FINANCIAL TOPICS

We naturally assume that our parents have put things in place for their future.   Our parents were not.    One of the goals of Aging Parents Management is to raise awareness about issues that we need to be addressing with our parents today.   

This is the importance of Estate Planning.    Many people think that Estate Planning is only for the wealthy.   We did, too.   But this is not true!    It is for everyone who wants to be prepared for their later stages in life.   Wikipedia defines Estate Planning as:   "the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death......"    An Estate Planning attorney will help you with all of this, in addition to acting as a mediator.     

The way to get the ball rolling is by having a conversation.      You can get start a conversation by simply asking:

  • Who do you want to manage your finances if you cannot manage them yourself?

  • Do you have things in place if or when your health situation changes?

Our website is all about offering resources to help you and your parents get through this process:

WHATS NEXT?

Once you have  have a better understanding of your parents concerns and future needs, an Estate Planning Attorney will guide you through the rest of this process.   In addition, we found the suggestions from this article helpful from the Associate Press called How to Death Clean Your Finances.  Here is where you can find the article in its entirety.   

  1. Consolidate financial accounts - Fewer accounts are easier to monitor for suspicious transactions and overlapping investments, plus you may save money on account fees. 

  2. Automate payments - Memory lapses can lead to missed payments, late fees and credit score damage. Set up regular recurring payments in your bank’s bill payment system or charged to a credit card.   Set up overdraft protection to cover any overdraft transactions.  

  3. Prune credit cards - Certified financial planner Carolyn McClanahan in Jacksonville, Florida, recommends her older clients keep just two credit cards: one for everyday purchases and another for automatic bill payments. There are some negatives to closing accounts and impacts to credit scores.  If there are no needs for any loans in the future, you may want to close them gradually over several months or even years to minimize the credit score impact.   
  4. Set up a watchdog - Identify whom you want making decisions for you if you’re incapacitated. Use a legal professional to create durable powers of attorney.   Also create “in case of emergency” files that your trusted person or heirs will need. These might include:
    • Your will or living trust​
    • Medical directives, powers of attorney, living wills
    • Birth, death and marriage certificates
    • Military records
    • Social Security Cards
    • Car Titles, property deeds and other ownership documents
    • Insurance policies
    • A list of your financial accounts
    • Contact information for your attorney, tax pro, financial adviser and insurance agent
    • Photocopies of passports, driver’s licenses and credit cards
  5. Storing information - A safe deposit box are an option but may be troublesome if your trusted person needs access outside bank hours.  Another option is a  fireproof safe or at minimum a locked file cabinet in your home.   Scanning paperwork and keeping an encrypted copy in the cloud could help you or someone else recreate your financial life if the originals are lost or destroyed.

HighPoint Law Office Estate Planning Services
Mom and Dad lets talk about your future care
How to start the process
Key documents related to Eldercare

Visit our Marketplace to find businesses and professional services who are ready to help you on this Journey with your aging parents.

Join our Online Community so you won't have to go through this process alone and if you need more help.

Disclaimer:   The content on this website does not constitute legal advice.   A qualified attorney in your state should be consulted concerning any legal questions, issues or matters that you have.

Disclaimer:   The content on this website does not constitute legal advice.   A qualified attorney in your state should be consulted concerning any legal questions, issues or matters that you have.

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