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Signs that it’s time to take over an aging parent’s finances

By Kevin McClarren, 8:00 am on

Taking over an aging parent’s finances can be a sticky situation, especially when your parent feels competent to handle their own affairs. However, there are some signs that adult children should be aware of, alerting them to the fact that their aging loved one may need assistance with their finances. Consider these signs, provided by Home Care Assistance of Warren, that might indicate that you need to take over an aging parent’s money management.

Bills are not being paid on time

If your aging parent has been meticulous about paying bills and all of a sudden payments are not being made on time, you need to ask questions about why this is happening. It could be a sign that your parent is experiencing some memory problems. If this persists, late payments could lead to utilities being turned off, late fees and poor credit.

Financial resources are dwindling

If your parent has managed his or her financial resources well, but seems to be having a hard time making ends meet, it is time to find out where the money is going. It is not unusual for unscrupulous individuals to prey on seniors. This includes selling an aging parent services or products that he or she does not need, overcharging for work done around the home and stealing money.

An aging parent’s credit report has “red flags”

“Red flags” on the credit report indicate the need to take over an aging parent’s finances. Red flags include new accounts being opened, late payments and a lower credit score. These could mean that another person is opening up charge accounts in your aging parent’s name. Identity theft criminals often target the elderly because they presume they won’t regularly track their financial reports.

If your parent’s finances are in jeopardy, so is their livelihood. It’s important to make sure that you or another family member is able to access your aging parent’s financial accounts to regularly check for an inadequacies or fraudulent charges. It can also be helpful to have a 24/7 caregiver in Warren who is able to set reminders for your aging parent, mail bills or monitor any changes in their physical or emotional health.

For more information on how a Warren caregiver can help your aging loved one, call 908.450.9400 to schedule a free in-home consultation.