Keeping Track of Your Parent's Finances
As they age, some older adults may get overwhelmed by financial decisions. They may be able to function normally in many phases of their lives, but simply balancing a checkbook could become difficult or confusing. It is important to know where they bank, with whom they have invested money and if they have made any long-term financial arrangements for future care.
Do they have a power of attorney or someone who has been appointed to take care of business in case of temporary or permanent disability? You may also wish to accompany your parent on a visit to a financial planner to determine if your parent is using retirement funds in the wisest manner.
Talk to them about the importance of having the following documents in place to ensure that everyone knows their wishes:
- Durable power of attorney (for finances). A durable power of attorney ensures that someone will continue to be able to manage your parent's finances after they pass away.
|Medicare||www.cms.hhs.gov or www.medicare.gov|
|American Bar Association||www.abanet.org/aging|
|National Association of Elder Law Attorneys||www.naela.org|
|National Senior Citizens Law Center||www.nsclc.org|