How to Assist Seniors in Keeping Their Assets Safe
Her work in the financial planning business has spanned more than two decades, and she devotes most of her time to assisting her customers in gaining clarity, confidence, and control over their financial life.It is possible to use an asset-protection trust to aid seniors who require constant nursing care in paying the high expenses of assisted living or skilled nursing facilities, as well as the costs of in-home care.
Early chats with your parents about financial elder abuse are essential for safeguarding them from this type of abuse. It is also important to notice when memory loss begins to become an issue. If at all feasible, keep an eye on your parent’s accounts for withdrawals that are unusually big or frequent.
If your parents are more open to your assistance, you might want to consider having copies of their financial statements sent to you, or gaining online access to their accounts, so that you can keep track of their financial activity and potentially spot any irregularities before they become serious problems.
In the same way that a flight attendant would advise you to first put on your own oxygen mask before aiding someone else in an emergency, you must first preserve your own financial stability before attempting to assist your parent.A common occurrence is that an adult child would begin caring for their aging parent without being fully aware of the considerable financial challenges they may be facing.