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10 Things You Should Know About Your Parent's Finances


What happens if your parent gets a $80 compensation check, due to debt cant establish a bank account but needs the check to pay life insurance premiums

Thanks for the list! marymmk

I have Durable POA on my father. He refuses to add me or my other siblings on his bank account. The psychiatrist wrote a memo that states he cannot handle finances due to dementia. The credit union refuses to add me, can they do it without his presence? What happens if he passes? How do we sell the house (needs alot of repairs).

My dad's health has taken a turn for the worse unexpectedly. He is in hospital unable to communicate and we are not sure how long to recover. How do we take control of his finances /assets at this stage.

Is it possible to receive a copy of some of your guides by mail, since my printer does not work. It would be appreciated. Thanks, Sam

meals on wheels

Let me also add this. Beware of what lies are told by a parent to other people about the only person who really cares about them. When push comes to shove, the one who really cares will be the one who everyone is calling a abuser. Do you know why, because no other family member has ever stepped up to care for them. So easy for the parent to lie. Please, if you are in a parent child relationship for your own benefit, financially, don't get in this website and complain. I have nothing to gain from my mother, she has nothing but a $50,000 life insurance policy that I will now be paying for and this old kook may live for 20 years. My husband and I will be spending $400 a month minimum and may never recoup this money. I am tempted to cancel the policy, my POA and let the state have her mean self. ReLize this, I have taken care of her drama more years than she has taken care of me.

Don't do a thing, mean parents deserve a mean end. I have been berated, belittled, lied about, put down and stomped upon by my mother who uses me to make herself a victim. Save yourself, check out and let the one she appointed do it.

I think that is a great tip! However, I would like to add that individual states should be considered as well. I filed late this year for TYE 2013 for federal and state for mom and step-father ~ I hold POA for both. I signed returns for both as POA, included copies of POA (highlighting language related to federal and state income taxes) and sent certified mail. Federal refund was received quite promptly. State has still not been received 7 months later.


This topic is vital. People facing dementia of any variety have a whirlwind of issue to face. At a minimum, solid Powers of Attorney should be drafted. Too often I see weak, wrong or outdated POAs in place. That is the first, but not the last concern for Elder Law Estate Planning Attorneys.