Assisting Aging Parents With Financial Matters

pearlbrown | Oct 22, 2016 | 2,298 posts since 2010

The Morningstar article suggests that early and open communication is key to broaching the topic and offers ideas on framing the conversation. Read more here.

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paoli2 | Nov 25, 2016 | 2,641 posts since 2011

What I think is missing concerning this matter is where can aging parents go to find someone who could help the surviving spouse with handling regular finances if they have depended upon the other spouse to do it for over 50 years. I saw they have something called "Visiting Angels" but I can find nothing on their webpage which indicates they help the spouse with handling finances, bills, banking matters etc. Is there an organization who offers this service? There are people who don't have children, relatives, or friends they can turn to and many may not want to have relatives or friends involved in these personal matters. Any info will be appreciated. Thanks.

Shorebreak | Nov 25, 2016 | 4,039 posts since 2010

Perhaps you are looking for a Daily Money Manager.

Daily money management (DMM) programs provide personal financial assistance to older Americans who can no longer handle certain aspects of money management. Whether an older person needs comprehensive help or just a monthly reminder to pay bills, these programs can mean the difference between living independently and residing in a nursing home.

http://www.nolo.com/legal-encyclopedia/daily-money-management-programs-seniors-32269.html

paoli2 | Nov 25, 2016 | 2,641 posts since 2011

Thank you sooo much SB. I just wonder how expensive this will be for that certain person when I am gone. Those lawyers are probably not the same as a "Visiting Angel" charge. :) I like that the link you provided gives many different options. I tried to check with my new main bank for help for him but they are only interested in "selling" him baskets of so called other investments. Good way for him to go broke and need his plot sooner than he wants it. (I made sure it's paid for and so are all burial costs so at least he can't have some no good cheat him out of that!) Much appreciation for your help.

Shorebreak | Nov 26, 2016 | 4,039 posts since 2010

For a list of questions to ask any DMM program, visit the AADMM's website at www.aadmm.com and click "Questions to Ask."

paoli2 | Nov 26, 2016 | 2,641 posts since 2011

Good gracious! After checking out those questions, all I could think of was "What the heck was I doing doing all of this for him for FREE and being his personal "Visiting Devil!" He couldn't afford me! I think I will forget about his DMM and let him finally appreciate me even if it is from my grave! (But I still thank you for sharing the link in case tomorrow I am in a better mood and back to wanting to help him. :)

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