As older adults, age, sickness to their physical condition and their mental state of mind make it difficult for them to handle their financial issues. Overwhelmed by their finances they often feel confused and lost. Children, friends, and relatives will often offer their advice and support. Here are a few important facts you should be aware of before providing assistance.
- Be transparent and open will all who are involved including the older adult, siblings, and financial advisors.
- Organize all records. This may involve tracking down assets, finding lost documents, securities, financial statements, insurance policies, power of attorney, health care directives.
- Be alert to fraud and exploitation. It is not uncommon for older adults to be taking advantage of by relatives, friends, caregivers, and others.
Be careful undertaking more than you can handle. Often the task is too difficult for even a child, relative, or friend with the best intentions. Know when you need to step back and seek