By clicking
Talk to a Specialist, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
I used it to learn as well as to get the forms required in Nevada. This is not only the law but has some videos with it. I spent several hours reviewing everything.
The only real problem I had was figuring in the depreciation of the vehicle which was jointly owned and registered.
The forms did not separate depreciation like it did in the other areas of expenses vs income.
Consulting with an CPA or an Elder Care Lawyer may become necessary depending on the total value of the estate.
Good luck and study hard.
For myself I am the Trustee of my brother's Trust and I am the POA for financial. He is quite competent, so at this point he guides and directs me in his wishes. I keep a full set of files. EVERYTHING is in it. The receipts each month from his assisted living would be one folder. His Social Security is another. His Supplemental health is another. His charge card payments is another (always a copy of the check, the bill, and what the bill is for detailed. His taxes in another folder.
Then there is an account book. Each month. Amount in. Amounts out by check. I send him a monthly accounting and have a folder for that. This one sheet accounting would be quite good for anything as has who a check was paid to, number of check, what check is for. If there is activity such as a CD due, then how it was rolled over, added to, subtracted from (in the case of more needed in his own account. He has also his own account for spending money.
I keep a diary of any activity, and concerns, any slight problems and how they were handled, and by whom and with phone numbers.
So those who told you to gather the assets, list the assets, manage the assets the best way you are able in his interest, keep meticulous records including copies of checks, forms, releases, deeds, taxes and sales in case they are asked for so that you can put your hand right on any questions about anything.
I would spend an hour of time with an elder law attorney. This may be paid out of the elder's finances as it is in their interest and in the management of their money. Be certain you have all the knowledge and information and guidance you may need. If this is done wrong it is not a good thing, and would be too late to remedy.
It sounds like a lot. Really, dependent on how well the elder was organized when you took over, it may not be. After a year of dealing with things, everything from voter registration to writing to medicare to get shared information, to supplemental to get added to the contacts list, and etc. it is now easy. But it did take about a year of anxiety for someone not really familiar.
Do know that there ARE fiduciaries, and you may want to hire one to manage the money and bills if you feel unable to do it.
Wishing you good luck. IF you have a monthly accounting of every cent in and every cent out, of the assets when you took over and the assets every 3 months, then I would think this would be enough to start to hand over in court if asked; if they want details they will be in your folders. Point is you do not do a thing without need, without proof.
I have no idea why they make it so hard. Good luck!
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.txcourts.gov/media/1436796/guardianshipcompliancereport__final.pdf&ved=2ahUKEwi92sr62qPoAhVGQ6wKHZjZDKsQFjAOegQIBxAB&usg=AOvVaw3Ubo9dOgJCJvocvAMx-hQs