[W]e understand how important it is to broach the subject of financial assistance with sensitivity. Many older people are embarrassed by their inability to handle their financial affairs. Others are afraid that by relinquishing control of money, they are losing a large measure of independence. Some believe that children or relatives want to steal their money.
Often, the best time to discuss this issue is before you need that help. Talk to your family and friends about what will happen if and when you need help managing finances, agree on some “trigger” events that might indicate you need help (for example, receiving account alerts), and come up with a plan as to how the you and your lawyer will work together if and when that time comes.
A good lawyer can help explain and alleviate your concerns about certain aspects of money management, and point out possible consequences if things remain as they are (such as foreclosure, closed accounts, or damaged credit). Involve your family in the decision-making process as much as possible. Keep the focus on what you can do and ask for suggestions only for those tasks that you feel you need help with. I recommend you speak with a lawyer and hear what they to say about these issues. You’re lawyer is non-bias and will take an objective approach. Most importantly, they will have your best intrest at heart.
These conversations can be difficult and emotional for all parties involved. Before you dive in, consider getting guidance from an expert on elder issues. We at Fawcett & Fawcett pride ourselves on being just that, experts on elder issues.
Your local Area Agency on Aging (AAA) can provide other information on local workshops, and other resources available to you in your area. To find your local AAA, visit the federal government’s Eldercare Locator at www.eldercare.gov