This presentation is one of many available on senior topics to help families better understand the aging process and find resources to help their loved one remain safe and healthy in their home. To sign up for a workshop please contact our office. Note: Videos and manuals affiliated with this presentation are only available when attending the workshop.
For more information go to www.homeinstead.com/650.
2. OBJECTIVES FOR TODAY
During today’s workshop, you will:
• Learn how to get your parents organized financially
• See the importance of pulling together a financial
and estate management team
• Find out about options for financing care
• Gain tips to help your parents manage their money
and prevent them from becoming victims of fraud
5. PULLING TOGETHER A FINANCIAL &
ESTATE MANAGEMENT TEAM
Key documents:
1. Medical directive (living will,
advance health care directive)
2. Durable power of attorney for healthcare,
and HIPPA release
3. Durable power of attorney for finances
4. Revocable living trust
5. A will
6. PULLING TOGETHER A FINANCIAL &
ESTATE MANAGEMENT TEAM
Team members include:
• Attorney
• Financial advisor (CFP)
• Insurance counselor
• Tax professional (CPA)
8. FINANCING OPTIONS FOR CARE
Financing options include:
• Long-term care insurance
• Reverse mortgage
• The “life settlement”
• Medicare (over age 65)
• A Medicare Advantage plan
• Medicaid (“means tested” welfare program)
10. DAY-TO-DAY WAYS TO HELP SENIORS
MANAGE THEIR MONEY
Money management tips:
• Get permission to access online banking
• Help to organize financial files and bills
• Make copies of important documents
• Enlist the help of a trusted financial
professional, relative or friend
If you notice signs of dementia,
work to get financial affairs in order fast.
12. WARNING SIGNS OF FRAUD
Reasons the elderly are more vulnerable:
• Likely have a “nest egg”, own their home, and
have excellent credit
• More polite and trusting
• Less likely to report fraud
• More likely to believe in deceptive
product promotion
13. WARNING SIGNS OF FRAUD
Five common senior scams:
1. Prizes and sweepstake scams
2. Home improvement frauds
3. Phishing schemes
4. Internet fraud
5. Identity theft
15. HOW TO PREVENT FRAUD
• Watch for unusual activity
• Be on guard for individuals who have
befriended your loved one
• Investigate organizations looking for money
• Assist seniors with their finances
• Destroy information that could be
compromised
• Seek out a second set of eyes
16. TO US, IT’S PERSONAL ®
Take action!
• What is my deadline for pulling together a
financial and estate management team?
• What financing options for care should I look into
further?
• What resources do I need to search, talk to, or
meet with to help my loved one with their
finances?
• What can I do now to help my parents with day-
to-day money management and fraud prevention?