Helping Your Parents Remain Independent

If your parents or other relatives are getting to the stage where they can’t handle their affairs as well as they used to, stepping in to help them can be tricky. Many older people don’t like the idea of giving up control, even if that will help them remain independent and in their own home. But if they’re willing to receive such help, strategies might include:

Make a list of your parents’ sources of income and other assets that can be used to cover expenses. Get in touch with their accountant, broker, or other advisors.

Set up a joint checking account for yourself and your parents. Request that copies of the statements be sent you. Use a joint debit card, tied to that account, to pay for your parents’ groceries, medicine, clothes, etc.

Monitor the activities of anyone else involved with their finances, such as a financial counselor, as well as account statements of their financial holdings.

Apart from money issues, see what can be done to make their home more “elder-friendly”–railings on the stairs, grab bars by the tub, etc.—that might enable them to stay there longer as opposed to moving into assisted living or a nursing home. You also might be able to arrange part-time home care assistance to help with cooking, managing medications, etc., on their behalf.

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