023 – Rachael Ela – Helping Your Parents with Their Money

In this episode, KT and Rachael Ela discuss:

  • When you should go into a physical bank
  • At the death of a parent, what do you do?
  • What banking precautions you can put in place
  • How to not take away dignity

Key Takeaways:

  • Your parents’ local bank will notice when your parents start to do things out of the ordinary
  • Look at your parents’ statement or get access to their online bank
  • You don’t need to take over your parents’ accounts
  • When you notice a change, start having a conversation with them

“Getting online access to your parents bank while your parents get the paper statements is a great way to monitor their account.” Rachael Ela

About Rachael Ela:  Rachael Ela is a Vice President and Branch Manager of Optima Bank & Trust, working in the Stratham, NH market. She has over 18 years of banking experience and has spent the last seven in the New Hampshire market working with local business owners, municipalities, and nonprofits. Rachael currently serves as Chairwoman of the Exeter Area Chamber of Commerce, a board member of the Exeter Society of St. Vincent de Paul Community Assistance Center, and is a Past President and Paul Harris Fellow of the Exeter Rotary Club. She is a graduate of the New England School of Financial Studies at Babson College and resides in Exeter.

Reach Me Here: Rachael Ela

Business: Optima Bank & Trust

Website: www.optimabank.com

Reach Me Here: KT Thomas

Connect with KT Thomas: https://ktsmoneymatters.com/

Purchase KT’s book- The Hardworking Woman’s Guide to Money

 

Show notes by show producer: Danielle Taylor

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.

About the author, Kathleen

Kathleen Thomas, who often goes by KT, has over 25 years of experience in the financial services industry and understands the need for women to take control of their financial lives.

A Certified Investment Management Analyst, Chartered Life Underwriter, and Certified Financial Planner™ practitioner, Thomas earned her degrees in Finance and Political Science from Salem College.

Prior to founding NewDay Solutions, an independent Registered Advisor Firm, Thomas spent 20 years as a private wealth advisor for Ameriprise Financial Services. Many of her earliest clients continue to work with her.

Thomas is an avid long-distance runner and triathlon participant. She has completed the Boston Marathon seven times and the Ironman Distance Triathlon three times. She has volunteered as coach and mentor for Girls on the Run New Hampshire and Team in Training.

Raised in Newton, Massachusetts, Thomas now lives in Seabrook, New Hampshire, with her husband, John. They have one daughter.

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