Assisting our Elderly
I recently stumbled on an article by Eileen AJ Connelly, where she discusses the issues that might arise with aging relatives or friends. I found Ms. Connelly’s article to be interesting because Canada is an aging society, but more particularly because it provides her readers with a strategy on how to approach the subject of managing finances with an elderly relative and what signs to watch for if it is suspected that an elderly relative might be having trouble handling finances.
In her article, Ms. Connelly lists the following “warning signs” to watch for if you suspect an elderly relative, client or friend may be having trouble handling finances:
1. Unopened mail;
2. Late or unpaid bills; collections actions;
3. Confusion or lack of interest about what bills have been paid;
4. Bounced checks;
5. Disorganized personal paperwork;
6. Uncashed cheques or unclaimed property reverting to the government;
7. A large number of magazine subscriptions; and
8. Unusual or increasing direct mail or shopping-channel purchases.
The theme behind Ms. Connelly’s article is not to wait to get involved, but be proactive. If you have noticed a possible problem with an elderly relative or friend you should not wait to have the dreaded conversation of managing finances. The longer you wait, the greater the risk that any existing problems will only accumulate. Ms. Connelly states that most elderly relatives, like parents, are afraid that they are bothering their children and it’s up to the children not to assume that your offer for help will be refused.
Thank you for reading and have a great weekend.
Rick Bickhram
