Care is expensive. And one of the greatest fears that many seniors have is running out of money when they still have medical and other needs that must be paid for. And if something like financial abuse gets in the way of money, affording care becomes even tougher.
We have all heard horror stories about seniors being abused or manipulated for their money. In some of the extreme cases, elderly individuals have lost their life savings before they knew what had happened. These are extreme cases, but they still occur far more frequently than they ever should. Senior abuse is horrific, and by educating ourselves and taking preventative measures, we can take a big stride toward protecting our families.
When we realize that financial abuse can sometimes fly under the radar, we can do an even better job of preventing it.
Sometimes, this concern with money doesn’t deal with textbook abuse, but more of a misunderstanding about a loved one’s intent. One recent example that has happened is that an adult child who had control over his parent’s resources indicated that he would not transfer money that was given to him to help care for his parent’s care to his parent. Instead, he said that he would use this money for himself. The money was obtained by this man legally, but is a very obvious affront to the person who had trusted him.
There are ways that we can avoid such a tragedy from happening to us. Working with an attorney to install the proper safeguards over your money and desires is one of the most foolproof ways to do this. An attorney can help in many cases to make sure that your money is doing exactly what you want it to be doing as you age. If you’ve ever given money to an individual with the intent that they help you with your finances as you age and things don’t work out as expected, then a senior care attorney is exactly who you need to be talking to. They might not be able to help resolve everything, but they can at least do all that is legally possible to protect you and your future.
Advance directives, such as a living will or trust, can create a legal chain that will ensure that actions are taken in your best interests. The issue described above could have been completely avoided if such a step had been taken. Preventing issues before they occur is always the best way to keep the people that you love safe and happy.
Senior care is a sensitive topic, and so is money. Working with people that you trust is absolutely essential if you are going to help plan for your own or someone else’s senior care. If you are looking for an in-home care service to work with that can be trusted, give us a call. We can go over what we can do to help you and your family during a free consultation. It won’t solve all of the care questions that you have, but it can be a good step in the right direction.