Have you noticed that yourelderly loved one is having â€œmemoryâ€ problems? If yes, what should you do,especially when it comes to financial matters? Preparation is key.
A recent article in Forbes considered these question andothers. The article, titled â€œIs Your Aging Loved One "LosingIt"? Five Strategies to Help You Prepare For Managing the Money,â€also provides some practical pointers, to include:
- Learn about the assets and financial responsibilitiesyou and your loved one have.
- Take time to get to know your loved oneâ€™s financialadvisor, accountant, broker and banker.
- Do not accept financial illiteracy.
- Accept the potential responsibility you may have oneday as a way of protecting yourself against fraud and financial abuse.
- Check your legal documents and be sure that you havewhat is needed to take over financial management if that time comes.
Each of these points isimportant. However, I will add my own to the mix â€“ donâ€™t ignore the issue.
While it can be hard admittingthat a loved one is â€œlosing itâ€ cognitively, matters are made worse when theirfinancial matters crash and burn, too. If you already are at that point, thenit may be wise to have a family meeting to coordinate your plan of actiontogether.
Even closer to home, take a good look in the mirror.Do you have your own estate planning in place so your loved ones could takecare of your financial matters? At Idaho Estate Planning, we understandthe challenges faced by elder Americans. We have the experience and expertiseto help you maintain your options and protect yourself as well as your lovedones now and into the future. Remember, good planning is no accident.