Friday, May 15, 2009

Money tips for the elderly, and their children

We give out a daily financial tip on Twitter @family_finances, and sometimes, concentrate the tips around a theme. Here's our tips on managing money and the elderly, given out during the last two weeks.

- Take some time to sit with elderly parents and go over their finances with them. Make sure you know where all of their money goes.

- Encourage older parents to explore long term care insurance. Those in good health may find it’s not too expensive.

- Review a few rules with elderly parents. No bank or credit card numbers over the phone, ever.

- Rule 2 for elderly parents: Don’t reveal your age or personal situation. No one should know that you live alone.

- Rule 3 for elderly parents: if you aren’t sure about something you’re asked for, ask for help from you. Refuse until you can get help.

- Rule 4 for elderly parents: don’t allow anyone going door-to-door who you don’t know to do work on your home.

- Rule 5 for elderly parents: Create a will. It will save your children from arguing over how the estate is to be divided.

- Rule 6 for elderly parents: Tell your children when you’ve made a major change, such as switching banks or phone companies.

- Rule 7 for elderly parents: If you drive when you shouldn’t, you can end up in a very costly accident and even hurt someone else.

- Rule 8 for elderly parents: Reverse mortgages sound good, but often, the fees are high. Let an expert review before you commit.

- Rule 9 for elderly parents: Keep healthy. Take your medicine, get checkups. It may save you time, money and your life.

- Rule 10 for elderly parents: Stay out of the casinos. Stay away from lottery tickets. It’s the worst use of money possible. Find another hobby.

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