Do you have a parent or other elderly relative who may soon need a caregiver?
You’ll need to be diligent about finding the right person for the job - because choosing the wrong one could lead to financial problems.
If you hire someone, but start to have doubts about them, watch for warning signs, such as withholding financial or medical information from the family, or a desire to be a joint holder on bank accounts.
An unscrupulous caregiver might also ask to be named the financial power of attorney.
Unfortunately, many people have abused this responsibility by stealing money or credit card information and even attempting to change beneficiary designations on retirement accounts or insurance policies.
If you suspect financial abuse, you can contact your loved one’s financial advisor, bank, or attorney, if you know who it is.
They can’t give you information, but they can check for red flags and contact your loved one personally.
There is also help from your state.
The National Adult Protective Services Association (NAPSA) provides a listing of state offices on its website.
If you select the caregiver carefully and stay alert for warning signs, you’ll be helping your loved one keep their finances secure.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
