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Managing Your Senior Loved One’s Finances

By Nikhil Mehta, 9:00 am on

Palm Desert senior home care providers know that seniors often have trouble managing their finances. With help from trusted family members, however, seniors can stay financially healthy.

Establish Power of Attorney

By assuming the status of the power of attorney, home caregivers in Palm Desert can legally take control of their elderly loved one’s finances. Only one individual should be appointed the power of attorney in order to prevent conflicts among other siblings or relatives. When senior citizens are no longer mentally fit to make financial decisions, the power of attorney clause can go into immediate effect.

Draft a Will

An aging individual should create a will that specifies how his or her assets should be split among family members. A will is a legal document that goes into effect only when the listed senior citizen passes away. Lawyers highly recommend that wills be drafted and signed when an elderly person still has the mental capacity to allocate his assets to the desired individuals. The beneficiaries who are listed on the will can receive money from checking accounts, investment funds as well as other property such as homes, vehicles and jewelry.

Sell Personal Belongings

Senior citizens who suffer from deteriorating conditions might not need certain valuables such as sporting goods, recreational equipment and musical instruments. It might be a smart idea to sell these unnecessary items online, at local pawnshops or in flea markets. The money from the sale of these items can be used to buy seniors some medical equipment and medications that are not fully covered by insurance. It’s also a wise financial move to sell a registered and insured vehicle that a senior citizen can no longer operate due to health concerns.

Cut Unnecessary Expenses

Senior citizens might spend a significant amount of money on magazine subscriptions and other charges such as donations to charities. It’s important to stop these recurring fees that are typically withdrawn from credit cards and bank accounts. Additionally, elderly people who have dementia might not need access to the Internet and cable or satellite TV. Family members should carefully consider if these digital services should be cut from the budget.

Finances aren’t the only concern for aging seniors. Health problems, injuries and even loneliness can significantly impact the way seniors age at home. With help from Home Care Assistance, however, seniors can age in place in comfort without compromising their independence. We provide flexible live-in, hourly, and respite home care in Palm Desert that boosts both physical and emotional wellbeing. Learn more today by calling (760) 345-0001 to speak with a trusted Care Manager.