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Daily Money Management Vs. Financial Guardianship

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Senior citizens are often the target of financial abuse. Fraud schemes are not only more likely to work on an elderly person with a slight to severe cognitive impairment, but older people are more often targeted by scammers as well. Older individuals are less likely to be familiar with phone and computer technology, and are more prone to email and telecommunication scams than they would have been at a younger age. Another difficulty of seeing an aging person struggle with their financial affairs is when they fail to pay off their credit card statement on time or forget to pay the mortgage and suffer serious consequences as a result. As a loved relative of the older person, there are a few options to take, and with the guidance of an experienced Anne Arundel County estate planning attorney, you will be able to make a fully informed decision to help solve these financial woes. 

Reasons to Work with a Daily Money Manager 

As your older loved one ages, they may lose the ability to responsibly handle their own finances. This creates many problems, especially if they are still living independently and they have bills to pay, groceries to buy, taxes to prepare, and other daily essential financial activities to carry out. Not only that, but taking away someone’s money out of their immediate hands, to set aside for only approved use, can be a big blow. A Daily Money Management (DMM) program, according to AARP, may help solve this problem. It may be time to consider a DMM if your loved one often:

  • Forgets to pay bills;
  • Has difficulties accessing their bank, in person or online;
  • Cannot write accurate checks;
  • Loses track of times, dates, financial statements, bills, their wallet, and other belongings frequently.

A daily money manager can help your loved one deal with creditors, create a budget, balance checkbooks, prepare tax documents, and much more. This takes a great deal of responsibility off of family members and other caregivers, and gives everyone a sense of security that bills and debts will not go unpaid.

Setting up a Financial Guardianship

If your loved one is still able to make good healthcare decisions and other decisions regarding their living situation and daily routine, but struggles with managing their financial affairs, a financial guardianship may be a good option, according to the Maryland Department of Health and Human Services. This will not only take off the burden of having to login online to look up their credit card bills and make other confusing payments, but it can protect them from financial fraud as well.

Call Maryland Elder Law Attorney Tara K. Frame Today

Whether your loved one needs some minor assistance with getting their taxes and bills in order, or they require complete financial guardianship due to a significant cognitive impairment, it is critical to act now and reach out to a caring attorney. We urge to you call the Pasadena elder law lawyers of Frame & Frame today 410-255-0373 for help.

Resources:

dhr.maryland.gov/office-of-adult-services/adult-public-guardianship/

aarp.org/money/budgeting-saving/info-2016/money-management-on-a-budget.html

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