Author and writer: Emma Grace Brown
Publisher: Kelly NetWorks
phone: 858 245-3563
Signs That Your Senior Loved One Needs Help With Finances
It is unfortunate when we discover that our elderly loved one is no longer capable of handling their finances, but it can happen, and they need you to be there for them if it does. This can especially be true for those who are part of socially and racially minority elder populations. The important thing is that you see the signs and then take the steps necessary to help them out. Courtesy of Kelly NetWorks, here are some tips for how you can help them do so when they need you the most.
Recognize the Signs
The first step is to recognize the signs that your loved one may no longer be mentally capable to handle their finances. Visit them regularly and be aware of these potential issues:
● They have unopened mail around the house.
● You see that they have reoccurring memory issues.
● Their vision is fading, so they cannot see the details.
● You notice that they are getting overdue notices in the mail.
It should also be noted that there is an earnings gap in the country, especially when it comes to minorities vs. white Americans. So it can be more likely that some older folks may be more susceptible to financial issues as they age. If you believe your loved one may fall into that category, then be extra watchful for the signs of financial decline.
Read Reviews to Find a Suitable Nursing Facility
Once you have confirmed that your loved one needs help with their finances or they are experiencing other memory problems or physical ailments, then it may be time to move them into an assisted living facility. This is an important decision, so you shouldn't just go to the first home you find. Instead, thoroughly research nursing homes in your area. Look at facilities around your area and read online reviews from past clients, so you know you are getting an honest opinion.
Sell Your Loved One’s Home to Pay for the Care
Elder care in nursing homes can be quite expensive, with the average cost climbing to $1000 per day in some parts of the United States. If you don’t have the funds to pay the costs now then you may need to find a way. You do have options. One is to sell the current home that your loved one lives in since they can’t take care of it. When you sell a house, it is essential that you get a fair price.
One way you can do that is by using a home estimate calculator. Basically, you enter the potential home sale price and then factor in how much you have left to pay on your mortgage and the state where you live. This calculation will give you a rough idea of how much you can expect to make from the sale of the home. You can then factor that dollar amount into your budget.
Or Sell a Business
If your loved one formerly ran a business and they are no longer able to do so, then you might consider selling that company to pay for senior care. You can make a decent amount of money depending on the success of the business. Again, you need to get a fair price. When selling a company, you can look at your potential earnings by getting a professional business valuation. This analysis will factor in all of the assets, including real estate and inventory, and it will also include how much debt you may have, how successful the business may be in the future and other important factors. Once you have a solid number, you can decide to sell or not, and if you do, then factor it into your budget.
In the end, it is never easy to realize that your loved one needs help, but you can do your part by noticing the signs and making the right moves to get them into a better place. Remember that you can sell a house or business to afford a high-quality nursing facility. Just be sure to do what is right for your loved one’s current needs.
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