When should the older generation start giving the younger some control of their elders’ financial situation?

IT can be a very delicate subject to bring up, but one that needs to be addressed as part of the aging process — at what point should the older generation start giving the younger information and possibly some control of their elders’ financial situation? Gráinne McGuinness has some advice

For adults who have looked after themselves all their lives, there is an understandable reluctance to involve others in their own affairs. But sometimes illness and incapacity come out of the blue. A difficult time will be made worse if a family member cannot step in to help manage day-to-day bills and spending or are completely in the dark about their loved one’s financial position.

Irish website www.thinkahead.ie understands that finances are a particularly sensitive area.

This site is set up to help older people plan and record their preferences in the event of emergency, serious illness or death. Their downloadable form includes a section for details on bank accounts, insurance policies, pensions, etc. This section can be stored separately to the more general information on a person’s health and care preferences. They suggest lodging it with a solicitor or creating a power of attorney, choosing one trusted person to take care of financial wishes.

Enduring power of attorney takes effect on the incapacity of the donor — the person who has set it up.

As it involves the transfer of considerable powers to another person it can only be set up while the donor is in good mental health. It requires the involvement of both a solicitor and a doctor, you can get more information on establishing one at www.citizensinformation.ie.

Power of attorney lapses on death but you can, if you wish, choose the same person to be an executor for your will.

If you are a younger adult concerned about a parent’s finances it is a tricky topic to broach — you want to show care without appearing to suggest you think your loved one(s) are incapable.

If you have children yourself, you could use that as an opening. Explain that you have made a will to ensure your wishes are clear should anything happen to you and ask if they have something similar in place.

The form available from www.thinkahead.ie is wide-ranging and useful and can help start a broad discussion about future plans.

If privacy is a sore point, suggest they fill in the financial section and put it away to be read in the future. Discuss whether they want to entrust someone with power of attorney.

The important thing is that wishes are formally recorded while the person is in good mental health, if you wait until illness sets it may be too late to be legally binding.

The possibility of financial abuse has to be acknowledged when talking about the elderly and their money.

A report released by Age Action Ireland earlier this month showed there were more than 2,500 cases of elder abuse referred to the HSE in 2014 and one in five were financial abuse.

In addition to straightforward theft abuse can include being pressured to sign documents or change a will or being threatened with withdrawal of care unless money or property is provided.

If you suspect abuse may be occurring ask: Do you feel pressured to allow someone else access to your accounts?

Does someone else make decisions about your money without speaking with you first?

For a variety of reasons, older people can be reluctant to report abuse so it’s vital that family members, carers, bank officials and healthcare workers be vigilant for signs that something is wrong.

More information is available from Age Action information service at 01 475 6989 or by emailing [e-mail].

The HSE also has a dedicated elder abuse service, with senior case workers now working in most local health office areas. If you have concerns about your own treatment or that of an elderly person you know you can contact them at 1850 24 1850 or by email at [e-mail].

DEAL OF THE WEEK

Irish tourists keen to take a bite of the Big Apple will be able to do so for less later this year thanks to WOW air.

The Icelandic lowcost airline announced fares from Dublin Airport to New York, via Reykjavik, for as low as €129 one way for Irish passengers.

The airline will begin flying the route on 25 November and flights will operate five days a week on Monday, Wednesday, Thursday, Friday and Sunday.

The best savings will be made by those with flexible dates. But there are a number of dates available at €129.

Passengers should also be aware of the baggage allowance, with the free carryon restricted to a very low 5kg. Additional carryon weight and checked luggage cost upwards of €38.99 each way.

There is a wait between flights of approximately 90 minutes in Reykjavik and the flights land at Newark airport, 30 minutes from New York by car. To book flights and for more information visit www.wowair.ie.