Category: Finances

All You Need to Know About Settling an Estate

All You Need to Know About Settling an Estate? In order to help you navigate the process of settling an estate, we need to understand what going through probate actually entails.

All You Need to Know About Settling an Estate

The entire process is complex and difficult to navigate, but there are some tips that might help you sort your way through this often overwhelming task.

All You Need to Know About Settling an Estate

Here are our top three pieces of advice for dealing with probate when a parent has passed on.

1) Seek Professional Help:

This may sound like a no-brainer, but it’s important that someone who knows the ins and outs of probate is involved in the process from start to finish, even if they’re just advising you as decisions have to be made quickly once proceedings begin.

Who is the expert in this case?

The executor. A good probate lawyer knows all the ins and outs of this process and can help you cope with it in an efficient manner. If you don’t know where to turn for legal advice, ask around, ask friends and family for a recommendation.

The Executor:

Everyone has a role in the probate process, and your loved one’s executor is in charge of making sure that everything goes smoothly once proceedings begin.

They will be responsible for hiring experts who can appraise all assets, pay outstanding debts and be the person who distributes all assets to beneficiaries according to instructions outlined in a will or through state law.

Check out probate laws in your state, because they vary from one location to another. Some states allow anyone named as an executor by a will to act on behalf of the estate without being appointed formally through the courts, while others require that an executor be formally appointed by a court.

You can also hire a lawyer to help you with all this if need be. They’ve probably dealt with an estate settlement at least once in their lifetime so they’ll know exactly what needs to happen and how to execute it properly.

Tips for Navigating Probate After a Parent Passes

All You Need to Know About Settling an Estate: Stay Organized

Your executor will be organizing the entire process, so stay on top of them by making sure that all your loved one’s important documents are gathered in one location. You’ll probably need to go through their bank accounts and credit cards for accounts to be closed out and money to be distributed.

You’ll also need to gather a list of every person who needs to be notified and inform them of the time and place of the ceremony, whether it’s a burial or cremation, etc.

2) Do Your Homework:

There is so much information out there on how to settle an estate, it can almost be overwhelming. It’s easy to get bogged down with documents and dates, but understand that the process is repetitious, so once you’ve done some initial legwork you’re well on your way to being able to breeze through the rest of it.

All You Need to Know About Settling an Estate

What kind of things do you need to keep in mind here?

If you’re helping out with the settlement, how involved will you be? Do you have time to help your loved ones gather all their belongings in order for them to be cataloged and sold? If not, there are services that can do it on your behalf.

It’s important to get a complete picture of what needs to be done and assess how much time you’re willing to devote to the process. You can then begin piecing together a step-by-step guide of what needs to be done, and which people will do it.

The executor is in charge so they have all the say-so over this process, but it’s important that everyone offering their assistance know what they’re getting themselves into.

There’s probably more to this process than you realize at first glance, but once you know what your role will be in all

Gather All Necessary Documents

3) Gather All Necessary Documents:

Some documents are necessary in order to go through probate, so make sure you’re gathering anything and everything that may be needed. It’s better to be safe than sorry, especially when it comes to important legal issues such as this one.

What documents do you need?

You’ll need a death certificate, and you may also have to provide your loved one’s will as well. The executor will take over the process once these pieces of information are made available to them. What else should be gathered?

Open bank accounts like checking and savings for an overview of their financial situation, any credit cards that your loved one had, and how much was owed on them, among other things.

You’ll need to gather or make a list of every person who needs to be notified about the estate when it’s opened in probate. You may also have to provide a list of assets that were held by your loved ones as well, which means you’ll need to know where they stashed their cash and valuables at home.

at documents do you need?

After You Go Through Probate:

Don’t ignore any outstanding debts your loved one may have had after they’ve died. This is an important part of the process, so don’t be afraid to ask about it if you’re unsure of what needs to be done.

If you’re inheriting any assets from your loved one, make sure you know how to handle them. It’s good to have some experience with this if you want to avoid the hassle of being audited or even having a case brought against you by the IRS for not properly handling matters.

There are many things that need to be done after your loved one has passed on, and it can be a lot to take in. There are many different services that can guide you through the process of settling an estate after someone dies, so don’t hesitate to use them. They will help relieve some of the burdens from your shoulders so you can grieve without having to worry about legal issues as well.

All You Need to Know About Settling an Estate

If you aren’t comfortable going through probate by talking with a lawyer or your local government offices, check online. There are many websites and apps out there that walk you through settling an estate step-by-step, and many of them are free. You can learn a lot from these sites, so consider using them if you don’t want to go it alone.

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The Best Ways To Deal With Your Aging Parent’s Belongings

Ways To Deal With Your Aging Parent’s Belongings? There is a time in your life when you have to deal with the belongings of an aging parent. Whether it’s because they’ve passed away or they are no longer able to take care of themselves, there will come a time when you need to decide what to do with their possessions.

The Best Ways To Deal With Your Aging Parent's Belongings

These days many people want to keep as much stuff out of landfills as possible and at the same time avoid paying for storage space so downsizing can be difficult for everyone involved. However, if we look at this process through a new lens, it could actually be a positive experience that brings families together.

The Best Ways To Deal With Your Aging Parent’s Belongings

When it comes time for your parents to move into a senior living home it can be very overwhelming and emotional. You now have a house full of belongings and no clue where to start. You have years of memories, collectibles, and furniture to find a place for. 

The first thing you will have to do is go through all of the items in your parent’s home. You don’t want to get rid of any family memories, collectibles, or items that mean something to your parents. This is tedious and will take some time but is necessary as the first step to this process. 

Once you sort through the important belongings, what do you do with the rest of the items? You don’t want to clutter up your home, you don’t want to pay for storage….so what do you do?

Also, how can you get your parents to agree to get rid of items they no longer need? 

The Best Ways To Deal With Your Aging Parent's Belongings

If you decide to pack everything up and save it in a storage unit that only delays the work. You will have this huge project sitting in a storage unit waiting to be tended to. Make it easier on yourself and take care of as much as you can now. 

Read some of the strategies below for more information on how to handle your aging parents’ belongings. 

What Should I Do With Their Stuff If They Are Downsizing?

As mentioned above, you will need to sort through what they NEED to keep and what they WANT to keep with them. After all, it is their stuff – they should have the first pick.

They should be able to bring what they’d like with them within reason, but everything in a 2000+ square foot home simply won’t fit in that nursing home. 

From there you can personally go through and gather all of the keepsakes and memorable items for yourself and your family. Gather those items and store those away in your home, storage unit, etc. 

What Should I Do With Their Stuff If They Are Downsizing?

Tips For Minimizing Belongings

Ask for help: Gather family and friends to help you sort through everything. Make a weekend out of it and divide and conquer. This will be more efficient and help make the process more fun, no one wants to do this alone. 

Digitize photos: Every parent has frames and frames of pictures of the family from over the years. They are in frames, albums, or organized photo boxes. You don’t want to throw family pictures away, it just doesn’t feel right and you don’t have to. Inquire with some companies about digitizing your photos for you. This will help minimize clutter and allow you to keep the memories. 

Jewelry is worth something: Take the leftover jewelry into a shop with a professional appraiser. Have them look at the jewelry and determine its value. You can sell them the jewelry and know you’re getting your money’s worth. 

Selling Family Belongings

Selling Family Belongings

Aging care is expensive! Your parents will need that money in their account to help cover the expenses of their new living center. Selling items you no longer need such as furniture and clothing are easy to do with multiple options to choose from. 

The easiest way to sell off belongings is to take the items into a thrift store or consignment store. The other way to sell items is online such as Etsy or eBay. This is a long process and more time-consuming for you. If you have the time and you enjoy the online platform feel free to use this strategy but if you are looking for the easiest process possible, consignment stores will be your best friend!

Garage sales are also a great choice for selling your belongings. Gather the items and put a sign up around the neighborhood promoting the garage sale coming up. People love garage sales and with an abundance of items to choose from it is sure to be a hit. 

Donating Items To Charity

Donate any items that are no longer needed or you can’t sell. This can be old clothes, books, kitchen utensils, furniture, jewelry, etc.  Donate to places such as Goodwill, The Salvation Army, or Habitat for Humanity. 

Be sure to keep all receipts of any donations you make. Your parents can use this as a tax deduction!

Ask Family or Friends If They Are Interested

Since your family and friends are helping you they are welcome to take whatever they see. Offer them the choice to choose any items to keep while organizing and packing up items. This can be furniture, home decor, books, etc. 

You never know, there could be enough furniture to furnish a small apartment for their child or themselves. The more they take the less you have to worry about, right? 

Ask Family or Friends If They Are Interested

Let The Community Do The Work For You 

Another easy way to get rid of items is to leave the belongings on the curb for neighbors or people in the community to pick up. You see this a lot when people are moving out or renovating. They will leave furniture, toys, etc on the curb for people to come by and pick up. 

You can find some real gems by doing this and many people look for items like this in neighborhoods all the time. 

If your city is holding a community garage sale or neighborhood garage sale, sign up as a contributor! 

Let The Community Do The Work For You

Senior Moving Professionals 

Believe it or not, there are companies out there that specialize in helping take care of your parents’ home and belongings. You can ask the staff at the senior living center about these senior moving professionals. They can get you in contact with the right people.

These professionals are there every step of the way from planning before the move to support after they move out. They will save you time, money, and support for you and your parents. They know how hard this can be on the parents as well and they are there to make you and your parents feel as comfortable and stress-free as possible.

Consider hiring a senior moving professional and have the comfort of knowing your parents’ belongings are in good hands.

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How to Handle Aging Parents and Finances

Ouch – aging parents and finances. One of the most critical stages of taking care of your elderly parents is when it comes to their finances, as they are on a mission not to let anyone in their personal business.

How to Handle Aging Parents and Finances

They always try to keep their sense of independence when it comes to this aspect of their lives. Many of them believe that since they worked for their money, it is only fair they get to spend it how they wish.

What happens when they reach the stage they can’t keep a steady record of their spending, and the money keeps going down?

Aging Parents and Finances

Of course, it means their children or trusted caregivers have to step in and try to keep everything together before getting worse. But, one has to be mindful that it is a sensitive issue and should be addressed with lots of caution.

Who Is Financially Responsible For Elderly Parents?

When it comes to their aging parents, many children try to avoid taking on their parents’ full responsibilities in avoiding the troubles of tackling their duties with their family and put their parents on board.

What if we should tell you that there are select states that outline children to take on their parents’ responsibilities – especially if they can’t afford it themselves. We understand providing food, clothing, shelter, and the other necessities of life should be a priority, but what about other areas such as taking care of their medical bills?

These thirty states have a filial law that dictates that children basically “pay up” when the need arises for their parent’s basic living conditions to be fulfilled.

If the responsibility lies on you and you refuse to pay, there could be a lawsuit waiting for you to tackle in the court of law. Therefore, the best option is to set up a retirement plan for your parents to help them offset their living costs as they get older.

How Do I Get Control Over My Aging Parents Finances?

It is not the easiest task to get your aging parents to hand over the running of their finances to someone else as they feel that’s the main thing they have rights to. But, we have to admit that it is pretty risky when they are getting older to make them have full control as they might not fully keep track of all their spending.

As they age and their mental health deteriorates, it is hard to manage their day-to-day financial activities, and if not careful, identity theft could be a major issue. Here are a few ways you can approach to take control legally…

Talk About It

Many older folks fail to admit they are not as proactive as when they were younger, which is where the problem is. So, setting a suitable time to talk it over with them would go a long way. Also, it is best to talk things over with them before anything serious happens.

Let your aging parents know the rationale behind why you are doing what you’re doing and how much it will benefit them. You can also let them know the dangers if their financial information is exposed.

What is the Best Option To Take

If explaining to your parents the situation and deciding to let you handle things for them, you should try to go the legal way to have everything going right. You can either opt for…

Power of Attorney

A power of attorney allows you to make legal decisions on behalf of your loved ones related to their money and property. Your parents can revoke this decision once they can manage things on their own.

However, an attorney’s power does not give the right to handle everything but most select items outlined in the document. If a power of attorney is not revoked, it goes straight up until they die.

Guardian of Property  

If the court understands your relative can no longer efficiently manage their finances and properties after medical assessment, they might appoint a property guardian on their behalf. Also, it could be you are appointed their guardian, who gives you the right to handle everything about their health and other personal decisions.

Living Trust Trustee

There is also the option to create a living trust which covers all assets to which the senior might permit you to make decisions on their behalf. However, you need to fully understand how a living trust works as it has some legal implications should anything go against the detailed instructions.

They can put limited assets under the trust, but outside of that bond cannot be controlled by the trustee.

Understand How Elderly Finances Work

Once you are legally bound to any of the options outlined above, you become a fiduciary. By this, you can only act accordingly in the senior’s best interest. Bear in mind, it is still their money and assets, and you are only managing it on their behalf.

Inform Them About Scams

Scams play on one’s emotions heavily, and even those who are mentally stable can fall victim sometimes. It is important to have a serious talk with your loved ones about this critical issue as if they are not careful, they could see all their funds being depleted at the hands of criminals.

You can offer to help them avoid scams but still be mindful not to invade their personal space and override their authority.

Honor Their Wishes

Once again, we have to stress that the money belongs to the seniors, and they have all rights to it. Therefore, to help them manage their finances, you have to be mindful of their wishes and interests.

All about how phone scams hurt finances of our aging parents

Does Assisted Living Take All Your Money?  

For a fact, some assisted living does cost a lot…sometimes up to $150 per day. However, it does not necessarily take away all your money unless you didn’t manage to save up enough to take care of yourself during your senior years.

Based on published records, many seniors have a drawback when it comes to assisted living, especially for the misconception that is in the air. Even though expensive at times, it does not take away all your savings as there are legal ways to protect your assets.

Having a secured plan and putting measures in place to protect your assets will save you a lot from the idea of these facilities getting into your finances.

How Can I Hide Money From a Nursing Home?  

Many people believe that nursing homes will take away their assets and money once they move in. However, you can protect your own by taking a few steps to secure your assets before you move in. Some of these measures include…

1. Gift Your Loved Ones Monetary Gifts Before You Get Sick

To say you will have to move into a nursing home is far from your mind as you cannot know before it actually happens. If you are concerned about them digging into your finances, you can start by gifting some of your finances to your loved ones. This will help secure your finances as they would basically be holding on to it for you until you need it for other uses.

2. Let Your Attorney Draft A “Life Estate” For Your Real Estate

A life estate allows you to remain owner of your property until you die while entrusting it to your loved ones after. You can do this a few years before you get sick (even though you don’t know when it might happen), and you can be sure they are in good hands and away from nursing homes.

3. Transfer A Part Of Your Monthly Income To Your Spouse

Nursing homes generally watch your income, and they tend to use this as a way of trying to claim things from you. Reducing your salary by putting most of it to your spouse exempts these facilities from seizing your finances.

If by any chance, your spouse earns less than what the state usually exempts from tax, you could substitute the shortcoming with some from yours. This would be out of reach for these assisted living.

4. Put Your Assets In A “Pour-over” Trust

When you put your assets in a pour-over trust, it is safe from a seizure while you still have access to it. If you or your spouse should die first, you can be assured of your assets and finances being safe and protected in this trust. Also, you can assign another loved one to help you manage these trusts.

Financial Care For Elderly

Here is a FREE printable checklist for you to help work over your parent’s finances – it works, I use it!

Printable_EP Finances Checklist from TheyAreGettingOldDownload

Does A Nursing Home Take Your Pension And Social Security?

Some nursing homes tend to take residents’ pension and social security checks to cover their living costs. However, some laws bar many of them from doing that. The request to have seniors’ pension payments and social security checks sent directly to the homes can be rejected by the seniors themselves and assign someone to control it for them.

How Much Money Can You Keep When Going Into A Nursing Home?

Interestingly, many people who go into nursing homes can retain a certain amount of money with them and assets. For most states, there is a minimum amount of at least $2000 in assets when registering to get assisted living that patients can hold on to.

How Can I Pay For Assisted Living With No Money?  

There are ways of paying for assisted living without money as many nursing homes accept using Medicaid for payments. Even though many could not necessarily get Medicaid due to earning a certain amount, things have changed and allowed more persons to apply. There is also insurance you could seek out to use as payment instead of cash and assets.

Will Social Security Pay For Assisted Living?

For the most part, some states allow you to pay for assisted living through social security and special options. Once patients meet the agency’s requirements, they will be able to cover the cost on their behalf.  

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How to Handle Aging Parents and Driving

ugh – Aging Parents and Driving. It is a tough topic to handle! AARP has detailed many warning signs children and caregivers ought to look out for in determining when they need to take the keys from their senior loved ones.

Aging Parents and Driving - is it time to take the car keys?

Many of these signs may not easily be identified, and as such, you have to take keen note.

Aging Parents and Driving: is it time to take the keys?

Some of these indications include…

* Getting easily distracted when driving. They tend to react to every movement or sound they see or hear when they are driving.

* Unable to keep to their traffic lane. If they tend to switch lanes too often or without notice, you need to stop them, or this can be a recipe for disaster.

* Driving too fast or slow on certain road conditions. They tend to go too fast on bad roadways or in dangerous locations yet go extremely slow when the need does not necessarily call for it.

* Hitting objects when turning or reversing. Their sense of judgment gets rather poor, and they find it difficult to back up without hitting the curb or even the trash can regularly.

* Too many unexplained dents and scrapes. Do you notice your elderly loved one’s car has many dents and scrapes, and they can’t say how or when it happened? You might need to step in and do something about it.

* Fear of driving. If you notice they have a reluctance to drive, it could be a signal it is time to let them hit the brakes and make different arrangements to get them around.

At What Age Should An Elderly Person Stop Driving?

Old age by itself is not the sole reason to have your elderly loved ones leave their car keys on the table. However, as one gets older, certain conditions affect the body, which will make it a little unsafe for them to drive.

Things such as hearing and vision problems occur as one gets older, and one memory might get affected. However, bear in mind that not all older people have these problems, nor do they have the same age issues. Therefore, it is best to watch their actions, and if you notice any serious issues, you know you need to step in.

What Medical Conditions Prevent You From Driving?

There are many medical-related issues to consider when you are wondering when to stop your parents from driving. Of course, we know they want their level of independence, but for their own safety and others around them, it is best to do the right thing even if they decide to get rebellious. When it comes to medical issues, you might want to take the keys if your elderly loved ones…

Have Vision Problems

Your vision is one of the most critical elements that need to be in tip-top shape before you consider driving. After all, it would be best if you saw where you are going to keep in your lane and avoid accidents.

Also, clearly reading signal lights on the dashboard is important to know when something is going wrong. Take, for instance, not seeing clearly and not realizing the gas tank signal comes on…we are sure you don’t want your loved ones stuck in the middle of nowhere and not remembering to carry their phone along.

Aging Parents and Driving: Hearing Impairment

A lot of older people, as they age, develop hearing problems, and this is a sign to look out for to stop your relatives from driving. Being unable to hear horns, sirens, screeching tires, and other critical sounds is a serious issue as this could be a sound to alert them of impending dangers. Doing regular hearing tests will help you to know how bad their impairments are.

Cardiovascular Issues

Fright can be a terrible factor for those who have cardiovascular issues, as while driving, they notice the potential impact of something that could give them a shock. Bear in mind, as the blood pressure rises, heart attacks may happen; you want to remove them from any instance that could trigger such a reaction.

Aging Parents and Driving: Respiratory Issues

Breathing is critical and having a loved one on oxygen is not ideal for them to be driving. Any health issues relating to respiration should be a clear sign of regularly checking when to take the keys away.

Vestibular Disorders

Many issues come with this, and driving can be a disaster waiting to happen. Take, for instance, you wouldn’t want them getting dizzy while around the steering wheel, right?

Medical Conditions With Prescribed Drugs

Prescribed drugs have many side effects, and driving could be a bad decision, especially if they get drowsy, dizzy, confused, or blurred vision after taking these medications.

How Do You Tell An Elderly Parent They Can’t Drive?  

As most people get older, they get stubborn and want to keep their independence going strong. As such, trying to take their car keys could prove to be a difficult feat. So, how do you tell them it is time to stop? You can choose one or more of the following methods…

Talk early

Don’t wait until you are about to take their keys before discussing important talk with them. You can do it early when they can fully understand and discuss it with you. Try explaining the risks associated with driving at an older age and the potential dangers that could happen.

Provide suitable alternatives

Tell them you are giving them suitable alternatives they can work with instead of driving by themselves. You could seek their opinions too about what is in their best interest.

Let them do a driving test

This could be one of the most effective ways to get them to agree with handing over the keys. After their test, they may realize it is a little difficult to maneuver their driving or realize they have slight other issues with driving.

How Do I Stop My Elderly Parent From Driving?

There are many ways to stop your relatives from driving, and some of these ways are pretty simple yet effective. You can try any of the following options…

  • Take the car to repairs and never take it back
  • Use their forgetfulness to your advantage and let them realize it is hard to drive as they may get lost.
  • Disable the car without their knowledge
  • Sell the car
  • Let a relative “borrow” the car for an extended period
  • Anonymously report their driving to DMV

Can A Doctor Stop A Patient From Driving?  

Doctors do have the power to stop an elderly patient from driving, whether by telling them personally or making recommendations to the DVLA. The patients’ may not fully agree, but their doctor might give their caregivers recommendations to help solve the problems.

Can I Be Held Liable For An Elderly Parent’s Car Accident?

In short, not really, unless you own the car that your parents were driving. Bear in mind, they have their own lives to live as you can only guide, helping them get around safely. To help yourself feel guilty if something should happen, do what you feel is best to keep them secure. 

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How To Protect Aging Parents Assets

How To Protect Aging Parents Assets? Memory loss tends to come with aging, and with this comes poor judgment. Poor judgment will lead to bad choices that cannot be reversed, and, in the end, may even lead to death. Senior citizens are most at risk for issues like these, and without proper guidance, it may end up costing them life-threatening breakdowns.

How can I take over my parents finances legally?

There comes a day when they can’t manage to make any decisions by themselves, especially that which is critical and life-changing. One wrong move can jeopardize their hard-earned savings, cost them their homes and other assets.

How To Protect Aging Parents Assets

‘s say they are affected financially because of a wrong step; it will put pressure on the entire family should a crisis develop.

Noticing the Changes

Most people agree that while their parents were going up in age, they had various talks with them about their financial status and assets. But as you go on, you realize they start to slow on their proactive skills and thinking abilities.

This behavior is where you need to step in and start making critical decisions for them so they won’t have the error of doing something regretful. Also, take note of the small changes such as them finding it hard to calculate tips on restaurant bills or anything of that nature.

Steps to Protect Aging Parents Assets

Sitting down with your parents and having a talk about their lives and finance is the best thing you can do for them. Their long-term financing plan is your responsibility, and making efforts to protect them from a mental breakdown will benefit everyone in the long run.

For older people who are not conscious of what they are doing, scammers may take set on them, or they may make stupid investments that can ruin their lives. Know of anyone in this situation?

Many people had noted that their parents have gone down that dark path, and they wish they had done something before it went so far. As most people age, they are hit with a form of dementia, an illness that affects their cognitive ability. They are not able to think proactively, and managing their finances will be a struggle.

Older adults love charity, and if you are not careful, they will give away everything to every Mary and John that knock on their door. Keeping a check of the bank statements will report how much-unwarranted payments are revealed, and sometimes they don’t remember making any of those purchases.

What do you do with aging parents money?

How to tell When a Crisis is Looming

Many signs show when your parents may be losing their sense of ability to manage their finances on their own. Knowing the point to step in may involve your loved ones:

Forgetting to pay rent or bills and other utilities

When you notice their utilities have been disconnected because they forgot to pay the bills, you will need to check up on them to see what is happening.

Funds missing from their bank account

If you notice their bank accounts are getting low and the funds cannot be accounted for, then you need to take check of their actions.

Unusual spending habits

Are they buying more than they used to or buying unnecessary items? Take a rain-check on their new spending habits.

They have deposited money to fraud or scam alerts

Being lonely and without guidance, while suffering from a cognitive problem can be detrimental to their financial status.

Bank calls about suspicious activities

If you are the contact person on their account and you receive an alert call from the bank, you may need to rethink giving them access to withdrawing without your approval.

Should you put your name on your parents checking account?

How to Help Your Parents Guard their Assets

Seniors are more at risk of putting themselves in danger of spending without thinking about what they are doing. As such, it is your responsibility to help them and be their conscious thinker. But how can you help them? Here’s how: ‘

Reduce their access to hectic accounts

Simplifying their accounts and investment portfolios is a great start to allowing them to manage with ease. Take, for instance, an 80-year-old person; it would not be ideal for them to be operating a financial account with multiple stocks and trading.

Use a credit-monitoring service

A credit-monitoring service will help your parents to manage their finances better as they can keep track of every activity associated with their account. It also helps you to stay on track with their financial activities. Enlighten your parents about fraudulent and scam-related actions so they will know what is legit and what they should avoid.

Remove contact details from call registry

Ensure your parents’ contact numbers are added to all “do not call” registries so they will not fall victim to scams and selling plans of telemarketers. Remember, sales representatives know just how to get you to spend your hard-earned money.

Help with their Taxes

Taxes are one of the most critical financial activities you need to help your aging parents with. Not everything is printed clear enough for them to understand, and as such, they may sign to what is damaging to their funds.

However, offer to help instead of doing it all on your own as this may cause an issue. Let them understand why you are doing what you are doing.

Should I put my mom's house in my name?

Create a spending plan and budget

Help your parents to plan financially and know what they want for a set period and how much it may cost. This option will provide for organized planning and spending without going overboard and causing detrimental damages to their life-savings.

However, if you realize this does not help, you can arrange for a spending limit (have a boundary on the amount they have access to). You may also want to seize all credit and debit cards if you notice they have uncontrolled spending habits.

Try our Finances Tracker FREE Printable:

Financial Care For Elderly
Printable_EP Finances Checklist from TheyAreGettingOldDownload

Create a Power of Attorney

A power of attorney will allow your parents to permit a trusted person or persons to handle all financial and medical decisions should anything happen to them.

This option will help to keep all details up to date and efficient record-keeping of all activities. Also, whoever is chosen should always give vital information to another trusted family member should further issues develop.

As your parents get older, you can never tell when they may start losing their memories, so you want to plan. Don’t wait until all their future finances are in danger before you start putting things into action; it may be too late!

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Jobs for Elderly Citizens That are Relaxed

Ageism is real in the United States and can be a problem for a senior looking for a job. While their bodies might not be as tough as they used to be, their minds are often beyond sharp. There is so much accumulated knowledge and skill that it seems a waste not to utilize it! This article introduces possible jobs for elderly that are looking for work opportunities.

Although retirement is a period in life, many people look forward to it; it is also a change some have a hard time getting used to. When a senior continues to work past the retirement age, it may be because this person enjoys being productive, or simply needs the money.

Jobs for Elderly Citizens

Let’s face it; the economy hasn’t been kind to retirement accounts since 2008.

An elderly person may also desire to continue to work into her golden years because she has a passion for what she does. If you have reached retirement and love crafting, painting, or writing, read this article to find out how you can turn what you love to do into a money-making career.

Sewing, Knitting, and Crocheting

If you know how to sew, knit, or crochet, you can make dresses, handbags, baby clothes, and clothes for dolls and animals. Some women are always on the lookout for a new quilted bag, which makes this an accessory you may want to consider designing and marketing.

What is a good job for a senior citizen?

Knitted or crocheted scarves are popular items you can make for the winter, and so are knitted or crocheted slippers. Mothers always need new clothes for their babies, and some dog lovers shop for clothes for their furry babies.

Due to the number of collectors’ dolls on the market, there is an increased need for doll clothes. These are just a few of the many craft items you can create and sell.

Jobs for Elderly, in this case, can include marketing your gems on sites like Etsy or even through local craft shows.

Painting

You can easily find out if you have what it takes to produce sellable paintings by enrolling in an adult painting class at a local school. If you already know how to paint, create a few paintings you think would sell and make them available to the public for viewing. Pictures make fine wall decorations, and a painting makes a beautiful gift.

What jobs can seniors do from home?

Writing

Writing is another form of art you may enjoy getting into. People with many years of life experience, such as the elderly, have a lot to write about and can be quite successful in this field if they have good grammar skills and a knack for creating interesting stories, articles, or reviews.

What’s also good about writing is the research that is often a part of the writing process that stimulates the mind and keeps the brain young.

Once you have created the items you’d like to sell, decide how you want to market your work. If you have a computer and Internet service, find a website that allows you to post images of your work for a small fee.

You can also create an online store and post images of your work on your own website. Being friends with a small business owner is also helpful since he can display and sell your artwork in his establishment. One other way you can make your artwork available for viewing and purchasing is to exhibit your work at craft fairs and flea markets

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What Questions To Ask Aging Parents

There comes a time in life when we as children need to have “that talk” with our parents and hope to get the best response that will help them. So many times, illnesses strike and in the worse way too, so they end up tipping out earlier than usual. As they get older, are you aware of the relevant legal documentation you need to have in place should anything happen? Also, how are their future medical plans – will everything be ok in case an emergency strikes? There are a lot of questions to Ask Aging Parents.

questions to Ask Aging Parents article cover picture

Well, either way, there are some questions you may need to ask your parents while they are still able to communicate effectively.

Top Ten Questions To Ask Aging Parents 

After all, memory loss illnesses like Alzheimer’s are a terrible thing and most times come on unexpectedly so while you can, here are some questions to ask your parents as they get older…

1. Do You Have a Durable Power of Attorney?

With a power of attorney, they permit someone to trust who will take care of all their affairs should anything happen to them. Every so often, when they get old, they become incapacitated and cannot make stable decisions on their own.

A power of attorney does not have to apply to one person as they can designate someone to look after their health decisions and one to look after their financial decisions (health and financial proxies, respectively). Also, one person may do both.

2. What are Your End-of-Life Wishes?

When looking at questions to Ask Aging Parents, this is important. Life is unpredictable, and you can never tell what will happen down the line as one gets older.

It is best to find out from them what they would desire in the future as it relates to their health choices. For instance, you can ask them their choice of feeding should they be unable to feed themselves (feeding tube, ventilator, etc.).

Also, should they experience a terminal condition like a coma or heart failure, would they want to be placed on life support or should we “pull the plug”? Whatever their decision, the health care proxy should be aware of it.

3. Do You Have a Will or Living Trust?

What happens to their money and possessions after they die should be their decision to make. A will or living trust will help to organize their belongings as well as who will get what and how much.

A lot of older adults, though, prefer to put their life earnings in trust and designate one or more persons to take charge in case they become incapacitated.

4. Do You Have Long-Term Care Insurance or Another Plan in Case Long-Term Care is Required?

Assisted living can be rather expensive, as the national average cost can be up to and over $3100. If not careful, a senior’s life savings can be gone in the blink of an eye, so having a long-term health care system in place will be a good option.

If they do have a long-term care plan in place, it is recommended you get a copy of the policy to read and ensure you fully understand it. Make a few calls to the insurer if you are unclear about anything.

5. Are All Your Documents Current and Updated?

You need to ensure all the documents mentioned above are up-to-date and have all the current information. Check to ensure your parents understand everything with regards to any possible changes.

What do you talk about with aging parents?

6. Where Can I Find These Documents If I Ever Need Them?

You wouldn’t think about this question unless your parent had a sudden stroke and could no longer talk. It can be a hard thing to talk about but it is one of those important questions to Ask Aging Parents.

Our parents sure know how to put stuff up and then not being able to find them in the case of an emergency. As such, it may not be the best decision to let your parents keep them if you are not able to find them on your own.

Should they have a safe or security box at home, this may be an ideal place to keep them and a trusted family member having access. If they are in a fire-safe, a confidant is needed to share the code with the parent.

7. Do You Have a Financial Advisor?

Finance and health are two of the most critical aspects of their life, and the best interest is needed for their well-being. At this stage, you need to find out if they have a financial advisor who is giving them advice, and if such, can they be trusted?

Getting this information will help you to know if your parents’ advisor is of reputable standing and you will also know who to reach in case of an emergency.

8. If You Can No Longer Take Care of Yourself, How Would You Prefer To Live?

Their plans are the gateway to making them live a healthy and happy life in their last years. You want to ensure you have the little chat with them before time draws in too close. You want to ensure you get your parents to make plans soon enough in their life, so at least basic strategies can be put in place.

When they reach the stage where they can no longer live by themselves, you want to give them the preference of choosing their future living options. Would they prefer to be placed in an assisted care center?

Or, do they want to have live-in help and a nurse? Also, you can suggest to them living with you and see what their response will be. Be mindful that future health care plans may be expensive, so the earlier the talk, the better arrangements can be put in place.

9. Do You Have Regular Medical Check-ups?

Health complications can result in your parents having to visit different types of specialists in addition to their primary healthcare provider. Should your parents become sick or hospitalized, health records from one or more of these doctors will be critical to treating and taking care of them.

You will want to get contact details for these physicians in case of an emergency. On the flip side, some parents prefer to use home remedies from TV or radio doctors so you may want to be aware of that too.

10. Do You Understand the Need for Your Prescribed Medications?

This is huge on the list of questions to Ask Aging Parents. When your parents reach a certain age, they may end up taking a high quantity of prescribed medications.

Getting them to discuss this will help you to understand what they are taking and what it is for, as well as if they can handle them on their own. Knowing their medication schedule and their doctor’s contact will help should a medical crisis arise.

You want to ensure your parents are in the best shape and position when they reach the stage they can no longer manage on their own. It is now your responsibility to help them get organized, as we all know…life is unpredictable.  

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10 Great Books On Aging Parents

Great Books On Aging Parents? Whoever said it was easy to care for your elderly parents may never have experienced the real deal when it comes to their demand and overall – living! They can either prove to be difficult, be restrained, segregate themselves, or cooperate and let life takes its course.

Either way, you will need help as a child who is taking care of your elderly parent. As such, those who have dealt with it or are dealing with it have put their feelings into words to help guide you and let you know what is happening.

10 Great Books on Aging Parents

Here are a few books you can consider reading through to help you along the way…

How to Care for Aging Parents

This book will help you get all the answers you need to questions you wished you didn’t have to ask. How to Care for Aging Parents is a resourceful material prepared by Family Caregiver Alliance and is a strong source of information, support, and stability.

It is regarded as a compassionate and comprehensive caregiver’s bible that guides you through the changes to be expected, the adjustments you must make, how to avoid being “a parent to your parent,” as well as how to deal with any potential difficult issue or crisis that may arise. If you have the time for only one of the Great Books On Aging Parents, this would be it.

Reading this book will guide you on how to cope with chronic issues such as dementia, Alzheimer’s, and other memory loss illnesses. They will not easily adjust to you (even if they lived with you), and this book provide a guide on how to work through this.

Coping with Your Difficult Older Parent

If you have to deal with a parent who always blamed you, doesn’t want to be alone, is obsessed with sickness, or finds pleasure in pulling your legs the wrong way, then you need this book. Of course, it is stressful to deal with an aging parent who does not find it easy to adjust to life because of the crisis health or other conditions may bring.

You can aid in helping them to transition from one stage of life to another and dealing with anger, guilt, frustration, and blame. This book is seen as a “common-sense guide” from a team of professionals who have had firsthand experience in dealing with people who go through this condition. Reading this book also helps you to:

  • Have the talk with your parents about not being able to live with you
  • Handle negativity from your parents
  • Deal with a parent who is impaired from one condition or the other
  • Decide the best options for living when your parents can no longer live alone.  

A Bittersweet Season: Caring for Our Aging Parents–and Ourselves

When you are thrown in the position of taking up an instance caregiver role, you will understand how difficult and stressful it can be to take care of your aging parent(s).

Writer Jane Gross was put in a similar situation and is the ultimate reason which prompted her to write her book, A Bittersweet Season: Caring for Our Aging Parents and Ourselves. The book tackles issues such as:

  • Dealing with their health conditions and which medical providers may be the best.
  • The truth about assisted living and how to handle hard situations.
  • Family medicines and therapeutic aids for selected health conditions.

Tips for Helping Your Aging Parents: (without losing your mind)

When looking for Great Books On Aging Parents, it is because you realize Caring for your aging parents is a job all by itself, so if you have a full-time job while doing this…it is inevitable for you to become overwhelmed. In the book Tips for Helping Your Aging Parents: (without losing your mind), the writer made it straightforward what it is like to live and deal with them. The book guides you on how to:

  • Deal with their medication
  • Create a safe environment to protect them from hurting themselves
  • Not become overwhelmed while caring for them
  • Deal with a crisis should one arise
  • Have critical discussions with your parents
  • Deal with parents who refuse getting paid assisted help at home.  

Holding the Net: Caring for My Mother on the Tightrope of Aging

If you dealt with caring for an aging parent or you are going through it, this book will be perfect for giving you the solace you need to keep going. It can be a challenge to care for them, especially if you don’t understand the needs and conditions that come with being old.

This amazing book, Holding the Net, provides a full practical guide on how to prepare yourself physically, mentally, and emotionally to deal with health decisions, rehab, living arrangements, and so much more. It encourages you and advises from experts on how to handle and manage every situation.

Role Reversal: How to Take Care of Yourself and Your Aging Parents

This book is designed to give the best advice to caregivers and potential caregivers who are faced with the reality of caring for their elderly family. It guides you on how to care for your loved one amidst the challenging pressure you are facing. There is valuable information on critical topics you will need to guide to guide you along the way.

The Caregiving Season: Finding Grace to Honor Your Aging Parents

Caring for your elderly parents is stressful, hard, and challenging, and it is a season of your life that will never be normal and will forever change your life. The Caregiving Season: Finding Grace to Honor Your Aging Parents details every practical advice you will need to cope and handle the situation at hand.

Dementia or Alzheimer’s?: A Daughter’s Guide to Home Care from the Early Signs and Onset of Dementia through the Various Alzheimer Stages

While there are many suggestions and references for others to use, the book never falls into a dull recounting of lists of books or items to pursue. Instead, as Ms. Gail recounts her memories, she shares the helpful things she found that aided her mother during what can be a difficult time for everyone.

This loving memoir is a touching reminder to all of us that even though it can be painful watching a loved one go through this difficult time, there are rewards in helping them in whatever way we are able.

Children of the Aging Self-Absorbed: A Guide to Coping with Difficult, Narcissistic Parents and Grandparents

This book provides you with awareness on how to deal with your parent’s self-absorbed behaviors and attitudes as they get older. It shows you how to develop strategies in dealing with your parents based on the current situations you face while caring for them. Also, it shows you how to set limits with your parents for you to remain focus and sane during the process.

30 Days of Hope When Caring for Aging Parents (Gifts of Hope)

30 Days of Hope When Caring for Aging Parents (Gifts of Hope) gives you a chance to live and maintain stability while you care for your elderly parents. It has a spiritual guide to it in terms of caring for your parents in a way that is pleasing to God and at least shows honor to them amidst the possible stress they are causing. You will maintain dignity and sanity with the guidelines presented in this book, and, of course, they are easy to implement.

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10 great books to read about aging parents

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Can You Claim Someone As A Dependent If They Are On Social Security? 

There are so many things to consider when it comes to your parents and their well-being. You want to ensure that everything you do is in their best interest and will not affect them in the long run. As such, many persons have asked the question of whether they can Claim Someone As A Dependent If They Are On Social Security.

Can You Claim Someone As A Dependent If They Are On Social Security cover picture

Well, claiming social security by itself is not a complicated task. It does not have the potential to affect your ineligibility to be claimed by someone else on their tax return.

Can You Claim Someone As A Dependent If They Are On Social Security?

However, to claim someone as a dependent, they must meet the requirements stipulated by the IRS as well as other conditions. The IRS does mandate that for one to be added as a dependent, they must not earn a certain amount of income (which changes each year) to include assistance from direct sources like an outside job or family and friends.

If the person meets the guide, they will be able to be claimed as a dependent on another person’s tax return. But how does it work? The IRS takes into consideration multiple sources of earning as an income, and as such, one has to be careful how they approach in applying for someone to become dependent.

If the person is making more than is set, parts of their social security may become taxable. So, as a support, you may want to consider limiting the amounts of funding you give, so it doesn’t affect their overall benefits.

However, one who claims Social Security disability pay may not be exempt from becoming dependent; however, there are specific rules which must be followed.

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Does my aging parent qualify
Checklist if Elderly Parents Qualifies for Dependency from TheyareGettingOldDownload

Can I Claim My Aging Parent As A Dependent?

The answer is both yes and no. You can claim your parents as dependents but only according to the guidelines stipulated by the IRS. If you are going to claim your parents, you have to ensure they are not dependent on another person’s tax returns.

First of all, there must be a dependency relationship between you and your parent in the sense that you cater to a part of their well-being by providing financial support, housing, or other care.

How much do you get for claiming a parent on taxes

They can naturally be deemed dependent if they rely on someone to help them get by, which means you could benefit from extra returns when you claim. So, once both you and your parent qualify according to the standards, you can start the process to apply for them as a dependent.

But how can your parents qualify for dependency? They should:

  • Not earn above the threshold set by the IRS in terms of gross annual income. This amount is set by the IRS and may change each year or as they wish. You may find the yearly threshold on their website.
  • Even though Social Security may not be considered an income, there is still restriction when it comes to earning a certain amount from other sources, which can also be in the form of financial funding from family and friends.
  • Earn more than half their yearly income and support from you before they can be added as a dependent. Also, the support you provide must be at least one dollar more than your parents’ base income.

    The support can be covered by many different factors, such as housing (how much the market share of the house is).

    Also, the cost may be incurred through food provision, utilities, medical, and other living expenses. An additional benefit for you comes in the form of claiming medical expenses if you had covered their medical care cost.
Can I Claim My Aging Parent As A Dependent?

Your parents may also automatically qualify if they are physically or mentally challenged and is unable to provide for themselves. For further clarification on how to Claim Someone As A Dependent If They Are On Social Security, you can check with the IRS website as the requirements and guidelines change.

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How To Manage Financial Care For Elderly Parents

Learn how to financially provide and care for aging parents without facing a monetary hardship or setback. Financial Care For Elderly is a basic necessity that you need to understand.

How To Manage Financial Care For Elderly Parents

Many people are responsible for the care of their aging parents. Whether by circumstance or personal choice, being accountable for the supervision of a parent(s) is a substantial personal and financial responsibility. Here are several tips and words of advice to help those who love and care for aging parents in need.

Parental Care Tips and Advice

One of the most important roles a person can play in the life of an aging parent is knowing when to intervene. When it becomes evident that a parent is no longer able to take care of himself or herself adequately, intervention is vital. Learn how to discuss the situation with the loved one, and let that individual know help is warranted out of love, not contempt.

Understand and know where the parent keeps vital personal information. With all the necessary paperwork and proper knowledge, one can know how to proceed and what actions need to be taken. Does the parent have a will? Does the parent have military records? Those are just some of the critical documents required by the caregiver.

Once the need for medical care has been established, it’s essential to determine and decide what type of care is required. If the parent can live alone, make a point to know if financial and medical needs are being handled.

Are the bills being paid? Are proper prescriptions being filled? Is the house safe in case of an emergency, such as a fall? Is home nursing care needed?

Make sure all the ground is covered, and if any need is not being met, make the proper inquiries. Give your parent peace of mind knowing everything is under control financially, and their safety and medical needs are being handled.

Assisted Living and Nursing Home Care

If the situation requires care that can’t be met at home, the parent may need assisted living to meet specific care needs. Many people can’t afford to have a parent live with them, so assisted living is always an option.

Financial Care For Elderly spreadsheet

Understand the medical needs of the parent, and place that individual in the level of care that coincides with the demands. Scout various assisted living facilities for the proper atmosphere, care, and social activity setting that best caters to the loved one. Help the parent feel “at home” even though the new surroundings are unfamiliar.

The family needs to understand the cost of assisted living. Medicare does not pay for assisted living, so the financial requirements fall at the feet of the family.

Understand the contract and the obligations that are expected. Never agree or sign the contract without knowing the options and establishing a financial plan to cover the cost of assisted living.

When a parent reaches the stage where more extensive care is needed, a nursing home is an option. As with the assisted living process, it’s vital to scout various nursing homes and understand the cost and options.

Nursing facilities can be costly, so make sure the financial means are there before placing a loved one in a nursing facility. Medicare may cover certain costs, but don’t expect this to cover all medical and personal health needs.

Financial Care For Elderly Ways to Save Money

Before considering any of the above options, make a plan. Understand personal financial obligations, and “tweak” any payment plans on the home, car, etc. By taking advantage of various payment options, money can be saved.

Financial Care For Elderly checklist

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Once again, Medicare can help, but it’s essential to make a plan and not entirely rely on government assistance. Parental help is needed when a loved one requires financial and medical care, but it’s important to know when to intervene and when to step aside. Never be afraid to ask for financial assistance from the extended family or friends of the family.

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