Tag: Elderly fraud

When to Take Over Finances for Elderly Parents

The National Council on Aging suggests that planning for the inevitable need to take over your parents’ finances should begin with a family meeting, ideally while they’re in their early 60s. Another watermark can be when they retire. Even if those years have passed, family caregivers should still be on the lookout for signs that “the time has come!” One thing is sure, you mustn’t let any awkwardness you feel prevent you from stepping in to assist, because if you don’t, others will, and they probably don’t have your parents’ best interests in mind. What You Need to Know Even if you currently have no worries about your parents’ physical or mental health, start to familiarize yourself with their finances. The sooner you integrate yourself into that element of their lives, the more comfortable they’ll be including you in important decisions, and the easier it will be to take full control when the time is right. It’s never too soon to gather the information you’ll need, so you will have it when your elderly parents can no longer take care of their finances. This is a list of 10 pretty standard things that all family members should know:  If they have named a durable power of attorney (POA) to manage their finances Where they keep their financial records and how you can access them Their bank account numbers and the names of their financial institutions What their monthly expenses are How they pay their bills: by check, auto pay, online banking, etc. What their annual income is, and where it comes from Who has permission to manage their Medicare, Medicaid or Social Security accounts Do they have medical health insurance in addition to Medicare Do they have long-term care insurance How to contact their accountant, financial planner or attorney Not

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