How to Manage Your Elderly Loved One’s Finances
Dayton, OH, home care providers know that it’s not always easy for seniors to manage their finances after a certain age. To help your loved one handle his or her financial affairs, follow these helpful guidelines.
Wills and Trusts
An aging individual should approve a will that defines how his or her estate will be shared among family members. Additionally, a trust can also be set up to split a senior citizen’s other assets in investments and bank accounts. A will and trust should be drafted and signed by an experienced lawyer who can look out for the best interests of all of the parties involved. Without these documents, it’s quite common for families to get into major arguments over inheritance of an estate and other personal assets.
Life Insurance Adjustment
After a person reaches retirement age, his or her life insurance policy might have to be adjusted. Some policies allow clients to withdraw money to pay for major expenses such as surgeries and prescription drugs that aren’t covered fully by health insurance. Additionally, it’s important to adjust the life insurance coverage for a senior citizen’s funeral and burial expenses. Otherwise, family members might get stuck with a hefty bill upon a sudden death of an elderly loved one.
Eliminate Unnecessary Expenses
Senior citizens are likely to neglect miscellaneous charges that can gradually accumulate over the years. It’s important for live-in caregivers in Dayton to completely cut unnecessary services and products that are paid for by aging seniors. Perhaps an elderly person with dementia doesn’t need access to the Internet, cable TV, newspaper and magazine deliveries.
The Internal Revenue Service allows Americans to give away up to $26,000 a year per to an individual without paying any taxes on the transaction. With this option, it’s possible to withdraw a significant portion of an elderly loved one’s assets that are held in bank accounts. Additionally, senior citizens can make tax-free deposits into college savings plans for their beloved grandchildren.
Finances aren’t the only things seniors need help with. Contact Home Care Assistance at [hca_phone] to speak to a friendly Care Manager about our services. We provide comprehensive Alzheimer’s, dementia and stroke care in Dayton that boosts both physical and emotional wellbeing in the comfort of home. We will schedule a complimentary consultation and customize a care plan for your loved one.
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