It can be a difficult process when there is a role reversal for parent and children. There are certain warning signs when a parent needs assistance with their finances and more specifically if they start to lose their mental capacity.
It is vital that they take legal advise while they have full mental capacity to enable a trusted family member to act for them in their affairs with a Lasting Power of Attorney.
1. Evidence of unpaid bills in the home. Older folks begin to lose the capacity to keep track of finances very early in the process of any form of dementia. 2. Too much “charitable” giving to anyone who asks. Scammers can call your loved one and pose as anybody from anywhere. Unsuspecting elders believe them and do not check out the validity of the charity they claim to represent. 3. Evidence of a new “friend” who seems overly involved in your loved one’s life, especially if he or she has access to personal information such as Social Security number, credit cards and bank accounts. It is safest if you do not allow anyone other than a trusted family member or professional close to your parent’s financial information.