Monitoring and Managing Finances Questions

1. How do I get my dad to stop taking questionable financial advice from his friends?

   The important thing to remember is that, with all investment advice, you must consider the source. Keep in mind that even professional money managers rarely beat the market, so imagine how much more difficult it is for an amateur to do so -- especially with an unproven "hot tip."
   1 Expert Answer

2. How should my mother decide when to file for Social Security?

   The question your mother needs to ask herself is this: Do I need the money from Social Security to live on right now? If the answer to that is yes, she should go ahead and file this year and begin taking the money now. If she doesn't need it immediately, and she's healthy, she's probably better off waiting until the full retirement age...
   1 Expert Answer, 1 Community Answer

3. My father is withdrawing money from his accounts but can't remember where he's spending the money. What can I do?

   It sounds like you need to take steps to protect your father's assets, not only from himself, but from potential scammers.
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4. When should my husband relinquish the checkbook?

   The right time to step in and take away a person's ability to handle their own financial affairs is a very difficult thing to determine.
   1 Expert Answer, 2 Community Answers

5. I feel my father is being scammed. What can I do?

   I am sorry to hear that your father has been victimized. So many elders, who feel a little sad and lonely, become easy prey for con men. My own father once bought a con man an old pick up truck by charging it to his credit card.
   1 Expert Answer, 3 Community Answers

6. Is it possible to get paid from your parents' assets if you have power of attorney and manage their affairs?

   You probably need two documents to accomplish what you wish to across the miles: a power of attorney for finances and a power of attorney for healthcare.A power of attorney for finances is a document in which a person -- or sometimes an institution such as a bank or trust company – is designated to o handle another person's financial affairs...
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7. With both my parents in the hospital, how can I pay their bills?

   If your parents aren't incapacitated, the simplest solution is to have them sign checks and pay their bills from the hospital. (You may find that they use an automated bill-paying service or have their bills paid automatically online. In that case, you won't need to worry about debts piling up.)
   1 Expert Answer, 1 Community Answer

8. Where can I get help paying for prescription drugs?

   Since your husband is 65, he qualifies for Medicare. If he hasn't already enrolled, he should do so immediately. Then he'll be eligible for Medicare Part D, which provides prescription drug coverage.
   1 Expert Answer, 13 Community Answers

9. How can I stop nephews and nieces from driving my elderly mother into financial ruins?

   Disclaimer: I am not an expert nor an attorney, but I do have a little personal experience.
   1 Community Answer

10. How can I help my mother better manager her money so she is living within her means?

    My sick and elderly mother is not able to live within her means. She receives a $2000 monthly pension. She owns two homes, paid for. She has asked me for money to help pay the bills. She refuses to discuss her options, or to change her life. She just wants me to give her money. What can I do?