A social worker by training, Nancy Oriola is the CEO of Decades LLC. At Decades, Nancy Oriola provides professional financial services management for seniors.
Many seniors need help with their finances, forcing their grown children to take up their parents’ financial responsibilities. The key to succeeding in this role is being proactive rather than reactive.
If an elderly relative needs help with his or her finances, sit him or her down and talk candidly about it. Have a thoughtful and respectful discussion where you express your concerns and show your willingness to help. You can involve other siblings or family members in the discussion to reinforce the message that everyone is concerned.
If the senior relative is willing to accept your help, start by organizing his or her finances. Get information about his or her financial assets, liabilities, income, and expenditures. This will give you a view of the overall financial situation he or she is in. Draw up a list for each item. For example, have separate lists of monthly bills such as water, gas, and trash; debts such as credit cards; income such as social security and company retirement plans; and assets such as home equity, insurance policies, mutual fund accounts, and bank accounts. Consider taxes too.
Afterward, if his or her finances are easily manageable, set up systems to make sure income is accounted for and the bills are paid on time every month. Continuously monitor this system and the senior’s financial activities. However, if his or her financial position is complex, get help. Consult a professional financial advisor.
