Helping With an Aging Relative's Finances
As Americans are living longer, more and more of us are serving as "financial caregivers" for older relatives. Managing our own money isn't always easy, so taking responsibility for the finances of someone in fragile mental or physical health can be a real challenge.

The American Association of Retired Persons offers this advice for those who must help with an aging person's bills:

1. Make a list of all income sources that can be used to cover expenses. Include Social Security, IRAs and pensions.
   
   
2. Set up a joint checking account, with statements sent to you and the relative. Power of attorney may be required.
   
   
3. Use a joint debit or credit card to pay for groceries, prescriptions and clothing.
   
   
4. Verify the credentials of anyone who assists with the elderly person's finances, and closely monitor all account activity.

The information on this page is for educational purposes only. SCCU is not engaged in providing estate planning or other advice. Please consult with a competent estate planning professional regarding any specific estate planning questions.