Is your elderly parent struggling with money management?

On Behalf of | Jun 15, 2023 | Elder Law |

The aging process is something that no one can avoid, and you’ve seen this reality impact your elderly parent recently.

One of your main concerns may be that your parent is struggling to manage their money. Outlined below are a few signs that this may be the case.

Falling behind with payments

You may take comfort in the reality that your parent has the resources to cover their basic living costs. Thus, it may come as a surprise if you notice some letters demanding payments for bills. The situation may have even escalated to the point where debt collectors are calling and demanding money. If it’s not a lack of resources, then why is this happening? The truth is that your parent may just have forgotten to pay or is struggling with organizing their bills.

Susceptibility to scams

Unfortunately, financial scams often target the elderly. There was a time when your parent would never have fallen for any “get rich quick” schemes, but they may have recently been reeled in. If so, you may be concerned about them being taken advantage of again.

How can you help?

The good news is that there are several things you can do to help. If you feel that your relative is no longer able to manage their finances, then a guardianship is something you may want to consider. This allows a responsible party to take control over major financial decisions so that they are made in the best interests of your parent. Seek legal guidance to find out more.