Elderly Parents Spending Too Much?

Elder Law Office of George F. Dickerman
Attorney and Counselor at Law
3879 Brockton Avenue
Riverside, California 92501
(951) 788-2156
www.elder-law-advocate.com

Elder Law Newsletter

Elderly Parents Spending Too Much?

"It's none of your *#!* business how I spend my money ... it's my money and you're only trying to protect your inheritance!"

Well ... this may be the reaction when an adult child tries to tell their parent that they're spending too much money.

It's true, it is their money, but sometimes impulsive spending can ruin the elder's chance to retire with some financial security.

If that's their reaction, then logic and pleading probably isn't going to convince them otherwise. The adult child is too close to the situation, and it may require some outside counsel from a trusted friend, financial advisor, member of the clergy, or some other trusted individual.

These possible intervenors should have nothing to gain by offering their advice, and the aged parent might be more inclined to accept their opinion.

Is the over-spending problem due simply to fiscal irresponsibility, or because of diminished mental capacity? If the former, there may be no remedy available if logic and persuasion don't work. I heard a judge once say ... "If bad decisions were a crime, we'd all be in jail".

If the problem stems from diminished mental capacity, then the remedy may be a conservatorship over the parent's estate. However, this should be an avenue of last resort. It's time consuming, costly, and stressful. An unsuccessful attempt to establish a conservatorship would likely lead to a long-term alienation between the parent and child.

Remember the saying: "No good deed goes unpunished".

There's no "one size fits all" solution when trying to protect an elderly parent from spending too much money. The approach, and remedy, depend on their willingness to accept advice, the state of their mental capacity, and the willingness of the adult child to step in and become involved.