8 Resources to Help Caregivers Understand the Legalities of Managing a Loved One's Finances
Trusted places to learn what you can do legally (and what won’t work)
Over the last couple of months, I’ve posted several articles about helping elderly loved ones and aging parents with their finances.
Bills & Essentials: Are the Lights Still On?
When Spending Habits Change: 2 Signs to Take Seriously
I’m a Caregiver. Do I Need a Financial Power of Attorney?
What Should I Do if I Suspect That My Elderly Loved One is the Victim of a Financial Crime?
These posts include links and resources for reporting and navigating financial crime, your right to manage bank accounts as a caregiver, and more.
I’ve received many comments and direct messages from caregivers sharing their experiences and thanking me for these posts.
When we think about finances, it’s so easy to assume things are okay. The lights are on. There is food in the refrigerator. Things must be okay.
But what if they’re not? That’s where these posts become essential for any caregiver.
Let’s wrap up this series with a list of additional helpful resources you may not be aware of.
Consumer Financial Protection Bureau - Managing Someone Else’s Money
The Consumer Financial Protection Bureau (CFPB) is a “U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.”
They have downloadable guides in English and Spanish. Titles include:
Considering a Financial Caregiver? Know Your Options
Power of Attorney
Court-appointed guardians
Trustees
Government fiduciaries
NAELA - National Academy of Elder Law Attorneys
NAELA envisions “a day when all older adults, people with disabilities, and their families have the legal, health, social, and financial care they need to live their best lives.
When you need an attorney, finding the right one can become overwhelming. NAELA has an online directory of attorneys who specialize in elder law.
Trust&Will - End of Life Planning
Trust&Will is more than a service that helps you create trusts and wills. They’re a for-profit service, but their learning center is robust and includes resources for end-of-life planning (which must include financial conversations), such as:
Advanced Healthcare Directive
Power of Attorney
Bereavement Fares
Choosing Home Care Assistance
Tenant’s Rights
Interstate Successions
Protecting Your Parents’ Money From Nursing Homes
SEC Investor.gov provides helpful information for those whose loved one has investments. Learn how to become a “Trusted Contact Person.”
Dial 211. It’s not a website. Dial 211. It’s not a website, it’s a referral line run by the United Way that connects people to local help.
Eldercare Locator is a public service of the Administration for Community Living and the U.S. Department of Health and Human Services. It has resources on just about everything you might be looking for. It also includes a directory to help you find local resources.
When a POA Doesn’t Work
Some agencies and companies won’t accept a financial power of attorney, including the IRS, Social Security Administration (SSA), and the VA. When that happens, they are typically looking for a fiduciary. But what the heck is a fiduciary?! Here are two articles to help you understand:
What Is A Fiduciary? Here’s Everything You Need To Know
Find the form:
When You or Your Loved One Can’t Afford Legal Advice
The 6th Amendment to the U.S. Constitution guarantees all its citizens the right to legal representation in criminal matters. However, it does not guarantee the same for civil matters. Legal Aid can help with little or no cost. You can find a Legal Aid resource in your area in one of two ways:
Google “Legal Aid.” It may not be called “legal aid” in your area, but that term should bring up local organizations that can help.
LawHelp.org can direct you to resources in your state.
I hope you’ve enjoyed this series. I learned a few new things while writing it. But what I’ve loved the most is reading your comments.
Discussing finances with our elderly loved ones and aging parents is tricky. But please don’t wait. If you’re forced to handle things due to something unexpected or because everyone put it off, it will be much, much harder.
Blessings!
Tina (Dad’s daughter)
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It would have been good for me to have these resources before my father had a catastrophic fall. These things can happen so fast, it's literally life-saving to be prepared. Thank you!
As a caregiving or just for learning purposes these was a great learning and save in a file article.
Thank you for sharing !