How to keep parents from going broke
If age steals their ability to handle money, they may not even realize it. That puts the responsibility on you. Here's what to look for and what to do.
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Aging sucks. My wife and I have no kids so we will be on our own. 20 years helping my m-in-law and it does not get better. At least she stopped trying to give money to the TV preachers when she can barely afford her care.
After a point, they have to stop driving, ruining their finances and agree to extra care.
Walking in to a nursing home, is not good. I hope I have the courage to kill myself before that is me. Have a nice day.
Re: the comments on incompetent kids handling the money - I'm pretty sure you can set up POA's & Trust agreements so that someone OTHER than your heirs are in charge.
I was hoping this article would have more info on keeping parents safe from scams. I'm handling my parents finances (both have dementia), but other than checking their accounts monthly (or more often) and checking their credit reports I don't know what else I could be doing. They still live independently (with home help several times a week). I want them to have access to the phone, but I worry about someone calling them and having them give out their SS#, bank account #'s, etc.
I looked into blocking phone calls from anyone other than people they know, but it looked somewhat complicated, and they just aren't able to learn new things (even a new TV remote fazed them for quite a while). Does anyone else have any ideas that worked for them?
Keeping the parent involved is important. Keeping track of Deposits and Expenditures, checks and balances of all the accounts. It is difficult at first for the parent to relinquish their business, after all this is their money. Using Microsoft Excel is a good way to show the parent where the money is going, When and how much and as entries are made excel automatically keeps the balances. Being able to show the parent on a lap top, which they may not know anything about. Enlarging the print so they can clearly see what their accounts are doing. Show them the bills that are being paid. Go over Medicare Invoices regarding services rendered, watch for fraudulent billings. Medications, make sure they take them. When they start forgetting things one of the first things they put aside are the med's. They don’t like taking them and they are so expensive. Most important let them know you have their best interest at hand. Share everything with them, keep them in the loop. Talk to the parent and visit often. In their Senior + years you might be their care taker. This is not uncommon today.
Yeah, it seems like being responsible and saving your money just costs you in the end, but then again, my folks are proud people who would be appalled if they had to take a government hand-out (medicaid) for their care. So I have to keep reminding myself of that - it's their money, and it will be paying for their care.
But then I see the prices for some of these assisted-living facilities, and they've got to be ripping off the people who are paying out-of-pocket. Around here they're in the $4,000/month range, PER PERSON, plus add-ons for things like food & laundry, and any actual medical care they receive. And they don't even have an RN 24/7, or even CNA,s just "care-givers" that they're probably paying $8/hour.
I will go back to Europe .Get some gypsies to take care of me
It does pay to help your parents or in laws-big time and in many ways! Don't be afraid to hurt their feelings, my parents understand that they need the help and were very thankful to not have to deal with all the bills and be able to enjoy their "golden yrs" We've (siblings and I) protected them and us from the horrible fate of my husband. I wish my husband and I had met years before we did not just for the sentimental ooh I wish I'd met you sooner reason, but so I would have known his mother and grandmother were putting him in the worst debt you could imagine. Long story short- Senile gram hid bills, housebound mom took out 3 loans against family land, blew her mom's money and spent like crazy on T.V.crap. My husband is now saddled with an incomprehensible amount of debt to hold onto the fam. land that he can't even sell ! And poor gram?-She was considered too much of a danger and HAS to be in a crappy home since no one in the family can afford to put her anywhere better.
If you love your parents,in laws, grandparents or just love your own money- take care of them now or you could be very sorry later!
Interestingly enough, there is a new book out, "Man Down" written by an attorney on GMA, which shows women are better at most things than men. Backed up by tests and research. Let's have the women run things from now on, God knows the men have mucked things up! LOL.........
One interesting fact, women who managed hedge funds did about 10% better than men who managed hedge funds!
Enough of this,
You are right if you save the Democrats and clearly the Marxist Obama are gunning for you. In fact it is actully their plan to drive deficit spending, to bankrupt this country. When that happens the Marxist Uptian power they seek will be theirs! There will be no other options available but to raise taxes, and not just a little. It will be "From each according to his abilities to each according to their need". The redistribution of wealth will be complete, and we will all be craping and begging the government ot save us. Do you understnd the power that gives teh government elite at that time? This is the power every world dictator has today. No one dares cross them, they (we) are slaves to the power to be for food, shelther, retirement, etc.
Don't think it is that bad? Well ok. But even on the margins the Democrats are holding fast to prevent even 50 billion in cuts againsts a 1500 billion deficit!!!!! What is that a receipe for, but disaster, and a day when taxes will have to be massively raised, the economy crushed, and hundreds of millions of Americas begging for help.
So you are right party down, don't be a fool and let the government have anything to steal from you. They will be coming for you if Obama and the Democrats have their way.
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