In an effort to be able to help your aging senior who you believe may not be able to live alone any longer you need to understand some basics relative to their financial situation. Having a handle on their financials will save you significant time and minimize angst when you are ready to help them consider an alternative living accommodation.
Before you begin what may be perceived as an “inquisition” by your senior loved one, you might want to lay the groundwork for why you are inquiring about their finances. If they know you have their best interest at heart they will be more apt to cooperate with you and you definitely need their cooperation.
Some questions you need to ask
What is your loved one’s monthly income? When do the checks arrive each month? Are the checks deposited into their checking or savings account or sent to their home? Which bank or credit union holds their accounts?
What are the components and sources of this income?
Proceeds from sale of real estate
It is important for you to make a list of each component of income for your loved one, along with expiration date of CD’s etc. so that you can help him or her prepare financially for paying for the needed care. You may want to create a chart listing each source of income with address, telephone number and contact person at each financial source.
This way you or your loved one will be able to quickly notify them of any change in your loved one’s condition, address etc. The process of gathering all of their financial information is critical to your success in helping your aging senior when it is time to move them to another living accommodation.