Many Options Exist to Help Seniors with Money Management

June 5, 2011
By Ettinger Law Firm on June 5, 2011 10:19 AM |

As many community members get older they often need help with their financial affairs. The assistance usually comes in two forms. The first involves financial preparation for the future. In our area, these are things with which a New York elder law attorney can help. From Medicaid planning to assistance creating will and trusts, professionals in this area are capable of ensuring that seniors will have the care they need in the future and leave their assets as they wish.

Besides future planning some seniors also have need of basic day-to-day money management aid. Fortunately, as recently discussed in the Santa Cruz Sentinel, resources are also available to help seniors who need help with basic task like monthly bill paying. There are usually fees associated with these services, which connect money management specialists with seniors and the disabled.

Of course it is very important for elderly community members and their loved ones to have a deep trust with anyone with whom they give access to their financial affairs. Many specialists in day-to-day money management programs are bonded, fingerprinted, and subjected to background checks. Usually the specialists do not sign checks or have access to client bank accounts. As an added benefit those giving assistance are also capable of ensuring that seniors do not fall victim to scams or other forms of elder financial abuse.

The son of one individual who uses the money management service explained the importance of having a good relationship with those who assist seniors with finances. He noted, "the most important element of this relationship is trust. [...] It's really hard to find someone that can step into the most intimate aspect of your life--the financial aspect--without having any issue of reluctance or trust. It takes a huge responsibility off my shoulders just knowing the basic responsibilities are being covered."

Many individuals who use these services report a preference for having a third party assist with financial matters instead of a family member. Hiring outside aid allows seniors to remain financially independent without having to ask a loved one for help. It is often difficult for seniors to cede some control of their financial lives to others. However, the resources exist to tailor the assistance to each individual's unique needs. A visit to a New York elder law attorney can go long way in helping with these matters.

See Our Related Blog Posts:

You May Be Able to Bargain For Long-Term Care

Family Trustees Must Be Aware of Their Duties and Requirements