How do you know when is the right time to take total control of your father's finances and give him an allowance? - AgingCare.com

How do you know when is the right time to take total control of your father's finances and give him an allowance?

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When he no longer can handle his money in a business like manner with sound decisions and capable of making sure his bills and taxes are paid for on times,

Waiting until he is not competent may call into question his compentency for signing a durable Power of Attny. So, if you don't have it, try to get it first before a doctor evaluates him. At the same time make sure you get medical POA for you are going to need it too in his behalf.
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When he can't make the right decisions about he's money anymore. If you have power of attorney the doctor can give him a test on his abilty to make decisions. You go from there.
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I guess when he wants to buy ocean front property in Arizona...
I took over my mother-in-law's finances when her husband got sick and couldn't pay the bills anymore. She has macular degeneration and is considered legally blind. But the main reason is, her memory. Her short term memory has had it, so all her bills are sent to me, but she still has her bank credit card that she uses when she wants to. BUT she is always with either myself or one of her sons and their wives, so she'll never buy the ocean front property. ha.
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