If you have an aging family member with considerable wealth in Michigan, you may feel concerned about his or her ability to manage and protect financial assets. Helping your family member feel comfortable with asset maintenance and protection may require time and education.
Your ability to provide encouragement and insight may give your family member the push needed to implement protective measures before it is too late.
Encouraging vigilance and awareness
According to caringseniorservice.com, a great place to begin is to assess your elderly loved one’s financial situation and simplify anywhere possible. Look for ways to consolidate debt and streamline payments. If certain people maintain the responsibility of power of attorney, ensure they are aware of their duties. Helping your loved one learn about the warning signs of financial scams may provide reassurance and detect suspicious behavior before it turns into a threat. You may also help your family member to regularly monitor his or her finances to uncover fraudulent activity in its earliest stages.
Another valuable strategy is to transition financial assets into usable income, especially as opportunities to acquire money decline. Relying on the intervention of financial professionals may enlighten you about the most efficient, productive and safe ways to optimize the use of financial assets for income.
Limiting access to financial accounts
Even though you may have several eager family members looking for ways to help out, limit the access to your elderly loved one’s financial accounts. Maintain a record of who has access and the reason why and never give out sensitive information.
With your knowledge of protecting financial assets, you may provide support and comfort to prevent costly financial abuse or fraud from upending the lives of those you love. If you would like to learn more about aspects of elder law, please visit our webpage.
