So your parents are aging and preparing to relax and enjoy retirement. But that doesn’t mean their finances will follow suit. As your parents enter this life chapter, it is normal to ask, ‘How do you take care of elderly parents’ finances?’
While you can manage their finances alone, it requires considerable time and expertise to make the most of their situation and avoid costly mistakes. Ultimately, hiring a professional can help ensure their golden years remain gilded.
Read the first installment in our two-part blog series on how to take care of senior parents’ finances to learn more.
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How Do You Take Care of Elderly Parents’ Finances?
Tending to your aging parent’s finances requires considerable work. From compiling a list of all accounts to creating payment schedules, read on to learn how you can help take care of your elderly parents’ finances.
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Make a List of Their Accounts
Making a list of all accounts is a crucial first step to answering the question, How do you take care of elderly parents’ finances?
In many ways, this will give you an overview of the responsibilities you will have to assume when taking over elderly parents’ finances. To get an overview of the scope of this undertaking, compile a list of their:
- Debit and credit card accounts
- Mortgage or rental payments
- Medicare, Medicaid, Social Security, and benefits
- Utilities
- Investments
- Loans
- Taxes
After making a list, gather all statements and documents for these accounts. This documentation will help you track outgoing and incoming funds and what financial obligations your parents have.
Still, remember that, just like your financial situation, your parents’ finances will change, so this will require regularly checking and updating this list.
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Create a Payment Schedule
After compiling a list and collecting documentation, you will have an idea of all the payments your parents must make.
One of the most important aspects of taking control of elderly parents’ finances is staying on top of payments. Set up a regular payment schedule for every expense. This schedule can be in the form of a physical calendar or automated pay.
The important thing is that you do not miss payments because this can complicate and worsen your parents’ financial situation.
Related Article: Everything You Need to Know About Transitioning Your Elderly Parents’ Finances
Consider Private Professional Fiduciary Services
Hiring a private fiduciary is one of the best answers for those wondering, How do you take care of elderly parents’ finances?
Only a premier professional fiduciary has the time, expertise, and experience to dedicate to your elderly parents’ financial needs to not only manage them but make the most of their financial situation, maximize savings, and avoid costly mistakes.
“Managing someone’s finances is a full-time job, and you already have one of those. When you consider staying on top of their accounts and investments, updating and renewing their documents, planning their taxes, and everything else that comes with this responsibility, it can be overwhelming. Professional services can lift this weight off your shoulders so you can focus on enjoying your time with your parents and ensure that they can make the most of their golden years.” – Marcia L. Campbell, a leading private professional fiduciary in California who specializes in overseeing the finances of the elderly.
Related Article: What is Senior Money Management?
Expert Private Fiduciary Services
So, How do you take care of elderly parents’ finances? Working with a professional is crucial to ensuring your parents have financial security for years. As a result, this will take the heavy load off your mind and minimize the strain this puts on your relationship. At Marcia L. Campbell, we provide premier eldercare and financial care services that enable seniors to maintain their independence while protecting their financial well-being.
