In many cases, when senior citizens need help in managing their money, adult children or other relative step in, but oftentimes, the children live too far away or just don’t have the time due to their own busy schedules. Whether it’s just balancing a checkbook or a monthly reminder of bills that are due, the process of elder preparedness should include money management services.
A money management service can provide personal assistance when an elderly person can no longer manage their money on their own. If a close friend or loved one can no longer keep track of bills, is having trouble getting to the bank, or can’t write a check due to arthritis or some other health condition, it just may be the right time to seek help. A qualified money management service can help with a lot of financial concerns, including:
Ensure Independent Living for Your Loved One
A money management service will make sure bills get paid on time, checks get deposited and all necessary taxes get paid. Proper money management will prevent eviction or foreclosure, utility shutoffs, and other trouble that might be encountered due to an unpaid bill. This service can sometimes mean the difference between independent living and a nursing home or other long-term care facility.
Provide Vital Bookkeeping Service
The bookkeeping services provided, in addition to paying bills, making bank deposits and balancing checkbooks, also organize tax records and other important documents. This vital service will give a caregiver the peace of mind that the personal finances of their close friend or loved one are being professionally maintained. If necessary, out of town children or relatives can be kept informed concerning their loved one’s finances.
Help Prevent Financial Abuse and Scams
When an elderly person is no longer able to take care of daily finances, they become more susceptible to financial abuse, which could have some very severe consequences. Every day, senior citizens are being scammed out of large sums of money. According to statistics provided by the National Center on Elder Abuse, financial exploitation was reported at a rate of 41 per 1,000, which was higher than reported rates for emotional, physical, and sexual abuse or neglect. An article on MSN recounts the story of an elderly couple who owned their home and had set aside a sizable nest egg for their retirement years. Advanced forms of dementia resulted in the hiring of a live-in caregiver. In about ten months, the caregiver caused this couple to be homeless and penniless. A qualified money management service will review bank and credit card statements for suspicious activity like large withdrawals or payments to anyone in large amounts and determine whether or not these transactions are legitimate. The financial abuse of our seniors is a very serious problem.
Santa Barbara Estate Services provides money management and many other services that help those with challenges and their caregivers better cope with their challenges. Please feel free to contact us for all matters dealing with senior issues, from daily money management and bookkeeping, to finding and overseeing in-home care, locating appropriate assisted living care, handling the relocation, dealing with the client’s possessions, and attending to whatever related matters arise.
