Anyone with mental health problems can be prone to abuse. Elderly people who suffer from dementia or Alzheimer’s disease are even more vulnerable to dishonest individuals who see them as easy targets.
As financial abuse of the elderly continues to grow, it becomes critical to find out how to protect their well-being, including safeguarding their assets. Learn several precautions in our guidelines that can be taken to protect the assets of this group of vulnerable people in society.
Indications of being financially challenged
Seniors who have dementia or Alzheimer’s disease are at high risk of being conned out of their assets. Caregivers should, therefore, exercise extra caution when taking measures to protect their assets.
Signs that seniors are challenged in taking care of their own financial responsibilities include struggling with basic financial calculations, remembering to pay bills, or balancing their checkbooks.
Further signs of financial abuse encompass uncharacteristic purchases, missing money or suspicious bank account activity. Cognitive decline impairs rational abilities, focus and organization, all of which are necessary to maintain financial health.
Medicare insurance
Medicare Supplement Plans will assist caregivers in caring for the health of seniors. Speak to Russell Noga about finding the right plan to support the health of your aging parents. Whether your parents require daily home care, intensive care or a permanent caregiver, his experience will be beneficial in choosing the right medical cover to meet your parent’s needs.
If a permanent caregiver is needed, vetting their background will be important to ensure that they are trustworthy and reliable. Protecting your parent’s assets when they are unable to is vital to their ongoing care.
Without premium care, their assets may be at even greater risk if caregivers are not suitably investigated to match their integrity to the job at hand.
Early communications
One of the most important aspects of safeguarding senior’s assets is early communications. Speak to parents about future care when they are in good mental health and are able to reason about care in later life. Even though the conversation of asset protection may be upsetting, it shows responsibility on the part of parents and caregivers.
Preparing properly for the future must occur whilst parents still possess optimum cognitive capabilities. Early communications will ensure that your parents receive the best possible care because precautions have been implemented to protect assets.
Practical tips to safeguard assets
Take control of phones and block unwanted callers to limit their access to your parents. Make sure that senior’s numbers are included in the National Do Not Call Registry to reduce their risk of being scammed.
List your parents with the major credit bureaus so that they can keep updated with free credit reports annually to check on potentially suspicious activity.
Also set up automated bill payments so that seniors do not sit without utilities or run the risk of adverse financial situations due to non-payment of bills. Specifically, mortgages, utilities and credit card auto payments are recommended for their protection.
Additional protective measures
Further protective measures comprise limiting daily, weekly, and monthly spending on both credit and debit cards. Financial institutions also provide pre-loaded card services to reduce the risk of being victims of fraud. Simplify asset portfolios and suggest obtaining a Power of Attorney to help manage parent’s finances as they mature.
Alternatively, speak to your parents about entrusting their financial well-being to reputable attorneys to protect their assets as they age.
Additionally, a reputable financial company can be approached to assist with advice and services to achieve this goal. As parents grow older, it is the joint responsibility of them and their caregivers to protect their financial well-being along with looking out for their other needs.