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10 Things You Should Know About Your Parent's Finances

35 Comments

Good points. Loved one just passed.we had none of these answers. Also we had no final instructions and no funds. Not only are we dealing with grief, we were scrambling to make the most appropriate and respectful last decisions. Please have the talk. Have some plan of action. It will help everyone.

Don't depend on Long term care Insurance to pay out when you need it. Like disability insurers they will do their best to find excuses not to pay. If you have the means try and save up six months worth of nursing home expences. that way you can choose the home you are admitted to and self pay till the money runs out. When you have to rely on Medicare you have to accept he first bed available no matter the reputation of the facility. if you already have a bed somewhere Medicare can not make you move which can be very reassuring. The premiums for long term care are very expensive so saving as an alternative should not be too difficult.

i live with my mom . my sister has control of finiances. im lost help me please patrick

A simple way - if you trust the other person, you can have both names on any checkwriting accounts, includes Banks and Financial Institutions. Either person has power to empty out accounts if necessary.

What do you do if your mother refuses to admit she has a problem and if asked about any financial matters she refuses to tell you? She's at the point where she's losing money, literally, but insists that she knows what she's doing and won't allow any of us to help her. She also refuses to go to a doctor or admit that she has any memory problems despite asking the same questions repeatedly, telling the same stories over and over and accusing my brother of stealing from her. All classic signs of dementia from what I've been reading here. I have POA but she has to be declared incompetent before it's in effect and I live 3 hours away from her.

I have a POA for my mother and the Advance Directive in my name to take care of her - do I need anything else? Also - at what point do I call my attorney/financial advisor about things? Do I even need to do that? I just placed my mother in assisted living after a stroke. I have 2 letters from doctors stating she is unable to make decisions for herself.

I started dating with my current boyfriend about 11 years ago. After a couple of years later I did ask him about LTCI, He had no idea what LTCI was , so I explained to him then we contacted independent agent for purchase LTCI (provide by Genworth) for both of us. Well now my boyfriend is having series problems his right leg with Edma.... And just found out he has bloods crat same side of leg....He will be 79 in Dec. We don't know what going to happen but at least keeps us a little peace for now. stp

he refuses to tell me anything, i know hes not handling things well, but hes still sharp enough that it looks like im just on a mad spending spree, ( even though my clothes are ragedy and i dont wear make up) all money i spend is on the house and im a reciept keeper. he also keeps insisting on making desert for his friends every friday. we cant afford to be buying all these ingredients and were both overweight, but hes a big baby.yells at me when he doesnt pay bills, only grocerys he buys are sugar flour rasins,etc..no actual food.he eats out 3-5 nights a week, he volunteers and gets a free dinner, so i buy my own food.but his part of grocery bill is way more than budget allows.. oh well.. just one of so many things

The standard DPA typically does not contain the specific language/clause which allows a caregiver to admit their parent, if necessary, to a psychiatric hospital against their will. If the parent refuses & your DPA doesn't cover this potential situation, you cannot admit. Check w/ your atty or local psychiatric hospital. (This is the case for CA, I have no info as to other states' laws/procedures.)

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yup, slowly but surley, ive been gathering his account info and putting it online so i can keep an eye on him. so far, hes ok.