Temple home care agencies know that managing finances can prove challenging for seniors of a certain age. Fortunately, there are a few ways family members can assist their elderly loved ones with these responsibilities.
Hire an Elder Law Attorney
An attorney who specializes in elder law can help families with various financial issues including estate planning. He or she can draft and execute wills and trusts, which are legal documents that clearly outline the transfer of estates and assets into the hands of beneficiaries. Additionally, a lawyer who specializes in elder law knows how to give an individual the power of attorney status. A person who takes on the role of power of attorney can make financial decisions on behalf of an elderly loved one.
Downsize the Residence
From a financial point of view, it doesn’t make much sense for a senior citizen to live alone in a private property that has multiple bedrooms. Even if an elderly person resides in a home that’s no longer tied to a mortgage, there are still some hefty annual fees such as taxes and maintenance. A low-income senior who can live independently should consider applying for a Housing Choice Voucher Program, which can cover the monthly rent for an apartment. It’s much more affordable for a senior to use this subsidized housing program than to reside in an assisted-living facility.
Manage Wise Investments
A senior citizen’s personal assets should be carefully managed to prevent significant losses in a fluctuating global marketplace. Live-in caregivers in Temple should scrutinize the types of investments that elderly loved ones have. It’s often a wise decision to sell some stocks and withdraw other money that is held in mutual funds or similar financial packages. IRAs, 401Ks and life insurance plans can also be adjusted to get an immediate source of money for urgent expenses for a senior citizen.
Check Recurring Payments
Family members should ensure that their elderly loved ones don’t spend too much money on recurring payments for nonessential products and services such as magazine subscriptions and charitable donations. Additionally, it’s important to check monthly bills for utilities and other services such as telephone, Internet and cable TV. Perhaps some of these services should be cut if a senior citizen is no longer mentally fit to use them frequently.
In addition to finances, seniors also often require assistance with daily tasks like cooking, cleaning, and even personal care. Turn to Home Care Assistance to help your senior loved one manage these and other aspects of daily life in order to boost physical and mental wellbeing. We even provide stroke, dementia and Alzheimer’s home care in Temple for seniors with more specific needs. Call us at 254-856-0600 today to learn more about our services and schedule a free in-home consultation.