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When it is time for parents to give up their finances

As a caretaker, you have been charged with making sure that your loved ones are protected physically, financially, and mentally from the pitfalls of aging.

elderly woman writing

Just like you’ve insisted that your parent wears their medical alert devices, you might find yourself in a position where you need to take over your loved one’s finances.

When do you need to take over your parents’ or loved ones’ finances?

This can be an incredibly awkward conversation to have, but there comes a point where it becomes absolutely necessary. You are keeping their best interests at heart, just like when you had them start wearing senior medical alert systems.

Here are some of the warning signs that it’s time for your parents to give up the financial reins:

  • Living outside of their budget with unnecessary purchases.
  • Frequent complaints about not having any money.
  • Not able to balance their checkbook or check the balance on the credit card.
  • Starting to gamble, or gamble more often.
  • Creditors are calling more often and your loved one is playing it off.
  • They don’t seem to have the ability to comprehend cash and the value of things.

Tips for Having the Conversation

When you’re faced with the prospect of having to take over your parents’ finances, making and following through on the decision can be heartbreaking for the both of you. It’s never easy, but, like having senior medical alert systems, it’s something which must be done.

Tell your parents it’s that time

elderly woman and daughter talking
Some children of older parents are just that lucky to have had the parents or loved ones bring the subject up already. They will tell you to tell them that it’s time, and they’ll hopefully respect that decision that you made in being their bellwether.

Be Incredibly Respectful

You’re unfortunately going to be the messenger, and there’s always a bit of resentment afforded to the messenger – even when you’re giving accurate advisement. They’re still your loved ones, and in some cases they’re still your hero. They deserve to have respect and dignity in that conversation.

Like Medical Alert Devices, this is to ensure the Future

What you’re doing is taking the reins so that the hemorrhaging of money can stop. You’re offering a different solution to the one that they possibly had, one which will ensure that they have money in the bank. You’re really only concerned for their well-being, after all.

Tell Them You Want Them to Have Everything

You love your parents, and you want them to have the best care, the best stuff, and the world handed to them on a silver platter. You want them to have a similar safety like they have with their senior medical alert systems, and taking over their finances is just one way to get them there.

Just because you’re taking over doesn’t mean the World Will Change

As humans, we’re not fond of change. Our loved ones didn’t like that first day when they wore medical alert devices. If they’re independent sorts, they’re probably not going to be very fond of giving you the control. To start, try leaving them as much control as you can, which might help them through the process. Then watch their spending closely and show them where things are going wrong.

You may want to engage an attorney who specailizes in elder law to assist you. Elder Law Attorneys can help to set up trusts, living wills, and other ways to both protect your parents assets and ensure their wishes are expressed in writing.
Nobody wants to take control of their loved ones’ financial lives, but it’s something very necessary to take it over before disaster strikes. These are the decisions, like the decision to get medical alert devices or senior medical alert systems, that you need to make to ensure your loved ones’ well-being and future satisfaction.

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