Elderly Funds: How to Financially Support Your Aging Parents or Grandparents

By: Robert Katz

It is tough enough to start budgeting money for yourself, then when you get married and have kids, but most don't think about saving money or helping budget for your parents when they get old and can't do it anymore for themselves. Dementia, Alzheimer's, Old age can take it's toll on the memory and seriously effect your financial situation if not realized right away. Many elderly loose 10's to 100's of thousands of dollars in investments they didn't even realize they were making or still had. Legally, it is very hard to know if someone has dementia or is unsuitable to manage their finances and thus brokers liability when recommending risky investments is very low. Also, when is it time to move your parents out of their home and into one. Here are some tips on approaching the subject and how to go about finding the right place.

Financial Advisers have a legal obligation to put their clients financial interests above their own, while Brokers only have to supply evidence and support for their product recommendations outlining the risks, costs and benefits while keeping their customers finances in mind. Money managers are good to make sure bills and financial statements are in order. As you get older switching from a broker to a Financial Adviser and hiring a money manager might be two good ways of preventing forgetfulness, or something more serious, from costing you more than just your memory.

As far as the question on when and how to start thinking about an assisted living facility many people like to consult with a Geriatric Care Manager. They will help determine what is necessary medically for their own personal safety and some options to consider. Check insurance and for long term care policies to see how much cost they will cover and then assess how much care they can afford. An aid to come help out a couple times a week as opposed to moving to an assisted living facility can save money and serve as good preparation for the transition in the future. Being as caring, open, and honest is the best way to help your parents or grandparents with this hard realization that they do need some help.

Sources:
Source 1
Source 2
Source 3