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Tag Archives: parents money

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 […]

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 […]

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 […]

A New Tool to Protect Mom from Telemarketers

Last August I wrote about managing your loved one’s financial affairs from a distance (When you can’t Be There: Managing Money from Afar). Since then, I have learned of a new tool that can help adult children and their parents manage spending money. The True Link pre-paid VISA debit card is designed specifically for seniors […]