How to Recognize When Your Senior Loved Ones Need Help with Finances
We don’t always like to think about it but we will get older one day, and when that happens, we may need help with our finances. If you are a child of a senior, then it’s especially important that you recognize when your loved one may need help and step in. Today, Quality Care of Howell has some advice on how to determine when your parents need help and how to assist.
It Is Important to Recognize the Signs
A major indicator is seeing piles of unopened mail or that they have not brought in the mail for a long time. There could be overdue bills in there, so investigate and open them all to see where they stand. When you open the bills, check for any strange or unnecessary charges, as that is another red flag. Another more obvious sign is when you notice that they are beginning to have memory issues. If you call on the phone and it takes them longer than necessary to remember who you are then you should stop by to check things out.
Also, keep an eye out for potential vision problems. Even if they open the mail, if they can’t see what is due, then they could be in trouble.
What to Do If the Situation Gets Out of Hand
In the case that your loved one is becoming too forgetful, or they need more help than you can provide, then you may have to consider moving them into a senior living facility. Take the time to research facilities around your area, read customer reviews, and check the price to see what fits into your budget.
During this process, it may be necessary to sell their house and you can use those profits to pay for the senior living budget. Again, research is necessary. Go online and use a home proceeds calculator that allows you to enter the sale price of the home and all taxes and closing costs, and it will give you an idea of the final profit that you will make after the sale.
If your parents own a business, then you may need to consider selling that as well. The first step is to get a professional business valuation so you can get a good idea of its true value. In addition to seeing the profit, this valuation will also tell you a good asking price and shows potential buyers that you are making an honest deal. After that, gather all necessary documentation so you can provide it upon request.
Immediate Changes to Make If You Notice an Issue
If you believe that your parents need some help, then you can step in and take over some processes, so they don’t have to worry about them. For instance, you can change their mailing address so that the bills are delivered to your home instead and then you can pay them when necessary. Also, you should ask them about their monthly utilities so you can pay those, too.
Obviously, it can be sad to see that your senior loved one needs help, but by following these steps, you can provide the care they need and solve their financial situation. If you are selling a house or business, get a valuation so you can save money in the process.
Quality Care of Howell is a family operated, assisted living facility licensed as an Adult Foster Care. Call (517) 579-2019.
Author: Andrea Needham
Eldersday.org
Written on 10/05/2022