Warning Signs Your Aging Parent Needs Help With Finances

9:15 pm Asset Protection, Estate Planning

caregiver e1354228604294 Warning Signs Your Aging Parent Needs Help With FinancesAccording to the Alzheimer’s Association, one in three seniors die with some form of dementia.  As baby boomers age, the prevalence of dementia is only increasing with time – in another 35 years, it is estimated that the number of Americans with Alzheimer’s will triple.

Here are 7 warning signs to look for that your aging parent could use help managing their finances:

1.  Shut-off and overdraft notices.   They may no longer be able to keep track of the due dates of their bills or balance a checkbook.

2.  Credits on recurring bills.  Large credits on recurring bills may indicate they have forgotten they have already made a payment, so they keep sending checks.

3.  Empty bank account.  Points to a problem with managing their money on a monthly basis.

4.  Unopened mail.  Stacks of unopened mail can be a red flag.

5.  Unusual purchases.  If a usually frugal parent makes extravagant purchases, it may be an indication of eroding financial management skills.

6.  Gambling.  A senior who starts gambling regularly or does it more often than normal can signal trouble.

7.  Unusual mail and phone calls.  Could be an indication they have fallen victim to financial scams or abuse.

Children of aging parents with financial management issues should consider setting up a trust and/or durable power of attorney.  Sometimes, a guardianship or conservatorship may be in order in the absence of a power of attorney or trust.  Contact our Costa Mesa law firm for assistance.

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