Financial planning for seniors is fundamental to aging without stress. Whether your loved one is aging in place or in a facility, having a strategy for financial security ensures their safety. More importantly, it allows them to prepare for healthcare needs in advance. Since the elderly are also vulnerable to asset fraud, safeguarding their assets is necessary. 

That’s why Coral Senior Care Consultants, experts in helping seniors navigate safe living options, have provided their best tips for protecting senior assets and planning for care.

The Importance Of Financial Planning

Financial planning for seniors helps those who are retired or living on a fixed income. With limited funds, mapping out their funds prepares them for their future. Once they retire, financial planning helps them for managing the costs of:

  • Healthcare
  • Housing
  • Utilities
  • Groceries
  • Personal care
  • Auto and life insurance
  • Outstanding debt
  • Home improvements and maintenance

7 Tips For Protecting Senior Assets

When it comes to keeping your assets safe as a senior, here are several tips to follow:

Advance Designation

With an advance designation, seniors can apply for or receive benefits (i.e., Social Security, Veterans Assistance), and they can choose up to three individuals to manage them. An advance designation allows them to select specific individuals to handle their benefits. However, they cannot select an organization for this responsibility. Instead, it’s best to choose someone they trust. 

Find Someone Trustworthy To Oversee Your Finances

Along with selecting someone to handle their benefits, it’s wise to find someone who’s trustworthy of overseeing their finances. More so, this helps protect them from financial exploitation. If your loved one battles physical or mental disabilities, having a responsible individual in control of their funds eliminates stress and ensures their healthcare expenses are paid. 

Secure Your Financial Information

To protect senior finances, lock up their checkbook, secure their financial statements, and limit access to their bank cards. Remind them not to link their card information to unreputable websites, phone applications, or organizations. In addition, they can request copies of their bank statements to check for suspicious transactions. Taking these precautions stops scammers from taking advantage of them.

Consult A Financial Advisor

If your loved one has no one trustworthy to manage their finances, they can consult a financial advisor. They can help allocate fixed income to cover senior’s healthcare needs, living arrangements, and expenses. Also, they can adapt the financial plan to meet short-term and long-term goals. The advisors can even advise them on how to eliminate unnecessary costs, freeing up cash for other purposes. 

Financial Assistance Programs

The elderly with a fixed income can apply for financial assistance programs. Specifically, if they cannot afford food, they can contact Meals On Wheels America, which provides nutritious meals to adults over 60. If they need help with Medicare enrollment, meal supplements, nursing care, or affordable housing, they can reach out to Volunteers of America. For an extended list of resources, visit

Transfer Assets To A Trust

To protect their assets, seniors can form trust accounts. A trust fund is a secure account created by a legal arrangement in which the grantor allows a third party, or trustee, to manage the assets and property on behalf of the beneficiary. If they want to protect your savings permanently, they can establish an irrevocable trust, where the grantor cannot change or end the trust after its creation. If those are not feasible options, they can request federal Social Security trust funds to protect their benefits and income.

Beware of Scams  

Unfortunately, many seniors have been exposed to scams. Seniors are targeted because scammers believe they have more money saved. Recently, the top five cons perpetrated on the elderly are:

  • Government impersonation scams
  • Sweepstakes and lottery schemes
  • Phone scams
  • Computer tech support fraud
  • The grandparent scam (the perpetrator calls and pretends to be a family member asking for help on an urgent financial problem)

Financial Planning For Care

Along with protecting their assets, it’s important to prioritize financial planning for senior care

Create A Will

A will specifies their wishes for family members and doctors in case of a medical emergency. They can also dictate how they want their finances and property managed. 

Enroll In Social Security

Social Security is a retirement benefit, provided by a monthly check, that replaces a senior’s working income when they stop working. If they already have savings, it can be used to pay for their healthcare expenses. 

Apply For Healthcare

Health insurance is essential for seniors. Many types of insurance are geared toward the elderly, such as Medicare, Medicaid, or long-term insurance. Long-term insurance is beneficial because it covers them for an extended period of time and offers personal and custodial care. To learn more about which insurance is most appropriate and affordable, they should contact the insurance companies for more information. Once they have been informed about their health insurance premiums and deductibles, they can adjust their financial plans accordingly. 

Determine Living Arrangements

Whether your loved one plans to live in a nursing home or an assisted living facility, they must know the costs. When transitioning to a different living arrangement, consider the monthly expenses and what care options are offered to create a financial plan. 

Call Coral Senior Care Consultants

At Coral Senior Care Consultants, we can assist with financial planning for seniors. Our consultants use their expertise to advise the elderly on which living arrangements and health care options are best for them. More so, we work directly with families to navigate the complex world of senior living and alleviate the burdens of making decisions about senior care. 
Using our extensive knowledge and experience, we act as advocates to help families find the most appropriate solutions for their loved ones in the greater Tampa Bay, Florida, area. Feel free to contact us today to speak with one of our representatives or ask any questions.