Preferred Lifestyle Services - Care Management
Preferred Lifestyle Services on LinkedIN Preferred Lifestyle Services on LinkedIN Preferred Lifestyle Services on Twitter Preferred Lifestyle Services on YouTube Preferred Lifestyle Services on Google Plus

Care Management ~ Eldercare Advocacy ~ Dementia Care

Serving families in Palm Beach, Martin and Port St. Lucie counties

Request a Free Consultation ~ (561) 277-9544

Is Dad Safe Managing His Money?

Judie Rappaport
October 30, 2014

Dear Judie, 

 

After several falls, confusing his medications, and a hospitalization, my father involuntarily moved from Independent to Assisting Living. I am an only child and have his durable power of attorney and joint ownership on his bank accounts. While he lived independently, some “friends” and “salesmen” talked him into writing checks for odd and extravagant items he did not want or need. He still pays his own rent, phone, etc. How can I control his spending so he will have enough money to pay for his ALF and other needs without devastating him by taking away what’s left of his independence?

- Bob, Hobe Sound

 

Dear Bob,

 

Your father moved to assisted living because it was no longer safe for him to live alone. If he was spending money inappropriately, then it’s time for both of you to accept that he can no longer handle his finances without assistance. You do not have to shoulder this burden alone. An elder law attorney can help you determine the best way to handle his financial affairs and also help explain the change to your father. If your father orders merchandise on the telephone or from unsolicited mail offers enroll him in the “National Do Not Call Registry” (www.donotcall.gov) and instruct the ALF to hold his mail and packages for your approval.

 

 

Judie Rappaport, President & Founder
Preferred Lifestyle Services

Trust Yourself. You Have the Knowledge, Insight,
and Power to make the right decisions for you and your parent. ©

 
 

You May Also Like:

Time Management: 7 Tips for Caregivers

How Can We Help?
Looking for help with care at home or just have a question? Call (561) 277-9544 or Contact Us Online
Subscribe To Get
Free Eldercare News

Caregiver Help