No. of Recommendations: 6
Of course, if you are lucky you have trusted[*] adult children to manage you.

Living in a (mostly assisted living) retirement community, I've seen a number of good and bad examples of how adult children (and trusted caregivers) treat the elderly.

The vast majority of those moving out of here to live with (or near to) one of their children has not worked out. There are a few good examples of children managing the money, but in those cases the children already have their own money. They're more or less just monitoring the automatic payments of things like credit cards, rent, etc.

However, our worst elder care situation here is a memory wing. No nursing home situations.

We had one situation here where the resident/caregiver had an almost mother/daughter relationship. The resident thought the world of the caregiver, and vice versa. Both were very nice people. However, it turned out the caregiver had been embezzling money over the years. About $10K total. A little here and there. It was discovered by the son when he was going over her credit card bills and found some suspicious retail charges while the mother had been confined to rehabilitation. They would never have been noticed otherwise.
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