Helping Your Loved One Manage Their Finances

Author

ELDER MAZE SOLUTIONS

For more information about the author, click to view their website: Elder Maze Solutions

Posted on

Sep 17, 2024

Book/Edition

Pennsylvania - Greater Pittsburgh Area

As our senior loved ones age, we may start seeing physical and mental signs of decline. While some signs are not worrisome, others may be more concerning: anxiety, depression, forgetfulness, and mishandling money. These could indicate more serious issues and are risky behaviors. So here are four things you can do to help your aging loved one manage their finances.

 

Four Ways to Help Your Aging Loved One Manage Finances:

1. Stepping Up to Help With Daily Tasks

As they age, your loved one may start having difficulty remembering important things such as taking their medications and getting refills on time. If you notice your loved one is no longer able to keep track of due dates for their bills or forgets to pick up their mail and leaves letters unopened, it is time for a conversation. Ask them if you can take charge of their finances in order to avoid overdraft fees, missed due dates, and other potential problems.

If you live far away or if you cannot visit regularly, consider hiring an Aging Life Care Manager® to check on your loved one, assess their needs, and recommend on-going services. Share a calendar with their care team to let them know about appointments, and make a readily-accessible list of phone numbers that include doctors, pharmacies, banking institutions, and emergency numbers.

 

2. Finding a Suitable Rental

Another consideration is your loved one’s living arrangement. A popular option is finding a new, accessible, rental home or apartment, which means less maintenance than owning a home. When scouting rentals, look in neighborhoods with the amenities they need. View online listings to find properties in their price range to locate the perfect place.

 

3. Getting Power of Attorney

Ask your senior loved one if they’re willing to grant you power of attorney, which will allow you to make medical and/or financial decisions for them when they’re no longer able to do so. A power of attorney is a flexible document that lets your loved one (the principal) specify what decisions can be made on their behalf by another person (the agent). The principal can amend or make changes to that document at any time, provided they are of sound mind.

Once you fill out the required forms and have them notarized, print extra copies for your records and put them in a safe place. Being legally prepared before your loved one becomes ill or incapacitated will give both of you peace of mind – taking the guesswork out of what should happen and knowing that your loved one’s wishes will be respected in the event they’re no longer able to clearly communicate.

 

4. Closing or Selling Your Loved One’s Business

When your loved one owns a business but can no longer manage it, it is time to close or sell it. There are many steps involved in dissolving an LLC or corporation, so consult with an accountant or attorney in order to avoid penalties. You will have to gather all documents pertaining to the company such as articles of incorporation and operating agreement and be able to provide a potential buyer with several years of tax returns, profit and loss statements, and client/vendor contracts, etc.

Get a professional business valuation in order to properly and objectively determine its value. A good business broker will help you come up with a number by analyzing the company’s management, capital structure, future earnings, and market value of its assets, and will facilitate and streamline the selling process.

It can be a difficult conversation, but it is important. Take time to discuss your loved one’s financial situation. Together, come up with a plan that will keep them financially secure. You’ll have greater peace of mind knowing that everything is in order.

5. Efficiency

Aging Life Care Managers streamline care processes, reducing redundancies and ensuring efficient use of resources. They help avoid unnecessary hospitalizations and inappropriate placements, which can save significant costs. For example, an Aging Life Care Manager might identify that a client’s frequent hospital visits are due to medication mismanagement and work to set up a system where medications are properly administered at home, thus reducing the need for hospital care (Yang).

 

What Distinguishes an Aging Life Care Manager from Other Geriatric Care Managers?

Aging Life Care Professionals are distinguished by their membership in ALCA, which sets them apart through rigorous education, experience, and certification standards. Aging Life Care Professionals must meet stringent education and certification requirements, which include formal higher education in related fields such as gerontology, nursing, or social work, and professional certifications like Care Manager Certified (CMC), Certified Case Manager (CCM) . Additionally, they adhere to a strict Code of Ethics and Standards of Practice, ensuring a high level of professionalism and quality care.

When to Engage the Services of an Aging Life Care Professional for Yourself or Your Loved One

Knowing when to engage the services of an Aging Life Care Professional can be challenging. Here are some indicators that it might be time to seek help:

  • The person you are caring for has multiple medical or psychological issues.
  • They are unable to live safely in their current environment.
  • They are not pleased with current care providers and require advocacy.
  • They are confused about their own financial and/or legal situation.
  • They have limited or no family support.
  • Your family is “burned out” or confused about care solutions.
  • You have limited time and/or expertise in dealing with the individual’s chronic care needs and/or do not live close by.
  • Your family is at odds regarding care decisions.
  • You need education and/or direction in dealing with behaviors associated with dementia.

 

Evaluating Aging Life Care Professionals for Yourself or Your Loved One

When evaluating Aging Life Care Professionals, consider the following:

  • Credentials and Certification: Ensure the Aging Life Care Professional is certified and a member of ALCA.
  • Experience: Look for professionals with substantial experience in geriatric care management.
  • References and Reviews: Seek references from previous clients and read reviews to gauge their reputation and effectiveness.
  • Compatibility: Choose someone who is compatible with your family and understands your specific needs and preferences.
  • Communication Skills: Effective communication is crucial; the Aging Life Care Professional should be able to clearly explain care plans and updates.

 

Understanding Aging Life Care Management

Aging Life Care Management is not just about addressing immediate health concerns but also about providing a holistic and proactive approach to care. This includes planning for future needs, advocating for the client within the healthcare system, and supporting the family through emotional and logistical challenges.

“It’s about enhancing the overall quality of life for both the older adult and their family.”


Advice for Planning for Healthy Aging

Planning for healthy aging involves being proactive about your health, finances, and lifestyle choices. Here are some key pieces of advice from ALCA:

  • Maintain a Healthy Lifestyle: Prioritize regular exercise, a balanced diet, and mental health to stay physically and mentally fit.
  • Plan Financially: Save and invest wisely to ensure financial stability in your later years. Consider long-term care insurance and other financial products that can help cover future care needs.
  • Stay Informed: Educate yourself about aging and the resources available to support you. Stay connected with community services and support networks.
  • Be Proactive About Healthcare: Regular health check-ups and screenings can help detect and manage potential health issues early.
  • Build a Support Network: Cultivate strong relationships with family, friends, and community members who can provide support as you age.

 

Aging Life Care Management is an invaluable resource for families navigating the complexities of elder care. These professionals play a pivotal role in ensuring that older adults receive comprehensive, compassionate care while supporting and relieving the burdens on their families. By understanding and utilizing the services provided by these professionals, families can enhance the quality of life for their loved ones and themselves. For more detailed information and resources, the Aging Life Care Association website is an excellent place to start.

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Elder Maze Solutions

Geriatric Care Management 213 Smithfield St, Pittsburgh, Pennsylvania, 15222

Elder Maze Solutions offers a helping hand to families navigating the complexities of caring for aging loved ones. Our team of experienced professionals provides a comprehensive approach to elder care, ensuring your senior family members receive the care they need while maintaining their independence and dignity. Understanding the Challenges of Elder Care Caring for aging parents or grandparents can be a daunting task. As seniors face health issues, cognitive decline, or require assistance with daily living activities (ADLs), families are often left struggling to find the best course of action. Elder Maze Solutions recognizes these challenges and strives to alleviate the burden on families by providing expert guidance and support. Elder Maze Solutions: Services to Help You Navigate Elder Care Elder Maze Solutions offers a wide range of services designed to meet the specific needs of your loved one. Here's a closer look at some of their core offerings: Geriatric Care Assessments: A comprehensive evaluation by a qualified geriatric care manager (GCM) to assess your loved one's physical, cognitive, and functional abilities. This assessment helps identify areas where your senior might need assistance and forms the foundation for creating a personalized care plan. Care Coordination and Management: Elder Maze Solutions serves as a central point of contact for all your loved one's care needs. They work with doctors, specialists, therapists, and other healthcare providers to ensure a coordinated and seamless care experience. This reduces stress for families and ensures that your senior receives the right care at the right time. Dementia Care Management: Elder Maze Solutions specializes in providing compassionate and qualified care for seniors with dementia. Their GCMs have extensive experience in managing the unique challenges associated with dementia, such as memory loss, behavioral changes, and safety concerns. They can help families develop a care plan that promotes safety, dignity, and quality of life for their loved ones with dementia. Healthcare Power of Attorney: Elder Maze Solutions can assist you with navigating the legal aspects of healthcare decision-making for your loved one. They can help you understand the importance of a healthcare power of attorney and guide you through the process of appointing someone you trust to make medical decisions on your behalf if you are unable to do so. Long-Term Care Planning: Elder Maze Solutions can help you explore various long-term care options, including assisted living facilities, nursing homes, and in-home care. They can provide you with information on costs, quality of care, and resources to help you make informed decisions about your loved one's future care needs. Advocacy and Support: Elder Maze Solutions serves as your advocate, ensuring that your loved one's voice is heard and their rights are protected. They can help you navigate the complexities of the healthcare system, communicate effectively with medical professionals, and access available resources and benefits. The Elder Maze Solutions Difference Elder Maze Solutions goes beyond simply providing services. They are committed to building trusting relationships with families and their loved ones. Their GCMs take the time to understand your unique situation, concerns, and goals. They provide personalized care plans that are flexible and adaptable to your loved one's changing needs. Benefits:* Reduced stress and burden on families* Improved quality of life for seniors* Increased peace of mind for families* Cost savings through proactive care planning* Personalized care plans tailored to individual needsWith Elder Maze Solutions by your side, you can feel confident that your elderly family members are receiving the care they deserve while maintaining their independence and quality of life. Let us help you navigate the journey of elder care with peace of mind. Give us a call today!