Mr. Davidson
The Eldercare Challenge:
Mr. Davidson can no longer rely on himself to keep his financial house in order, but he doesn't want to hear that from his children. Son Joe is his father's designee for financial power of attorney; Joe hopes he won't have to wait until his father is incapacitated to find out where things stand.
Accountable Aging Answers With:
- Comprehensive oversight of bill payment, credit rating, spending patterns and budget.
- Building confidence within the family.
- Opening a dialog between Mr. Davidson and his son.
Outcome:
Good standing is restored with all creditors, current spending follows the guidelines of a budget, and Mr. Davidson and his son regularly review Mr. Davidson's financial well-being.
This Family's Story:
Click here to request Durable Power of Attorney information for both the grantor and grantee
When Mr. Davidson's family came to visit, they noticed things around the house had been getting messier over the five years since his wife had passed away. Not that Mr. Davidson had ever been a neat housekeeper; his late wife had been both the homemaker and family bookkeeper. Of particular concern, Mr. Davidson's son Joe saw stacks of mail in several locations throughout the house. Joe asked his dad about his routine for paying bills and keeping track of his funds. Mr. Davidson responded defensively, and didn't answer Joe's questions. While his dad was outside in the yard, Joe looked at one of the stacks of mail; he saw late charges on utility bills, a past due notice for property taxes on the house and a credit card balance of nearly $6000. Joe feared his dad would never discuss his financial situation - good or bad - with a family member nor allow Joe to handle these things. To Joe's added concern, he was his father's designee for financial power of attorney. Yet Joe had no access to information that would allow him to take over smoothly and effectively should his father ever need Joe to exercise this power of attorney.
Joe called Accountable Aging and asked us to meet with his father. Mr. Davidson wasted no time telling us he had misgivings about turning over his financial information to strangers. But the professional credentials of the Accountable Aging principals reassured him. He decided to allow Accountable Aging to begin paying his bills. We worked with creditors to remove some of the late charges and to ensure all debt payments were current. We monitored his credit card accounts and bank balance on an almost-daily basis to make sure there was no aberrant spending or predators taking advantage of Mr. Davidson's situation. We tracked his income and expenses, which eventually led us to work with Mr. Davidson on creating a budget. In time, he was able to accept our recommendations for more conservative spending. As we continued to work with Mr. Davidson, he saw the value of including his son Joe in the financial matters. We began to send Joe a copy of our monthly reports, and Joe and his father were able to calmly discuss a variety of things of importance to Mr. Davidson. This shift in their relationship gave Joe the assurance he would be able to take the best possible care of his father as Mr. Davidson grew older.