On a number of occasions, I've given advice about the need to help elderly relatives manage their money. I thought I had learned from experience after helping my grandmother.
But honestly, Big Mama didn't have much to manage. She had paid off her home before retiring, she didn't have any debt, and her small savings were kept in a standard savings account.
Nonetheless, that experience made me think I could easily manage an aging relative's finances.
I was sadly mistaken.
Recently, my cousin and I inherited the care of Big Mama's sister. In the span of just nine months, the poor dear lost her husband and only child.
My great-aunt has a lot more money to manage than my grandmother ever did.
"We always think that more money is going to solve everything, but it brings with it its own share of complexity and potential hazards," said Elinor Ginzler, manager for independent living and long-term care for AARP.
Man, is she right.
For example, I think I'm going to have to file a complaint with securities regulators against the Pennsylvania bank that I believe inappropriately invested my great-aunt's money.
When I got involved with helping my aunt, the first thing I tried to do was figure out where all her money was. In the move to Maryland after her son died, my aunt misplaced her financial statements. So I had her call the bank to get duplicates.
