Helping you Manage the Financial Details of Your Life

802-343-0389

Email: robyn@moneycarevt.com

Category Archives: Helping Mom & Dad

Beyond the Family Home: Senior Housing Options Explained

Many elders desire to stay in their current homes. Seniors who choose to “age in place” can modify their homes to make them safer and accessible and hire home care services. Aging in place may not be desirable or feasible for everyone, however. Today, there are numerous senior housing alternatives available, and the terminology of […]

When Parents Reject Your Ideas

Trying to help parents with their finances can be frustrating. We may see clearly what we think our parents should do, yet they may refuse. When it comes to parents and their money, adult children need to tread lightly. Parents may resent their children’s interference. They may fear they will lose their independence. We need […]

Managing a Loved One’s Social Security Benefits

When you are managing the finances for a parent who receives Social Security benefits, you may need to become her “Representative Payee.” Social Security does not recognize guardianships, conservatorships or powers of attorneys. If you handle your family member’s money with one of these documents and you need to manage her Social Security benefits, you […]

Can My Loved One Deduct the Mammoth Costs of Long Term Care?

Typically paid personal care, such as dressing and bathing, is not tax deductible. If an individual meets the IRS requirements, however, long term personal care can be deducted as a medical expense. Before you toss your spouse’s or parents’ long term care bills, check to see whether they qualify for a tax deduction. The amount […]

How to Keep Your Children from Fighting Over Your Money

Adult children fighting over their parent’s money: this is one of the saddest, yet common, things I witness in my work as a daily money manager. In some cases, one or more of the children have a sense of entitlement, not understanding that their parents’ money is not theirs. In other cases, some of the […]

Should You Automate Your Parents’ Bill Paying?

Handwriting checks is time consuming. Many of us no longer write checks to pay our own bills. If you are helping a parent or an older loved-one with bill paying, he or she may be resistant to newer methods. Paper checks are familiar to many seniors and make them feel safe. Should you transition your […]

Help Others Help You: Prepare an Inventory

When I opened the door to my client’s apartment, knew I was in for a treasure hunt. Tim was a new client, and I needed to quickly understand his legal and financial situation. He was in a nursing home and unable to communicate. I spent hours looking through his papers for clues. Many of us […]

Simplify Your Loved One’s Bank Accounts

When Caroline began helping her mother with bill-paying, she was quickly overwhelmed. “I couldn’t believe the mess. Mom had four bank accounts and several credit cards,” she said. “There was no system to her bill paying.” In her late 80’s and suffering from macular degeneration, Caroline’s mother randomly paid bills from the first checkbook she […]

How Do You Know When Your Parents Need Help With Money?

Barbara’s mother called in a panic. Her power had been shut off.  Barbara contacted the electric company and learned her elderly mother had not paid her bills in several months. Barbara, who lives in another state, made an emergency trip sort out her mother’s affairs. She learned other utilities had not been paid and last […]