Is there a way to manage my father's finances and put limitations on his spending and withdrawals?

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KarenMinAZ Asked June 2016

Is there a way to manage my father's finances and put limitations on his spending and withdrawals?

I want to do this without increasing my financial risk. My father recently suffered a health problem that resulted in some severe mental health problems. He is the only person with access to his small savings and checking account. During the worst part of his illness, he believed he was rich and nearly drained his bank account. He is getting better but this incident also revealed he likely has some underlying mild dementia. Do we need to pursue guardianship or is there an alternate approach we can take to manage his finances and prevent him from completely depleting his funds if he suffers another episode?

Financial Planning

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score 1 · Answer 1

If he does not become "stable" you should consider guardianship. In the meantime, if at all possible get the check book and charge cards away from him. If he is in a facility I should think you could easily get control of the finances. Once you gain guardianship you can use his money for his needs.

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To clarify Sunngirl1Give a Hug questions. We institutionalized my father to receive medical and mental care with the help of the police when he exhibited his severe mental issues. His doctors are closely caring for and monitoring him medically and mentally. His psychiatrist suggested he had mild underlying dementia. He is not yet "stable" so he can not sign a POA.

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Oh, I would certainly consult with an Elder Law attorney in your jurisdiction, just to make sure, all things are considered. They may be able to offer you several options.

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I'm wondering how you think he has mild dementia, but he was under the false believe that he was rich and nearly drained his assets. Do you know what his doctors say about it? Are they aware of this? Do you know why he was under that delusion?

If a person is competent, they can appoint a Durable Power of Attorney, but even with that, he could resist allowing you to take over the finances, if he has dementia. Sometimes that can be very challenging, even with the signed DPOA in hand. Of course, you can also go the Guardianship route, but if he is currently competent, that wouldn't work.

Will he voluntarily allow you to take over his finances with a POA just to be on the safe side and then you provide him a set amount to spend how he pleases each month? Unless you take on debts personally, I'm not aware of how you would be financially liable personally for his debts.

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Is there a way to manage my father's finances and put limitations on his spending and withdrawals?

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