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Tag Archives: parents checkbook

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 […]

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 […]

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 […]

The Convenience Bank Account – An Alternative to Joint Accounts

For seniors, a “convenience account” would be the perfect alternative to a joint checking account. I learned about “convenience accounts” in a 2011 New York Times article. With these accounts, another person, such as an adult child, has authority to access the account and to make deposit and withdrawals on behalf of the account owner. These accounts […]

Five Ways to Help Your Parents Keep Their Financial House in Order

Many times our parents don’t need (or want!) someone to completely take over their checkbook. Sometimes all they need is a little help. If they are willing to share information with you, here are five ways you can provide assistance while helping your senior maintain independence. Review the incoming mail with your parents. Many times […]

Avoid Making a Mess of Your Parents’ Finances – Part II

Messes are sometimes what results when well-meaning adult children take over their parents’ checkbooks. In my last blog, I gave three best practices for paying elders’ bill. In this post, I offer three more: Keep your money separate. If you have a joint account, deposit only your parent’s money into it, and pay only your […]