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Warning signs that your parents may be mismanaging their finances

Unopened Mail: This could start out as being infrequent stating "not enough time" or "I forgot" or "I meant to do that". Keep a close eye if this habit becomes continual. Call Today - Walton Bookkeeping & Senior Services - 678-935-7012

Lost Checkbooks: You will need to go through all checks and account for their number sequence. You will need to cancel missing checks or perhaps create a new bank account.

Donations: Donations from seniors may not be an issue unless you determine that they are large, excessive, and continually to the same organization.

Buying over the TV: It is very easy for anyone especially seniors to be conned into purchasing items they don't need over the TV. If this is habitual, you will need to prevent the access to accounts that allow them to continually make purchases.

Medical Bills: It's a known fact that medical bills have erroneous charges regarding deductible payments and co-payments. Watch for erroneous payments and duplicate billings from other providers.

The Unknown Benefactor: Watch for continual payments to a person that you don't know and your parents can't explain. It's a sure sign they are being exploited financially.

Past Due Notices: Bills are getting missed somewhere. Parents that are starting to 'forget' may not be keeping up with current payments. You will need to go back and review every statement to ensure continuity.

Overdraft Bank Charges: Seniors could be 'missing' their monthly checks via theft or misplacement. In all likely hood they are not going to tell you that. It's one more sign that they need assistance. Or they could be spending more than their fixed income allows. Do an extensive bank reconciliation and try to set up automatic deposits from their income sources.

 The National Institute on Financial Issues and Services for Elders, a Unit of the National Council on the Aging, says to watch for these signs of financial abuse:

Call Today - Walton Bookkeeping Services - 678-935-7012

The elderly person's living conditions are well below his or her financial resources

Unusual or inappropriate bank account activity is reported

Frequent checks for cash are written to a caregiver or financial professional

Bills go unpaid or are overdue when someone is supposed to be paying them

The elderly person transfers title of his or her home or other assets for no apparent reason

Large, frequent gifts are made to a caregiver

The person is reluctant to talk about once-routine topics

Personal belongings are missing

Attempts are made by a caregiver, friend, or relative to isolate the person from others

Changes are made in a will when the person appears to be incapacitated

The older person takes out large, unexplained loans

A live-in caregiver refuses to leave or is evasive about financial arrangements
 

 (678) 935-7012 seniorservices@mfwbs.com 
 

  

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