If your parents have numerous investments, income, real estate, and retirement plans, consider enlisting the help of a financial planner who can legally help you not only manage your parent’s money but help both you and your parents make sound decisions on monthly expenses.
Find local senior centers that offer elderly scam tip classes so your elderly parents can be aware of current scams. If your parents have weekly outings with other seniors make sure you arrange safe transportation or drive them on your own.
If one or both of your parents requires retirement or nursing home care, make sure you find out if any of their short or long term insurance policies will cover the cost and visit retirement centers to help you define what is and what is not covered.
Legal management of elderly parent’s finances does not have to be a chore unless you make it a chore. Discuss what they want, offer tips on what they can afford, help them make wise financial decisions, and work with friends and relatives on a buddy system in case you are not available.
Finally, to ensure you have all the legal rights you need when it comes to managing your parent’s finances, obtain a power of attorney and discuss with your parents how the power attorney will affect their lives if they do become unable to care for themselves or their finances.