Discussing personal finances isn’t something that we do much in our society. However, there comes a time where it may help our loved ones if we step in to protect their finances - not only because of dementia, but also due to elder abuse.
The topic of financial abuse in the senior population may not be fun, but it’s important to be aware of. After all, no one wants to be in that situation, so it’s critical to recognize the signs. Plus, it also opens up a larger discussion about how to approach helping them with finances so they don’t get into bad situations.
You’ll learn:
- What to look out for when you’re with senior family members
- Tips for helping your family member manage finances (and when to step in)
- The important documents you’ll need in case of an emergency
Takeaways from this episode
- With financial abuse, you might notice changes in your loved ones’ will or mortgage, new lines of credit, unusual requests and sizable donations.
- Senior Services Expert Lori Williams has seen an uptick in elder scams since COVID, mostly due to loneliness and isolation.
- It’s better to have the difficult discussion about your loved one’s finances before dementia, health issues and scams enter the picture. The sooner you discuss it, the better.
-You must step in if you suspect dementia and if your loved ones are getting confused about their accounts.
- Include your loved ones in decision-making, be respectful, and let them know you’re just there to help.
Resources mentioned in this episode:
039. Getting Organized! Creating a Binder Of Essential Documents:
https://www.loriwilliams-seniorservices.com/aging-in-style-podcast/episode/7907ae1f/039-getting-organized-creating-a-binder-of-essential-documents-for-aging-parents
044. How seniors can protect themselves against identity theft and online scams:
https://www.loriwilliams-seniorservices.com/aging-in-style-podcast/episode/7900734e/044-how-seniors-can-protect-themselves-against-identity-theft-and-online-scams
048. Understanding Power of Attorney, Living Will and Other Legal Terminology
https://www.loriwilliams-seniorservices.com/aging-in-style-podcast/episode/2ca905f2/048-understanding-power-of-attorney-living-will-and-other-legal-terminology
To suggest a topic, be a guest or to support the podcast, please email Lori@Loriwilliams-seniorservices.com
For more senior resources and to sign up to the newsletter, please visit:
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https://loriwilliams-seniorservices.com/aging-in-style-podcast/
Topics discussed:
-Senior finances
-Elder / financial abuse
-Conversations about finances with family
-Legal documents
-Power of attorney
-Having difficult discussions
-Dementia
