Aging Parents Finances
As your parents start aging, they may need assistance with managing their finances. Aging parents deal with many financial challenges. A few of the most common financial problems affecting the elderly are balancing the check book, managing money, avoiding scams and frauds, paying for long-term care and insurance. Find the best ways to help your aging parents and talk to them about their finances.
Articles About Aging Parents Finances
- How to Preserve Your Portfolio After the Market Meltdown
A compendium of financial advisers and journalists weigh in on how retirees and pre-retirees can preserve their portfolios and salvage their retirements in a volatile economy.
- 10 Things You Should Know About Your Parent's Finances
Would you know what to do if you suddenly had to take over managing money and paying bills for your parent? Here are 10 things you need to know before assuming this responsibility.
- The Biggest Mistake People Make When Filing for Social Security
Many American adults don't know how to maximize their Social Security benefits. Most start collecting too early, and neglect to use strategies that could increase their payout by thousands of dollars.
- The Difference Between Medicaid’s Lookback and Penalty Periods
You need to recognize what the lookback period, penalty period and gift rules are when helping someone qualify for Medicaid.
- Start Here Every Year: Essential Tax Steps for Caregivers
Avoid unnecessary stress by organizing your paperwork in advance and sorting out financial affairs with these helpful steps.
- The Holidays and Senior Money Pits
Charlie's dementia-fueled obsession with ordering items from magazines during the holidays has proven challenging to deal with.
- Estate Tax Q and A for Family Caregivers
Taxes are an important element to consider when engaging in estate planning. Discover the answers to 5 key estate tax questions.
- 4 Key Things to Know about Trusts and Medicaid Planning
There are many types of trusts that can help protect your assets from Medicaid. Here's a brief overview of the things you need to know when setting up a trust for Medicaid planning purposes.
- Moving to a New State Can Affect Medicaid Eligibility
What happens if you or your family member must move from one state to another and then apply for Medicaid? How does moving to a new state affect Medicaid eligibility?
- This Man Lost $9 Million Saving His Grandmother from Elder Abuse
Brooke Astor's grandson, Philip, was recently cut out of his father's will after he accused his father of elder abuse against his late grandmother who'd had Alzheimer's disease, costing him an estimated $9 million inheritance.
- The Sweetheart Scam: Beware the Wolf in Sheep’s Clothing
Learn how fraudsters exploit seniors’ emotions to gain access to their wallets and use these 10 tips to avoid falling victim to this deceptive game of “love.”
- 4 Everyday Ways to Help Your Elderly Parents Save Money
Balancing spending and saving is difficult for people of all ages. Instead of limiting your parent’s spending altogether, use these tactics to preserve their independence and keep them within budget.
- How Seniors Can Save Money on Auto Insurance
Are some policies better than others for aging adults? How can a senior save money on their car insurance? An older driver could save hundreds per year just by making sure they're maxing out their discounts.
- How to Put an Elderly Loved One on a Budget
Putting an elder on a budget can be tricky, especially if they rely on a fixed income. Learn how to evaluate their assets and expenses and develop a monthly budget.
- The Real Reason Families Avoid Talking About Retirement
Adult children and their parents are often uncomfortable discussing elder care and financial issues. But proper planning requires those nearing retirement to have honest an dialogue with their offspring.
- Tax Rules for Social Security Benefits
The money a Social Security beneficiary receives could affects their taxes. Discover the current base amounts and tax rates for each filing status and determine if your benefits are considered taxable income.
- What to Do When the Bank Refuses a POA
You planned ahead and were named power of attorney, but why won’t they accept it? Know the three main reasons why financial institutions might prevent you from accessing your loved one’s accounts.
- Important Deadlines that Could Save You Thousands of Dollars
If you don't know these important deadlines for reporting identity theft and stolen credit, ATM or debit cards, you could end up losing thousands of dollars.
- New Debit Card Offers Elders a Safer Way to Pay
A new debit card offers elders a safer way to pay for purchases by preventing them from falling for common financial scams.
- The Link Between Laughter and Memory Loss
A good laugh not only decreases amounts of the stress hormone cortisol in the blood, but also increases the ability to remember and learn new information.
- How to Protect Your Credit with a Security Freeze
When guarding yourself from identity theft you have two choices: monitor your credit regularly or implement a security freeze. Which option is best for you?
- For Many Aging Americans, Home is Where the Fraud Is
A new, nationwide elder abuse analysis has led to a surprising conclusion that could cause older Americans to think twice about trusting their money to those nearest and dearest to them.
- Gift Tax Q and A for Family Caregivers
Will you owe a gift tax this year? Use this Q&A to determine if the “gifts” you have received are considered taxable revenue.
- How to Discuss Money with Your Parents
Tips for how caregivers can talk about money and finances with elderly parents. Financial discussions shouldn’t be taboo as your parents age. Failing to talk about money matters with your parents could put you in a difficult position when it’s time to take over their financial decisions.
- Free Tax Help for Seniors
Find free tax help for seniors. Check out these free tax assistance programs for seniors.
- Warning Signs That Your Parent's Finances Are Off Track
Money can be a sticky subject to discuss with your aging parents. If you’re noticing any of these red flags, it may be time to step in and assist in managing their finances.
- Growing Your Aging Parent's Wealth During Their Golden Years
Many common retirement myths are completely false and end up harming your financial situation. With proper planning, you can help your parents continue to create wealth until their retirement and beyond. Avoiding overly conservative financial decisions can truly pay off.
- How do you talk to elderly parents about finances and long-term care?
Talking to aging parents about future decisions regarding elder care and medical directives is a conversation that families often avoid.