divorce papers
- Will, estate plan, or trust
- Insurance policies and cards
- Financial account details and terms
- The deed for their home(s)
- Vehicle titles
- Retirement accounts
- Tax returns
- Usernames and passwords for online accounts
- Any contents of a safe deposit box
Make a note of where each document is stored. For documents like IDs, ensure they are easily accessible because they will need to use them frequently. If any documents need to be renewed or updated, ensure they are updated before they expire.
Updates and renewals can apply to things like driver’s licenses, but this can also apply to wills. We advise adding dates for renewal and updates to your payment schedule when managing elderly parents’ finances to ensure you stay on top of these documents.
Related Article: How to Help Your Aging Parents Manage Their Finances
Review Investments, Loans, and More
You will be responsible for several types of documents, many of which will require an expert set of eyes, which is when elder accounting services are essential. For example, investment plans and loan terms can demand expert help to interpret.
Working with a premier elder care CPA can help identify opportunities for improvement or new approaches to these obligations while also looking at all expenses and taxes to determine if you have maximized earnings and savings.
“A person’s financial situation is like their life situation: it is constantly evolving. As it starts to change, new opportunities naturally appear, which is why private professional fiduciary services can be so important. These experts will be constantly vigilant for opportunities to optimize your parents’ financial situation so they will not only be financially secure today but even more secure and prosperous years from now, too.” – Marcia L. Campbell, a leading private professional fiduciary in California who specializes in overseeing the finances of the elderly.
Related Article: How to Find Tax Help for an Aging Parent
Enlist Professional Fiduciary Services
Enlisting a private fiduciary is the best answer for those wondering, How do you take care of elderly parents’ finances? Only a premier professional fiduciary has the experience and expertise to commit to your aging parents’ financial needs and tailor services to them.
Working with a private, professional fiduciary not only helps manage them but makes the most of their financial situation, maximizes savings, and avoids costly mistakes.
Related Article: What is Senior Money Management?
Expert Private Fiduciary Services
So, How do you take care of elderly parents’ finances? Hopefully, after reading this two-part series, it is clear: working with a professional is essential to ensuring your parents enjoy financial security for years to come. Plus, managing your parents’ finances is a full-time job. At Marcia L. Campbell, we offer premier eldercare and financial care services that empower seniors to maintain their independence while securing their financial well-being.
