January is Financial Wellness Month. As a family caregiver, this takes on even more meaning as you work to ensure your elderly loved one’s finances are organized as well as your own. By having importance financial conversations with your senior you ensure that you are on the same page, avoid uncomfortable or awkward situations, and prepare both of you for the future of your care journey together.

Some important conversations to have with your elderly loved one during Financial Wellness Month include:

Financial assets

As their primary caregiver, it is likely that you will be handling certain financial tasks for your aging parent. This makes it important that you are fully informed of their financial condition so that you can help them make the decisions that are right for them. This might include taking steps such as liquidating some assets to free up money to pay their expenses or making decisions regarding transferring assets to you as they see fit.

Delegated responsibilities

It is possible that your aging parent will be fully financially responsible for all of their expenses as they get older, but if you are like most family caregivers, this will not be the case. It is important that you discuss what type of financial support you will give your senior so that both of you are fully aware of expectations and what you are willing to do so that there is no confusion

Future financial issues

Even if your senior has the financial resources to handle their needs now, it is possible that there will be changes in the future as their needs progress. Discuss how they may handle these demands as they arise. Will they need to move into a smaller home? Will they need to liquidate assets or tap into savings accounts? Knowing the options now and putting plans into place will help you to feel more confident moving forward that even if the unexpected does arise, you will be ready to handle it in the way that is right for your aging parent.

As a family caregiver, starting senior care for your aging loved one can be one of the most compassionate, nurturing, and beneficial decisions that you can make. Even if your elderly parent only has mild to moderate care needs, the highly personalized services of a senior home care services provider can help them to enjoy the highest quality of life possible as they age in place. This care provider will evaluate your loved one’s individual needs and challenges, as well as their personality, goals, beliefs, and lifestyle, and devise a course of care, support, and assistance tailored to helping them address their needs, stay safe and healthy, and maintain the highest level of independence and activity throughout their later years.

This ensures that whether you are able to visit your parent daily or you are a distance caregiver only able to be with them occasionally, your senior will have the level of care and support that they need and deserve. If you or an aging loved one are considering in-home senior care in Dallas, TX, please contact the caring staff at Assisting Hands of Preston Hollow today at (214) 760-6944.