- Financial caregivers include power of attorney, trustees and federal benefits fiduciaries. As a financial caregiver, you are obligated to make decisions on behalf of your loved one so you should have a good understanding of your rights and restrictions and learn the legal responsibilities of your role.
- Carefully manage your loved one’s finances. Aside from day-to-day expenses, you may also have to deal with unexpected expenses. Therefore, it is important to save, budget and limit unnecessary costs just like you would with your own money.
- Beware of any signs of scam or identity theft. Unfortunately, seniors have become targets for financial abuse and fraud. Learn what to look out for and talk to your family member about how they can protect themselves.
- Stay informed and monitor any changes in financial status.
- Be organized with all financial records. Make sure everything is up to date and have proper documentation of all transactions.
- Consult a banker or other financial advisor to receive professional advice when you are unsure of how to handle certain financial situations.
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