News Releases

Harris Helpful Hints

Use the Holiday Season to Assess Aging Relatives' Financial Outlook

CHICAGO, December 1, 2008 –During the holiday season, interactions with family, particularly older relatives that we don't see regularly, offer an opportunity. As family members age, some may begin to struggle with financial matters. Coming home for the holidays is a good time to determine if your parents or relatives need assistance organizing their financial affairs.

Assess the Situation and Communicate
If, while you are home for the holidays, you have questions or concerns about how older relatives are managing their finances, it is best to discuss those concerns with them immediately. The topic can be very sensitive so try using "I" statements, such as "I worry about you and want to make sure you are OK." It's always best to engage in these discussions early, while everyone is in good health, rather than waiting until a possible health issue occurs. Understanding their current financial situation and possible concerns will help accelerate any financial planning that needs to take place, letting you focus more on your relationship than on financial responsibilities.

Next, you may want to sit down together and review their checkbook, bank statements and credit card statements. Those having difficulty managing finances will often have financial statements with duplicate payments and numerous funds transfered from savings accounts to checking accounts. Also, look for unusually large home or online shopping purchases, questionable charitable donations and high credit card debt. Unopened mail or notices from utilities and letters from collection agencies are also common red flags.

Be a Resource
Some aging relatives may not have their finances and other key information properly organized, and some may not know enough about the legal and financial options that are available to them. By offering to help them with information about their choices, you are setting the stage for future meaningful discussions about these issues without depriving them of their decision-making ability and autonomy.

Offer to help organize their key documents. Assist with researching their eligibility for government programs, and help them understand long-term care insurance, as well as Medicare and Medicaid options. It might also be helpful for you both to confer with an expert third party such as a financial planner, a lawyer or a consultant who specializes in geriatric care.

Use the Internet as a resource. The AARP offers numerous financial resources for retired seniors on its Web site (www.aarp.org ). Seniors will also find a wealth of information on the U.S. Securities and Exchange Commission site (www.sec.gov ), particularly in the section on Investing for seniors (http://www.sec.gov/investor/seniors.shtml ).

About Harris

Harris is an integrated financial service organization providing more than 1.2 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name.

Harris^® is a trade name used by various financial service subsidiaries of Harris Financial Corp. Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates. Members FDIC. Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC registered investment adviser. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Securities are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC. HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp. Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition to any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser. Family Office Services are provided by Harris myCFO, Inc. Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.