Meet the Harpers
Megan Harper, the oldest of four siblings, never expected to find herself in this position. Her father Harold, always sharp and independent, had recently fallen victim to a scam. This incident left Megan and her brother Ed grappling with a difficult realization: it was time to take a more active role in their parents’ financial lives.
“Dad has always been so careful with money,” Megan explains. “When we found out about the scam, it was a wake-up call. We knew we needed to step in, but we weren’t sure how to start.”
Breaking the Ice
Harold and Evelyn, like many of their generation, were hesitant to discuss finances with their children. “It’s not just about the money,” Ed notes. “On one hand, we needed to protect Mom and Dad’s finances, especially since they’ve been retired for a while. On the other, we didn’t want to overstep or make them feel like they were losing their independence. It was about finding a way to help they would be receptive too.”
The siblings decided to start small, introducing the idea of using Sabal Finance as a way to organize family information. “We presented it as a tool for all of us,” Megan says. “We emphasized that it wasn’t about control but about protecting their finances together.”
Building Trust
Creating a Shared Space
The first step was setting up a collaborative workspace in Sabal. “It felt like a big step,” Megan admits. “But it was also a relief. We finally had a secure place to start organizing things.”
Megan and Ed gave themselves full access to the workspace initially, but they also involved their father from the start. “Dad wanted to see the full picture, so we gave him access to view all accounts and transactions,” Ed explains. “We also gave him control over the contacts list. He’s been great about adding information for their doctors, neighbors, and other important people in their lives.”
“We’re already thinking about how to involve our family members and maybe even Mom and Dad’s accountant down the line,” Megan adds. “Sabal’s permission settings are great for this. We can give nearby family access to the contacts, or let a financial advisor see investment information without accessing personal documents. It’s all about finding the right balance as we figure out this new role.”
Connecting Accounts
With the workspace established, the next move was connecting their parents’ accounts. “This was huge,” Ed explains. “It let us start monitoring for any unusual activity without having to ask Mom and Dad about every transaction.”
The process revealed that Harold and Evelyn had a mix of joint and separate accounts. “We didn’t even know about some of these,” Megan says. “It really highlighted how little we knew about their financial situation.”
Securing Sensitive Information
Ed took charge of storing important passwords in Sabal’s secure vault. “It gives us peace of mind,” he says. “If there’s ever an emergency, we won’t be scrambling to find crucial information.”
Building the Network
Megan focused on adding contact information to the Sabal workspace. “We included the neighbors who check in on Mom and Dad, and even the adult protective services caseworker we met after the scam,” she explains. “It’s comforting to have all these resources in one place.”
Taking Proactive Steps
Freezing Credit
The siblings used Sabal’s credit freeze checklists to guide them through the process of freezing their parents’ credit. “We had no idea where to start with this,” Megan admits. “The checklist made it manageable, and we could track our progress right in the app.”
Managing Benefits
Harold’s VA and Social Security benefits added another layer of complexity. “We created custom checklists in Sabal for things we needed to follow up on,” Megan explains. “Applying for Representative Payee status with Social Security and looking into VA Fiduciary options - it helped us keep track of these important tasks.”
Establishing a Routine
With the groundwork laid, Megan and Ed set up a weekly financial check-in using Sabal. “We review transactions across all the accounts,” Ed says. “It’s reassuring to have this regular oversight.”
The Sabal dashboard proved invaluable for quick monitoring. “We can easily spot large transactions right from the home screen,” Megan notes. “And if we need more details, it’s just a click away.”
They also appreciate the ability to track important spending categories. “It helps us understand Mom and Dad’s financial patterns,” Ed explains. “We can spot any changes that might need attention.”
The Result: Peace of Mind
Today, the Harper family feels more secure in their financial caregiving journey. “It’s still a learning process,” Megan reflects. “But Sabal has given us a framework to grow into this role gradually.”
The collaborative nature of the platform has been key to their success. “Mom and Dad still have their independence,” Ed says. “But now we have visibility if they need help, and they know we’re here to support them.”
For Megan, the peace of mind is invaluable. “We’re not just reacting to crises anymore,” she says. “We’re proactively managing their finances together. And that makes all the difference.”