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Your Elderly Parents and their Finances

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For many of us, the time has come for us to assist our parents with some day to day activities to help them lead more full and rich lives. One of the most common ways that we are asked to help is with managing their finances. Sometimes, they may come out and directly request the help and other times, you might have to intervene due to some changes in their normal spending and saving habits.

Individuals who reach retirement age often have to adjust to a lower, fixed income that what they were typically used to when they were working. This can lead to a lot unplanned changes in their spending habits. It’s important to keep an eye out for any large amounts of spending using their credit cards or bounced checks due to insufficient funds in the bank. These may cause additional headaches that can be avoided. Another tip is to monitor who has access to their financial accounts. Sometimes people will take advantage of the elderly and although your parents may trust them, these people may not have their best interests at heart.

It is important to remember that your parents are still the owners of their own accounts and have the ultimate say in how expenses are paid and how their money is distributed. If you see something that causes concern, the best thing to do is to discuss it with them directly. If your parents are experiencing financial distress, it may be wise to seek a debt attorney who would be able to review their case and see what options may be best for them. For a free consultation, please call the debt relief law firm of Alberto H. Hernandez P.A. at 305-820-0334 today!

2018-09-27T20:16:41+00:00 September 27th, 2018|Categories: Savings and Financials|Comments Off on Your Elderly Parents and their Finances