Quiz Do Your Aging Parents Need Help Managing Their Money? December 18, 2012 Thinkstock When your aging parents talk about the same things again and again, or forget conversations you’ve recently had, don’t write it off. They might be suffering from dementia or the early stages of Alzheimer’s disease. If this is the case, they may also be having trouble managing their money. Not only could your parents make costly errors balancing their checkbooks or paying their bills, but they may be more susceptible to financial fraud. Take our quiz to determine whether your parents are showing signs that they’re having difficulty with money-related tasks. More importantly, learn how to help them keep their finances secure and in order. Start Quiz Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 1 of 10 You take your mom to the store, and she has trouble writing a check because she doesn’t know what year it is. What should you do? A. Politely tell her the date, then look for other declines in financial skills. B. Not worry -- write it off as a senior moment. C. Buy her a calendar. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 1 of 10 You take your mom to the store, and she has trouble writing a check because she doesn’t know what year it is. What should you do? A. Politely tell her the date, then look for other declines in financial skills. If your mom doesn’t know what the date is or where to fill in the dollar amount on a check, try to get a peek at her checkbook ledger to see if she’s having trouble balancing it. Confusion with time, and difficulty completing familiar tasks and solving problems such as balancing a checkbook, ... Read more ˅ If your mom doesn’t know what the date is or where to fill in the dollar amount on a check, try to get a peek at her checkbook ledger to see if she’s having trouble balancing it. Confusion with time, and difficulty completing familiar tasks and solving problems such as balancing a checkbook, can be early warning signs of Alzheimer’s. Less ˄ B. Not worry -- write it off as a senior moment.C. Buy her a calendar. Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 2 of 10 You visit your parents’ house and see a pile of unpaid bills. You know they have the means to pay them. Should you say something? A. No. Your parents’ bills are their business, not yours. B. Yes. Gently inquire about the unpaid bills. C. Keep quiet, but pay the bills yourself to avoid late penalties. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 2 of 10 You visit your parents’ house and see a pile of unpaid bills. You know they have the means to pay them. Should you say something? A. No. Your parents’ bills are their business, not yours.B. Yes. Gently inquire about the unpaid bills. Research shows that even in the early stages of Alzheimer’s, people have trouble with simple money tasks, such as paying bills. So you should pay attention to whether mom and dad aren't paying the bills, even if they have the financial means to do so. Offer to help them set up online bill p... Read more ˅ Research shows that even in the early stages of Alzheimer’s, people have trouble with simple money tasks, such as paying bills. So you should pay attention to whether mom and dad aren't paying the bills, even if they have the financial means to do so. Offer to help them set up online bill payments by telling them it will free up more time for them to do things they enjoy. If they’re willing, they could give you access to the online account so you can monitor whether the payments are being made on time. Less ˄ C. Keep quiet, but pay the bills yourself to avoid late penalties. Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 3 of 10 You notice that your dad’s mailbox is full of donation requests or that he’s received a lot of thank you letters from charitable organizations. Should you be worried? A. No. It’s his money, and he can do what he wants with it. B. Yes, if the letters are from charities to which he has no connection. Investigate further. C. No. It’s never a problem as long as he receives receipts for tax purposes. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 3 of 10 You notice that your dad’s mailbox is full of donation requests or that he’s received a lot of thank you letters from charitable organizations. Should you be worried? A. No. It’s his money, and he can do what he wants with it.B. Yes, if the letters are from charities to which he has no connection. Investigate further. Even if your dad has always been generous, daily solicitations from groups to which he has no connection or from causes that are not important to him are red flags. It could be a sign that his financial decision-making is impaired, or that fundraising telemarketers are taking advantage of him... Read more ˅ Even if your dad has always been generous, daily solicitations from groups to which he has no connection or from causes that are not important to him are red flags. It could be a sign that his financial decision-making is impaired, or that fundraising telemarketers are taking advantage of him. To protect your dad’s finances, ask which organizations matter most to him, then develop a giving plan that includes only those groups. Keep the list handy so you can review it with your dad if he’s tempted again to write checks to unfamiliar charities. Less ˄ C. No. It’s never a problem as long as he receives receipts for tax purposes. Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 4 of 10 Your parents are balking at your efforts to gather information about their finances, even though you’re convinced they need help. How should you respond to their resistance? A. Back off. They’ll ask for help when they really need it. B. Mind your own business. They’re adults, after all. C. Ask a trusted third party, such as a doctor, to suggest that your parents let you lend a hand. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 4 of 10 Your parents are balking at your efforts to gather information about their finances, even though you’re convinced they need help. How should you respond to their resistance? A. Back off. They’ll ask for help when they really need it.B. Mind your own business. They’re adults, after all.C. Ask a trusted third party, such as a doctor, to suggest that your parents let you lend a hand. If your parents are having trouble handling their finances, don’t expect them to reach out to you for help, says Greg Merlino, a financial planner and president of Ameriway Financial Services, in Voorhees, N.J. Your parents might be more receptive if the advice comes from a professional th... Read more ˅ If your parents are having trouble handling their finances, don’t expect them to reach out to you for help, says Greg Merlino, a financial planner and president of Ameriway Financial Services, in Voorhees, N.J. Your parents might be more receptive if the advice comes from a professional they trust. Less ˄ Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 5 of 10 You fear that your mom might fall prey to a financial scam. What’s the best first step to take to keep her from being victimized? A. Immediately take control of your mom’s finances so she doesn’t lose all of her money. B. Change the locks on the front door. C. Offer to go through your mom’s mail and monitor her financial accounts for unusual activity. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 5 of 10 You fear that your mom might fall prey to a financial scam. What’s the best first step to take to keep her from being victimized? A. Immediately take control of your mom’s finances so she doesn’t lose all of her money.B. Change the locks on the front door.C. Offer to go through your mom’s mail and monitor her financial accounts for unusual activity. The elderly can be easy targets for financial scammers. But you can’t just go in and take over the finances. You need to intercede in a way that preserves your parents' dignity, says Linda Fodrini-Johnson, who has been providing elder-care services in the San Francisco Bay area since 1989.... Read more ˅ The elderly can be easy targets for financial scammers. But you can’t just go in and take over the finances. You need to intercede in a way that preserves your parents' dignity, says Linda Fodrini-Johnson, who has been providing elder-care services in the San Francisco Bay area since 1989. Offer to help them get copies of their credit reports at Annualcreditreport.com to make sure they aren't victims of identity theft. And put your parents on "do not call" lists. Most telemarketers will stop phoning once a number has been on the National Do Not Call Registry for 31 days. You can register home and cell-phone numbers free at www.donotcall.gov or by calling 888-382-1222. Less ˄ Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 6 of 10 Your dad attended a "free lunch" seminar. Now he’s getting calls from a persistent salesman. He says he’s tempted to put money in what sounds to you like a shady investment. What do you do? A. Warn your dad of the dangers of these types of investments. B. Contact the salesman, ask him to stop calling, and threaten to report him to regulators if he doesn’t. C. All of the above. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 6 of 10 Your dad attended a "free lunch" seminar. Now he’s getting calls from a persistent salesman. He says he’s tempted to put money in what sounds to you like a shady investment. What do you do? A. Warn your dad of the dangers of these types of investments.B. Contact the salesman, ask him to stop calling, and threaten to report him to regulators if he doesn’t.C. All of the above. Let your dad know that an investigation by federal and state regulators found that half of these types of seminars involved misleading or exaggerated claims, and 13% included fraudulent practices, such as the sale of fictitious investments. Ask him for the salesman’s number, then contact hi... Read more ˅ Let your dad know that an investigation by federal and state regulators found that half of these types of seminars involved misleading or exaggerated claims, and 13% included fraudulent practices, such as the sale of fictitious investments. Ask him for the salesman’s number, then contact him and ask him to stop calling. If you suspect investment fraud, contact the Securities and Exchange Commission’s Office of Investor Education and Advocacy at 800-732-0330 , your state’s securities regulators or your state’s Adult Protective Services, the agency that investigates reports of elderly abuse. Less ˄ Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 7 of 10 You know for certain that your mom is no longer competent to handle her own finances. Is now the right time to have her sign a power of attorney, so you can take over management of her financial affairs? A. Definitely. Now that she is no longer competent, she's allowed to sign away power of attorney. B. It’s probably too late. Your mom must be competent when she signs a power of attorney. C. A child doesn’t require a power of attorney to assume control of a parent’s finances. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 7 of 10 You know for certain that your mom is no longer competent to handle her own finances. Is now the right time to have her sign a power of attorney, so you can take over management of her financial affairs? A. Definitely. Now that she is no longer competent, she's allowed to sign away power of attorney.B. It’s probably too late. Your mom must be competent when she signs a power of attorney. Power of attorney lets you handle financial transaction for another person, from signing checks to selling property. But you can’t wait until your mom or dad doesn’t have the mental capacity to handle financial transactions before you get this document. For a power of attorney to be valid, yo... Read more ˅ Power of attorney lets you handle financial transaction for another person, from signing checks to selling property. But you can’t wait until your mom or dad doesn’t have the mental capacity to handle financial transactions before you get this document. For a power of attorney to be valid, your parent must be competent when he or she signs it. That’s why it’s wise to discuss (and sign) a power of attorney before it’s ever needed. Less ˄ C. A child doesn’t require a power of attorney to assume control of a parent’s finances. Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 8 of 10 Your elderly mother, who’s living on a fixed income, recently started carrying around a wallet full of cash, and she’s buying a lot of unnecessary stuff. You know you need to help her limit her spending, but how? A. Agree on a spending plan and periodic allowance for your mom. B. Replace her debit and credit cards with one secured credit card with a low limit. C. All of the above. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 8 of 10 Your elderly mother, who’s living on a fixed income, recently started carrying around a wallet full of cash, and she’s buying a lot of unnecessary stuff. You know you need to help her limit her spending, but how? A. Agree on a spending plan and periodic allowance for your mom.B. Replace her debit and credit cards with one secured credit card with a low limit.C. All of the above. Start by offering to help your mom develop a spending plan -- don't call it a budget. This will give you a chance to see how much money she has and how she’s spending it. Tell your mom that you're giving her a certain amount each week or month to spend as she pleases and that you'll take ca... Read more ˅ Start by offering to help your mom develop a spending plan -- don't call it a budget. This will give you a chance to see how much money she has and how she’s spending it. Tell your mom that you're giving her a certain amount each week or month to spend as she pleases and that you'll take care of the bills. If you have access to her checking account, limit the amount of money in it by regularly transferring funds to a savings or money-market account. You can give her a secured credit card, which allows you to make a deposit that becomes her credit limit, then take away her other credit cards. And be sure to let her know that you're doing this not because you're trying to control her but because you love her. Less ˄ Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 9 of 10 Your 60-year-old father manages his own investments. Recently, he complained about a decline in the value of his portfolio. Should you force him to hire a financial adviser before he loses his entire nest egg? A. Yes. Your dad is too old to invest without a pro’s help. B. Don’t worry. The market always comes back. C. No. You should first talk to your dad about his investment goals. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 9 of 10 Your 60-year-old father manages his own investments. Recently, he complained about a decline in the value of his portfolio. Should you force him to hire a financial adviser before he loses his entire nest egg? A. Yes. Your dad is too old to invest without a pro’s help.B. Don’t worry. The market always comes back.C. No. You should first talk to your dad about his investment goals. While research shows that the ability to make investment decisions peaks in our fifties, those skills don’t fall off a cliff on your 60th birthday. More important than his current age is the age at which your dad plans to retire. His investments should match that objective. Sure, meeting with a f... Read more ˅ While research shows that the ability to make investment decisions peaks in our fifties, those skills don’t fall off a cliff on your 60th birthday. More important than his current age is the age at which your dad plans to retire. His investments should match that objective. Sure, meeting with a financial adviser might help. Suggest the idea to your dad. But a portfolio dip alone isn’t reason enough to insist on turning to a pro. Less ˄ Next Question Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 10 of 10 Your mom, who is having trouble with her memory, tells you that she discovered jewelry missing from her bedroom after your sister visited. Do you take your mom’s accusation seriously? A. Yes. Family members and friends are the culprits in one-third of cases of financial abuse of the elderly. B. No. Just assume that your mom simply forgot where she left the jewelry. It’ll turn up. C. Only if the value of the jewelry exceeds the deductible on her homeowners insurance policy. Quiz | Do Your Aging Parents Need Help Managing Their Money? Question 10 of 10 Your mom, who is having trouble with her memory, tells you that she discovered jewelry missing from her bedroom after your sister visited. Do you take your mom’s accusation seriously? A. Yes. Family members and friends are the culprits in one-third of cases of financial abuse of the elderly. A MetLife study found that family members and friends are to blame in 34% of cases of elder financial abuse, including theft of valuables. While you don’t want to jump to conclusions, do take the accusation seriously. Talk to your sister -- maybe there’s a plausible explanation. Meanwhile, of... Read more ˅ A MetLife study found that family members and friends are to blame in 34% of cases of elder financial abuse, including theft of valuables. While you don’t want to jump to conclusions, do take the accusation seriously. Talk to your sister -- maybe there’s a plausible explanation. Meanwhile, offer to accompany your mom to her bank, so she can store her jewelry and other items of value in a safe-deposit box. Less ˄ B. No. Just assume that your mom simply forgot where she left the jewelry. It’ll turn up.C. Only if the value of the jewelry exceeds the deductible on her homeowners insurance policy. See Results Quiz | Do Your Aging Parents Need Help Managing Their Money? Results Next QuizDo You Know the Best Social Security Claiming Strategies? See All Quizzes answer_num=1,2,2,3,3,3,2,3,3,1|answer_text="A. Politely tell her the date, then look for other declines in financial skills.","B. Yes. Gently inquire about the unpaid bills.","B. Yes, if the letters are from charities to which he has no connection. Investigate further.","C. Ask a trusted third party, such as a doctor, to suggest that your parents let you lend a hand.","C. Offer to go through your mom’s mail and monitor her financial accounts for unusual activity.","C. All of the above.","B. It’s probably too late. Your mom must be competent when she signs a power of attorney.","C. All of the above.","C. No. You should first talk to your dad about his investment goals.","A. Yes. Family members and friends are the culprits in one-third of cases of financial abuse of the elderly."|total_questions=10|url=/quiz/retirement/T066-S001-do-your-aging-parents-need-help-managing-their-mon/index.html|total_pages=22|page_id=10862|evaltext_num=0|kipad_id=alzheimersfinancialplanningQuizzes Advertisement Advertisement Sponsored Financial Content