You’re used to your parents making important decisions and taking the lead. After all, that’s what they did when you were growing up. But, the reality is that age catches up with all of us and we are not always going to be able to handle our own finances.
As your parent reaches their twilight years, you want to do everything in your power to make sure that they are safe and secure. There are a number of ways that you can help them but you first need to recognize that they are in trouble. Outlined below are some signs that your elderly parent may need some help with their finances.
In the current climate, most people are tightening their purse strings a little. As you get older, it can become even more pressing to be more frugal with your finances, as you don’t have the same income coming in anymore. Recently, you’ve noticed your parent buying lavish gifts for their grandparents and handing out generous sums of cash. While there may be nothing wrong with this, it’s also a potential sign that your parent has lost control of their finances and may need a little help.
A build-up of debts
When you were growing up, your parent always stressed the importance of trying to stay out of debt. Thus, you find it unusual when you notice a letter stating that they have not been paying their bills. Perhaps creditors have even made house calls and visits? Your elderly relative may simply not understand the gravity of the situation or how to get things back under control. This is something you can assist with.
There are numerous legal strategies for helping elderly individuals manage their finances. Getting in touch with someone experienced in the field will give you a better idea of your options.