As we age we lose the ability to do things we were once able to do. While many times these are physical things, mental impairment can also happen. This might place an elderly person in a situation where they are no longer able to handle their own personal finance and need help from an elder law attorney.

 

Start by Assessing the Situation

The first step is to figure out if they truly need help and what level of help they might require. Many times they will insist that there is no need for you to help and that they can handle things on their own. Convincing them differently may be difficult. Here are some signs that you can look for that may indicate that they do need help with their finances.

  • Take a quick look through the bills. If you find several bills that have gone unpaid or have been over paid multiple times, this might indicate an issue.
  • Look for bills and other official mail that is unopened.
  • See if there are any notices from collection agencies or other creditors looking for payment or who have not received a payment for an extended period of time.
  • Missing checkbooks, bank statements, bills or other official documents are also good indications of an issue.
  • See if your elderly loved ones remembers any large or out of the ordinary payments that show up in their bank statements or check books.
  • Large charitable donations can indicate being victimized by a scam.

 

Start the Talk

If you find any or all of these indicators you should probably broach the topic with your loved one. Remember that they are going to be sensitive to your offer to help. They may be very defensive about the state of their finances.

Take time to explain your concerns and provide them with examples if you can. Point out to them what might happen if they continue to allow their financial situation to get worse. Serious consequences like foreclosure, repossession or even Sheriff’s sale are all very real when finances are mismanaged.

 

Come Up with a Plan

A full takeover of finances might not be needed. Anything where an elderly loved one is signing over full rights to you would be a transfer of power of attorney and would need the help of an elder law attorney.

Start small if that is possible. Maybe it is enough to sit down on a regular basis with your elderly loved one and go over the books and bills with them. Sometimes small measures like this are not enough. Remember that there are many people looking to take advantage of elderly people. Financial scams are all over and even a small misstep can lead to a large financial problem.

 

Contact an Elder Law Attorney for Help

To make things legal or to try to recover assets lost in scams or fraud you may want to contact the elder law experts at Stano Law Firm.