FMB, the premier community bank in the North Florida/South Georgia region, announced the launch of its National Family Caregiver Month Awareness Campaign to inform caregivers of tools that they need to navigate legal responsibilities that could impact their finances.
Ian Donkin, FMB President, stated, “Nearly 44 million Americans provide care to a loved one who is suffering from an illness or disability. FMB wants to help caregivers manage their loved one’s bank transactions, budget and learn how to safeguard their finances.”
Since November is National Family Caregiver Month, it is the perfect opportunity to financially educate yourself to better understand your role with these tips:
- Learn the rights and restrictions that apply to your role. Financial caregivers, such as those with a power of attorney, trustees, and federal benefits fiduciaries, have a duty to act and make decisions on behalf of their loved ones. Learn more about the legal responsibilities of your assigned authority at FMB Bank.com.
- Manage money and other assets wisely. Being in charge of your loved one’s expenses is extremely important, especially if they have a fixed income or limited finances. Be mindful of unnecessary costs, and budget accordingly to ensure their money is properly allocated.
- Recognize danger signs. Seniors are major targets for financial abuse and fraud. Stay alert and quickly address signs of scams or identity theft that may put the assets of your loved one in jeopardy.
- Keep careful records. Make sure you keep well-organized financial records, including up-to-date lists of assets and debts, and a log of all financial transactions.
- Seek professional advice. Consult a banker or other professional advisors when you’re not sure how to proceed.
“Financial caregivers play a critical role in keeping their loved ones’ money safe,” said Ian Donkin, President. “No matter what your role, it’s extremely important to learn your legal responsibilities and any law changes that may affect them.”
Below are other sources you may access at FMB Bank.com provided by the American Bankers Association:
- 7 Tips to Health Older Adults Choose the Right Caregiver
- 5 Ways to Spot Lottery Scam
- 14 Red Flags for Elder Financial Abuse
- Don’t Fall Victim to the Grandparent Scam
To learn more information about National Family Caregiver Month and your role as a financial caregiver, visit www.caregiveraction.org.
FMB was organized in 1906, and is consistently ranked as one of the top performing community banks in the Southeast. Headquartered in Monticello, Florida, FMB offers a full range of banking products and services, and operates four branch offices in Tallahassee, plus individual offices in Monticello and Thomasville, Georgia. Visit FMBBank.com for office locations and hours.