Learn how to help an elderly parent with finances.

DEAR Savvy Senior, What tips can you offer on helping an elderly parent with their finances? My 84-year-old father is having trouble keeping up with his bills and insurance, and I just found out that he’s been making contributions to a suspicious charity.

Reluctant Daughter

Dear Reluctant,

Many adult children serve as financial helpers to their elderly or ill parents. They provide services such as paying bills, handling deposits and investments, filing insurance claims, preparing taxes, and more. Here are some tips and resources that can help you help your dad.

Start with a conversation

Taking on the task of helping an elderly parent with finances can be a sensitive and difficult topic. The first step in helping your dad is to have a respectful talk with him expressing your concerns and offering to help him with his financial chores. If you have siblings, get them involved, too. This can help head off any possible hard feelings, and with others involved, your dad will know everyone is concerned.

Get organized

If your dad is willing to let you help manage, monitor or take over his financial affairs, the first order of business is to get organized by making a list of his financial accounts and other important information, such as the following:

Contact list: Gather names and numbers of key contacts such as his insurance agent, financial advisor, tax preparer, family attorney, etc.

Monthly bills: Collect phone, cable, water and trash, gas, electric, credit card accounts, etc.

Financial accounts: Include bank accounts, brokerage and mutual fund

accounts, safe-deposit boxes and any other financial assets he has. Also get usernames and passwords for financial accounts that are set up online.

Company benefits: Assemble information on any retirement plans, pensions or health benefits from his current or former employers.

Insurance policies: Find and list any life, home, auto, long-term care, Medicare, or other policies.

Taxes: Be sure you have copies of your dad’s income tax returns over the past few years.

Locate important documents

This is also the ideal time to find out if your dad has the following essential legal documents: A will; an advance directive that includes a living will and health-care proxy, which allows you or another family member or friend to make medical decisions on his behalf if he becomes incapacitated; and a durable power of attorney, which gives you or a designated person similar legal authority for financial decisions, if needed.

If he doesn’t have these important documents prepared, now is the time to do it. if they are prepared, make sure they’re updated and you know where they’re located.

Simplify financial tasks

The quickest way to help your dad simplify his monthly financial chores is to set up automatic payments for his utilities and other routine bills, and arrange for direct deposit of his income sources.

If your dad has savings and investments scattered in many different accounts, consider consolidating them. Set up your dad’s bank system and investment accounts online, so you can pay bills and monitor his accounts anytime.

Set up protections

To guard against scams and risky financial behavior, consider getting your dad a True Link Visa Prepaid Card (Truelinkfinancial.com/card). Designed for older adults with cognitive issues, the card would provide your dad with access to his money but with restrictions that you set on how funds can be spent. Or check out Eversafe.com, a web-based service that will automatically monitor your dad’s accounts, track suspicious activity and alert you when a problem is detected.

Seek help

If you need help or live far away, consider hiring a daily money manager (see AADMM.COM) who can come in once or twice a month to pay bills, make deposits, decipher health insurance statements and balance his checkbook. Fees range from $60 to $150 per hour.