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Financial risks, financial predators, aging parents.

Bogleheads • View forum - Personal Finance (Not Investing) - www.bogleheads.org
My parents are deceased but a friend faces the situation below. I've faced it too and understand his concerns. It also makes me wonder when and how to put safeguards in place so my kids can help protect our assets as we age, our cognitive skills slip, and we are more prone to financial predators.

The son is juggling that fine line between respecting his father's dignity and protecting his father's hard-earned assets. There is not greed here: much of his fathers assets are going to favorite charities and my friend is financially sound. He can get by just fine without the very modest inheritance he might get.

His father lives alone ( so far refuses to leave his beloved home and neighborhoidmod ) . However, the man understands he needs some home care and so they use part-time aides, usually while the son is also there..

The aides have never been near the father's home office, financial records, checkbooks, etc and the son assists his father when he writes checks to pay the aides or tries to manage his finances. Then everything gets locked away.

My friend's father may soon need nearly 24 hour care for a polonged period of time,,making it impossible for the son to be there all the time. He refuses to consider nursing homes ( I'd hate to be in one myself)

His father's cognitive skills are starting to slip . Even so, he insists on managing his finances, paying bills, etc. Errors are cropping up. The son has -so far-'managed to call attention to errors ( I think the father knows enough to have his son next to him as he pays bills or looks over investment info).

Of more concern is his forgetfulness when it comes to leaving sensitive financial info around, something that was formerly not typical.

And there have been 2 separate aides, both from home health care agencies with stellar reputations who conduct background checks on employees, who've either tried to take advantage of him financially ( asking for money, cash,for various " home care items" or looking at financial records he's forgotten to put in his locked file cabinets.

I've gone through a similar experience and understand the financial risks involved. My parent gave me Power of Attorney and that limited some risks. I was also lucky enough to catch unscrupulous individuals who tried to financially prey on my mother. They might well have been successful as she became less vigilant with age. But the vast majority of my mothers assets remained protected and there were funds to pay for her long-term care. .

What safeguards do any of you have in place to protect your assets as you age and face cognitive and health declines? Also, protections for aging parents who need home care, especially if you live out of town?


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