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It’s a difficult time to be an older person. Covid-19 means that older people are being encouraged to stay at home and this can be isolating and upsetting. It’s important to stay in touch with any elderly relatives and check in on them regularly.
Your elderly relative might also be reaching a time where they need help with their finances. This is especially important if they have dementia or another illness which impacts their mental capacity. You might need to step in and assist with any financial issues they’re having. Here is some advice and guidance on helping an elderly relative with their finances.
Benefits
Some elderly people might be entitled to certain state benefits. If your elderly relative is a veteran and has a disability, for example, they might be eligible for VA disability benefits. Benefits can be difficult to navigate, especially for someone with additional needs or health problems. Check out a VA disability pay chart 2020 for more information, or contact an attorney if you think your relative isn’t getting what they’re entitled to.
Power of attorney
There might come a time in your elderly relative’s life when they are incapable of looking after their own finances. The responsibilities may then turn to their power of attorney. This is a document that gives one person the legal authority to act on behalf of the person and make decisions on their behalf. For example, a power of attorney would be able to take out money and make payments. This is a powerful legal document that isn’t to be taken lightly. So, if your elderly relative is in this position, speak to an attorney for further information.
Paying off debt
No elderly person should be living in a state of worry about paying off debt. Financial worries can have a significant impact on both mental and physical health, and it won’t be doing your elderly relative any good. So, what’s the solution? It’s important to help your elderly relative assess their debt and make plans to pay it back. This means assessing their income and outgoings and creating a budget (Six Dollar Family) plan. Debt advisors can help to provide further advice and guidance.
Downsizing
If your elderly relative is living in a large house, they might find that the expenses are outweighing the benefits. A large house can be costly to heat and maintain, and it might be time to downsize (Six Dollar Family). By doing so, they will be able to purchase a smaller property and live off the profit. However, downsizing isn’t easy. Your elderly relative might be attached to their house and the memories they have there. And moving can be a huge burden. So, help them to get organized, sell the property and emotionally support them. This will be a difficult decision but it most likely is the right one.