An Annapolis estate planning attorney shares these tips for helping elderly parents manage their finances:
Plan early.? If you have a parent over the age of 70, have a talk with them about what they want to happen if they can no longer handle their own finances.? They may want to sign a durable power of attorney.
Act quickly if necessary.? If an aging parent is already showing signs of incapacity, get a durable power of attorney signed now, while they are still competent.
Get everyone involved.? Everyone in the immediate family should be brought into the discussion about money management for an aging parent.? Once an agreement is made on how to handle financials, put it in writing.
Be respectful.? Giving up money management is sacrificing freedom for many seniors; be tactful and respectful when the time comes.
Get help.? Talk to a financial advisor or estate planning attorney about what you can do if you meet resistance from an aging parent.
Split to safeguard.? Keeping enough money in the checking account to pay monthly bills and the rest in a money market account that you can control will help protect your parent against elder financial abuse.
Set up automatic bill-pay.? Setting up bills to be paid automatically each month can ease worries for you and your parent.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
Source: http://hyattweberestateplanning.com/estate-planning/how-to-help-elderly-parents-handle-finances/
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