Tips to help protect your parent’s finances

Financial matters are always difficult to discuss with an elderly parent, yet there are some important items that have to be discussed, especially when seniors are living in a different city from there adult children. If you are caring for your parents from a distance, it is important that proper checks and balances be put in place in order to avoid fraud. Here are some tips that will make everyone feel safer...

1. Use direct deposit for Social Security and other payments to prevent mail theft.
2. Have your parents sign all of your own checks or better yet, pay all their bills electronically.
3. Keep important papers and legal documents in a bank box
4. Remind your parents never to give out their social security number or passwords over the telephone.
5. Always have your parents Power of Attorney paperwork handy and updated.
6. Make sure your parents number in on the National Do Not Call Registry by calling 1888-382-1222.
7. Do not be afraid or embarrassed to discuss your concerns with with your parents. Seniors often do not want to burden their adult children with their issues, until the issue gets out of hand
8. Remember the old addage, a solicitation that sounds too good to be true... probably is.

Care giving can be a difficult task, yet when it is done from a distance, problems can happen in a moments notice. These checks and balances are just a few tools that can help keep your parents finances secure.