From time to time, I come across an article that I think would be beneficial to my audience. Lucille Rosetti runs the web-site www.thebereaved.org.
She has graciously allowed me to repost her article on my site.
www.thebereaved.org has great information for seniors and for the people who love and help them.
This is a very informative site that I highly recommend.
Below is the article she wrote:
It is not uncommon for senior citizens to lose touch with certain aspects of their daily lives. They may not check the mail every day, or they could skip a weekly phone call with their closest friends or family members. However, while a few missed calls are not a cause for concern, issues that affect their financial independence are.
As seniors get older, they might lose out on their cognitive abilities to recognize when things haven’t been paid. Even more alarming, there are many scams that target seniors because of this. Unfortunately, the banks typically don’t care if several months’ worth of missed mortgages are due to a health problem or not, and the bills must continue to get paid.
How You Can Help
Each senior will have different abilities and areas where they struggle. While these tips will not apply to all, there are ways you can help, depending on your relationship with the senior.
Finding affordable and accessible housing.
Affordability can be a problem for seniors on a fixed income. And if they get overwhelmed with bills, home maintenance, and other aspects of ownership, then it might be time for them to let go of this burden. If they are open to the idea, help to look for rental homes in neighborhoods where they’ll have easy access to things they need. You can typically find properties online and sort by price and location.
Work with a financial planner to look ahead at the feasibility of long-term care.
Ideally, your senior has a small nest egg built up for retirement. This might be enough to live comfortably in an independent environment, but not all seniors can do this forever. Find a financial planner that can work with your loved one to determine how their funds might be used for long-term care if the time comes.
Evaluate the value of their business, and help them sell it if needed.
If your loved one is a small business owner but is no longer taking an active role and its operations, it may be time to let go. Seek a professional business valuation so that your senior knows what they can expect to get out of their business if they sell it as it is. Before you list, make sure that this valuation includes real estate, inventory, and the value of intangible assets, such as trademarks and proprietary processes.
Become their power of attorney.
When seniors are no longer capable of handling their own money or making prudent financial decisions, becoming the power of an attorney might be necessary. As part of an estate plan, a power of attorney may have one of two functions. These are to make medical decisions or financial decisions. A durable general power of attorney will allow you to pay bills, make investment decisions, write checks, and perform other actions involving money on your senior loved one’s behalf.
While we all hope that our seniors can live whole, healthy, and independent lives, this does not always happen. Whether your senior is more easily duped by scammers, needs to sell their business to support their end-of-life needs, would be better off in more affordable and accessible housing, or just need a helping hand paying the bills, the compassionate assistance you provide now will go a long way toward helping your loved one maintain their quality of living if and when their health declines.
American Liberty Mortgage can help you learn everything you need to know about reverse mortgages. Get in touch today by calling (303) 467-7821.
