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HELPING SENIORS WITH FINANCES      Caring for your parents: Education for the Family Caregiver®        Serving Jefferson &...
OBJECTIVES FOR TODAYDuring today’s workshop, you will:  • Learn how to get your parents organized financially  • See the i...
INTRODUCTION – VIDEO #1
PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM – VIDEO# 2
PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM  Key documents:  1. Medical directive (living will,     advance healt...
PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM Team members include: •   Attorney •   Financial advisor (CFP) •   In...
FINANCING OPTIONS FOR CARE
FINANCING OPTIONS FOR CARE Financing options include: •   Long-term care insurance •   Reverse mortgage •   The “life sett...
DAY-TO-DAY WAYS TO HELPSENIORS MANAGE THEIR MONEY
DAY-TO-DAY WAYS TO HELP SENIORSMANAGE THEIR MONEY Money management tips: •   Get permission to access online banking •   H...
WARNING SIGNS OF FRAUD –VIDEO #5
WARNING SIGNS OF FRAUD Reasons the elderly are more vulnerable: • Likely have a “nest egg”, own their home, and   have exc...
WARNING SIGNS OF FRAUD Five common senior scams: 1. Prizes and sweepstake scams 2. Home improvement frauds 3. Phishing sch...
HOW TO PREVENT FRAUD –VIDEO #6
HOW TO PREVENT FRAUD • Watch for unusual activity • Be on guard for individuals who have   befriended your loved one • Inv...
TO US, IT’S PERSONAL ®Take action!• What is my deadline for pulling together a  financial and estate management team?• Wha...
ABOUT HOME INSTEAD SENIOR CARE – LOCAL OFFICE     Personal Care                                   Home Helper Services    ...
Thank You!                For additional information about this presentation or Home                Instead Senior Care of...
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Senior finances presentation

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This presentation is one of many available on senior topics to help families better understand the aging process and find resources to help their loved one remain safe and healthy in their home. To sign up for a workshop please contact our office. Note: Videos and manuals affiliated with this presentation are only available when attending the workshop.
For more information go to www.homeinstead.com/650.

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Transcript of "Senior finances presentation"

  1. 1. HELPING SENIORS WITH FINANCES Caring for your parents: Education for the Family Caregiver® Serving Jefferson & Clallam Counties Home Instead Senior Care®© Home Instead, Inc. 2010. This information is proprietary and confidential to Home Instead, Inc. Unauthorized use is prohibited.
  2. 2. OBJECTIVES FOR TODAYDuring today’s workshop, you will: • Learn how to get your parents organized financially • See the importance of pulling together a financial and estate management team • Find out about options for financing care • Gain tips to help your parents manage their money and prevent them from becoming victims of fraud
  3. 3. INTRODUCTION – VIDEO #1
  4. 4. PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM – VIDEO# 2
  5. 5. PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM Key documents: 1. Medical directive (living will, advance health care directive) 2. Durable power of attorney for healthcare, and HIPPA release 3. Durable power of attorney for finances 4. Revocable living trust 5. A will
  6. 6. PULLING TOGETHER A FINANCIAL &ESTATE MANAGEMENT TEAM Team members include: • Attorney • Financial advisor (CFP) • Insurance counselor • Tax professional (CPA)
  7. 7. FINANCING OPTIONS FOR CARE
  8. 8. FINANCING OPTIONS FOR CARE Financing options include: • Long-term care insurance • Reverse mortgage • The “life settlement” • Medicare (over age 65) • A Medicare Advantage plan • Medicaid (“means tested” welfare program)
  9. 9. DAY-TO-DAY WAYS TO HELPSENIORS MANAGE THEIR MONEY
  10. 10. DAY-TO-DAY WAYS TO HELP SENIORSMANAGE THEIR MONEY Money management tips: • Get permission to access online banking • Help to organize financial files and bills • Make copies of important documents • Enlist the help of a trusted financial professional, relative or friend If you notice signs of dementia, work to get financial affairs in order fast.
  11. 11. WARNING SIGNS OF FRAUD –VIDEO #5
  12. 12. WARNING SIGNS OF FRAUD Reasons the elderly are more vulnerable: • Likely have a “nest egg”, own their home, and have excellent credit • More polite and trusting • Less likely to report fraud • More likely to believe in deceptive product promotion
  13. 13. WARNING SIGNS OF FRAUD Five common senior scams: 1. Prizes and sweepstake scams 2. Home improvement frauds 3. Phishing schemes 4. Internet fraud 5. Identity theft
  14. 14. HOW TO PREVENT FRAUD –VIDEO #6
  15. 15. HOW TO PREVENT FRAUD • Watch for unusual activity • Be on guard for individuals who have befriended your loved one • Investigate organizations looking for money • Assist seniors with their finances • Destroy information that could be compromised • Seek out a second set of eyes
  16. 16. TO US, IT’S PERSONAL ®Take action!• What is my deadline for pulling together a financial and estate management team?• What financing options for care should I look into further?• What resources do I need to search, talk to, or meet with to help my loved one with their finances?• What can I do now to help my parents with day- to-day money management and fraud prevention?
  17. 17. ABOUT HOME INSTEAD SENIOR CARE – LOCAL OFFICE Personal Care Home Helper Services • Bathing & Toileting • Provide Alzheimer’s care • Dressing • Assist with laundry and ironing • Grooming • Take out garbage • Aid with morning and wake-up Companionship Services • Arrange appointments • Provide respite care • Aid with reading, walking • Monitor diet and eating • Write letters and correspondence • Check food expirations • Change linens • Assist with evening and tuck-in • And more… • Stimulate mental awareness • Assist with entertaining© Home Instead, Inc. 2010. This information is proprietary and confidential to Home Instead, Inc. Unauthorized use is prohibited.
  18. 18. Thank You! For additional information about this presentation or Home Instead Senior Care of the North Olympic Peninsula please contact your local office. Port Ludlow – (360) 437-9884 Port Townsend – (360) 385-6357 Sequim – (360) 681-2511 www.homeinstead.com/650© Home Instead, Inc. 2010. This information is proprietary and confidential to Home Instead, Inc. Unauthorized use is prohibited.

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