Living With Elderly Parents
As our parents age, it is important for their benefit and yours that you become as involved as possible in their retirement and financial planning.
Review wills and trusts. Make sure their wills and trusts are current and reflect their current wishes. Encourage them to prepare and sign a Living Will.
Power of Attorney's. They should have a Power of Attorney and a Durable Power of Attorney.
Get involved in their finances. Make a list of all financial assets, investments and retirement accounts, and review all account documents. Make sure that any account beneficiary documents are in accordance with their wishes since these have priority over a will.
Get involved with their household bills and payments. Help them pay household expenses and receipt of income. All too often the elderly begin making excessive contributions to charities, religious organizations and individuals to the extent of jeopardizing etheir own financial security. Also, the elderly are often more susceptible to scams and rip-offs.
Life Insurance. Review life insurance terms and beneficiary information and update if necessary.
Monitor Health Aids and Caretakers. The elderly can fall prey to unscrupulous health aids and caretakers. Make sure you monitor household cash and checks to make sure that they are not being taken advantage of, pressured or becoming sympathetic to a needy story. Also, inventory any vaulables: jewelry, collectibles, furnishings, etc. Often, these things "disappear" with the onset of age, dimentia, altzheimers or severely failing health.
If done correctly, not only will your parents appreciate your help, they will cherish the additional time you spend with them.
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