Protecting Your Aging Relative's Financial Security

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Article Title:

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Protecting Your Aging Relative's Financial Security

Article Description:

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Your aging relative needs help at home. Before hiring home care,

take time to protect your care recipient's financial security.

It's not that you don't trust, it's that you value prudence.

Additional Article Information:

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425 Words; formatted to 65 Characters per Line

Distribution Date and Time: 2008-02-06 10:48:00

Written By: M. Brown

Copyright: 2008

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Protecting Your Aging Relative's Financial Security

Copyright © 2008 M. Brown

Caregiving.com

http://caregiving.com

You notice that your mom needs more help at home. You decide to

look at home health care to help with your personal care and

housekeeping.

Your down-on-his-luck brother reappears, anxious to heal the

family rift and help care for your parents. " I want to get

involved, " he says. " You can trust me now. I'd like to help

manage the money and the decisions. "

Before hiring home care or granting access to the purse strings,

take time to protect your care recipient's financial security.

It's not that you don't trust, it's that you value prudence.

Some suggestions:

1. Freeze your care recipient's credit reports. Freezing the

reports means that new credit cannot be opened in your care

recipient's name. New credit cards can't be opened, and major

purchases cannot take place under your care recipient's credit.

Read this tip for more information:

http://caregiving.com/yourcare/html/weeklytip329.htm

2. Consult an elder law attorney about protecting assets by

creating a living trust. You can hold property and assets in a

trust-which guards against an individual moving ownership of

assets from your care recipient to him or her. Visit here for

more information:

http://www.nolo.com/article.cfm/objectId/02B5FD86-BB5F-4F9C-88C5E

D4A0D7F64BC/309/227/FAQ/

3. Secure documents such as checkbooks and tax returns as well as

expensive items, such as jewelry, in a safe or safety deposit

box. Don't leave temptations unattended.

4. If you haven't done so already, have a durable power of

attorney for health care and finances drawn up for your care

recipient. If you live in one state and your care recipient in

another, have an elder law attorney create documents for both

states.

5. Use direct deposit for Social Security checks (and other

monthly checks, such as pension). For more information about

enrolling in direct deposit, call the Go Direct helpline at (800)

333-1795 or sign-up online at http://www.GoDirect.org.

6. When hiring in-home help, always do a background check and

call references (and ensure a home care agency does, as well).

You can check out home care agencies at Home Care Compare, a

service provided by Medicare. Visit here:

http://www.medicare.gov/HHCompare/Home.asp?

7. Ask friends and family members for referrals when hiring help,

whether through an agency or on your own. These recommendations

can be invaluable.

8. Communicate clearly your expectations of everyone involved in

caregiving-included hired professionals. And, keep the lines of

communication open: Ask questions, welcome feedback and listen

carefully.

9. Stay involved. Make unannounced visits when the home care

worker will be with your care recipient, stay on top of financial

information, and question anything that seems odd or unusual.

10. When your gut screams, act.

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M. Brown, Professional Caregiving Coach, offers insights,

information and inspirations for family caregivers on her website,

www.caregiving.com. Visit the website to learn more about managing

the caregiving experience, to join online support groups, and to

take a teleclass to discover the meaning in your caregiving

journey.