Life does not always get easier as it continues on. The daily tasks of financial maintenance (i.e. paying bills, avoiding financial traps, health coverage) are still ongoing realities. Many adults have seen their loved ones go through a handful of financial problems that arise as they age. The issue may range from a mild inconvenience to something that is financially devastating, and it begs the question of what, if anything, adults can do for their loved ones.
Loved ones begin to see their financial responsibility slip ever-so-precariously, and yet the financial concerns still need to be met and addressed. A Daily Money Manager is an individual who can help navigate daily money tasks. This could include anything from allocating automatic payments for bills (while avoiding expensive overdrafts) as well as delivering bank deposits. Some money managers act every day on tasks while others may have a more disconnected service based on bi-weekly or monthly needs. Their tasks are discussed with the adult or adults requesting the service and can vary with ease.
Unfortunately, financial organization is becoming more complicated in some areas. Take, for example, the onset of financial scams. The scams are increasingly sophisticated more every year. They may often include a single email combined with a mailed letter. The letter may contain a fraudulent check. The check can be deposited in an account and subsequently removed—taking the rest of the account with it. These scams take advantage of loved ones who are facing financial disorganization due to age and potential memory slippage.
The scams can be as straightforward as a letter requesting a bank account number and payment for processing fees in exchange for thousands of dollars. Loved ones with dementia may have a difficult time deciphering these scams. It is something many take for granted and presume is an obvious scam. But, these realities exist to take advantage of loved ones who are facing a fading memory.
Barbara is a local money managing expert. She coordinates her efforts with professional financial services, particularly for clients with expansive financial needs. In all, she interweaves protection with financial security for clients who are concerned that their parents are being taken advantage of or could be. These concerns are real and untested for many until they see the fraudulent behaviors people are capable of.