In order to make most decisions on an aging loved one's behalf, you must be given the legal power to do so. A durable power of attorney is a document your relative executes that gives you specific legal powers to act on his or her behalf.

If the time, energy, and medical necessities of care make doing it yourself difficult or impossible, you will need to get help -- and help in this area can be expensive.

Your primary responsibility is to make sure your relative’s needs are being met. This includes physical needs, health needs, safety and security, and emotional needs, any of which may involve spending money.

For many caregivers, the resistance you get and the feeling that you are invading your relative’s privacy may leave you less than completely aware of your elder’s finances. But, if you wait until the elder becomes incapacitated to broach the subject of paperwork, locating important documents can be a much more difficult process.

Finding a financial advisor for seniors can be tricky. Knowing what qualities, experience, education and certifications to look for will help you choose the right professional to assist you and your loved one in planning for the future.

For some homeowners, a reverse mortgage may be the best way to provide retirement income or pay off debts. However, seniors have other options that may make more sense than a reverse mortgage, depending on their goals and financial situation.

Many family caregivers are granted the power to manage an aging loved one’s finances, and this often includes handling an elder’s investment decisions. While this can be a daunting task, these pointers can help guide you.