When your parents can’t manage their finances….

Posted on: March 22nd, 2013
It is a difficult day when you realize that one or both of your elderly parents have lost the ability to manage their own finances.  You and other family members will likely have to assist how you can.  A few tips for providing help to your senior citizen in managing their finances include:
  • Confirm that your parents have a comprehensive estate plan and that you fully understand what it provides.  If they do not have a plan, contact Maura Curran to get started as soon as possible.
  • Confirm that you are listed as your parents' emergency contact.
  • Work with your parent to create a list of people to contact in case of an emergency.  Be sure to include their contact information.  This list should include your parent's attorney, physicians, financial advisors and insurance agents.
  • Discuss where your parents keep their important documents and how to gain access to them.
  • Create a list of your parents' debts.  This includes their mortgage payment and other monthly bills.  Be sure to safeguard this list with your other important documents.
  • As you keep track of your own financial deadlines (including tax filing deadlines) set up reminders for your parents as well.
It is essential that you communicate openly with your parents.  Stay informed of how they are faring and how they are managing their finances.  The elderly are susceptible to scams and con artists, so remaining active in their life will protect them.

If you need the assistance of an attorney experienced in elder law matters, contact Maura Curran to schedule an appointment.
 
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