Many of these family caregivers also have jobs or are raising families of their own. For me, the question is whether these caregivers should also be responsible for managing the financial affairs of their elder parents. I believe the answer is “No”and here are the reasons why.
I have a great deal of respect and admiration for the many caregivers who provide excellent care for older adults and others. However, although they provide for the physical, emotional and social needs of their loved ones, they may not be the best suited to take care of the finances! Older adults and other vulnerable individuals depend heavily on their caregivers for life sustaining care on a daily basis. Because of this, a caregiver who also has access to the finances can take advantage of this situation. Here is an example of what this can look like.
Of course, there are many caregivers who do handle all the finances for their elder parents or other loved ones. If this is the case, then at the very least, there should be a 3rd party (another relative, bank associate, accountant or legal representative) available to provide oversight of all financial and legal documents to make sure financial matters are being handled correctly.
5201 Old Middleton Road Madison WI 53705