Several seniors have elderly parents for whom they provide caregiving. Senior voters are helping every alternative after they talk concerning their various experiences with aging parents. These are some conversations recently observed among seniors talking concerning parenting their parents.
One had an aging parent in a nursing home in another city. On their behalf, they recently sold some property from an estate for that they were a beneficiary. The funds were then deposited in an account to be used exclusivly for the parent. The procedure was then explained to the parent, whereupon they stated that they expected the funds to be deposited during a local bank account, so they "...will write checks" to use the money. This elderly parent encompasses a slight cognitive impairment and medical reports from several different offices have noted her poor judgment and inability to try to to effective reality testing over the past decade; she was also recently a victim of an identity theft scam that left her totally perplexed concerning how she was victimized. She hasn't had access to a checking account for several years, and it became the editor's job to work out how he would handle this example along with his mother.
He set to write a letter to his mother detailing how the funds were reserved for her use, and why he would stay in management of them, that in result meant she wouldn't have direct access to the money. He asked her to keep the letter so when she had questions concerning why she couldn't write checks on the account, she may consult with the letter for a detailed explanation. The letter was written in kind and loving tones, using easy language she could easily understand. He expects to listen to questions from her concerning the funds, and he can each answer the queries as well as refer her to the letter that explains the whole process. He's credited with maintaining a loving and supportive relationship with his mother throughout his life, never giving her any reason to doubt his intentions with relationship to her.
Another senior citizen is coping with an aging parent who managed his own money affairs until just the past couple of months. He's severely cognitively impaired and unable to recollect anything beyond some seconds. Long term memory is somewhat higher, but even details are confused when he relates a memory from years ago. Over many months, it became clear to the editor and her siblings that he was unable to manage his varied investments alone and, of course, there was some concern about the likelihood of identity theft and being a victim of scams on the elderly. She knew action needed to be taken sooner instead of later.
She and her siblings agreed they might ask him to voluntarily execute the power of attorney he had prepared several decades ago, realizing that if he didn't agree, they might be faced with having him declared mentally incompetent-a place none of them wished to go. When approached about the POA, he readily agreed to execute it, that currently allows two of them to participate in all monetary choices that has got to be created on his behalf. The siblings are credited with maintaining a loving relationship with him over eight decades which was seemingly the basis for him feeling comfortable with signing the document.
On the surface, these two experiences have very very little in common. But, the seniors discussing the problem agreed they learned an necessary lesson in caregiving for elderly folks: There aren't any 'rules' for the way to house financial problems with elderly parents. Every scenario must be rigorously evaluated, taking in to account all the dynamics and variables that affect where the parent is at a given purpose in time, knowing which will change within the future. The most effective recommendation returning from the discussion is to act from an edge of affection and caregiving for one's parent, evaluating medical, social, environmental, mental, emotional, psychological realities of the parent, and then asking yourselves how you would want your child/children to act if you were the one receiving care.
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