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Tag Archives: paying seniors bills

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 […]

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 […]

When You Can’t be There: Monitoring Money from Afar

Money is one of the greatest stressors for adult children overseeing their parents’ care from afar. They want their parents’ caregivers to be able to purchase items their parents need, and they want their parents protected from potential financial abuse and identity theft. I believe most caregivers are honest people. It only takes one person […]

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 […]

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

As our parents age, we may find ourselves taking over their checkbooks. Their bills need to be paid even when they can no longer write checks themselves. In my work as a daily money manager I have seen many interesting arrangements. Although they mean well, adult children sometimes handle their parents’ daily finances in ways […]