What type of person does a family hire to help figure out a parent's finances?

Follow
Share

My Mother has Alzheimer's and before she gets worse the family needs to hire a CPA or lawyer to help sort through her finances. She has stocks & bonds & insurance policies.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
10

Answers

Show:
tigerdaughter1: Yes, of course, the financial advisor charges a fee. But...you may get lucky if one of your family members or friends knows one...that way the advisor MAY (not a guarantee) be able to cut you a break on the fees (lowering them).
Helpful Answer (0)
Report

If you hire a financial adviser consider a "fee for service" professional vs. a "broker." You should consider a CPA/tax professional, elder care attorney, an investment adviser (fee for service or GOOD adviser who is a "benefit to client vs. benefit to broker" focused professional.) and a bookkeeper. The bookkeeper can help you stay on top of things. I would also consider a solid insurance adviser who can sort through what policies your mom owns, any maturity dates (and ramifications of) and options.
Helpful Answer (0)
Report

One of two: a financial advisor and an elder law attorney.
Helpful Answer (1)
Report

I would agree with much of what JoAnn said above however, you will need a lawyer to draw up a POA. Also, I have found that some banks will not allow you to manage a parent's credit cards (and get online to do this) without mom or dad being there to approve the process. In addition, you may need to give them an original POA. Do not do this! Get an original copy from your lawyer. You (or your lawyer) should always have the original in your possession.

The easiest way to take full control online of their accounts is to have your name added to the account(s). With regards to credit cards, if you do this, any credit damage will also be associated with your financial credit. So, be careful if there's been a problem with payment history regarding maintaining your own high score.
Helpful Answer (2)
Report

This is what I did. First I got POA for finances and Medical. I had my name put on Moms checking and savings. This was done while she could still sign. I then asked the bank to give me a report of all Moms accounts with them this included IRAs and CDs. If she has a financial advisor, I would ask for an accounting of where the money is invested. If savings bonds, make a list of them with bond number, face value and issue date. Call insurance companies and ask if policies are still good and what amounts they noe are. Mom has a $5000 policy but amount due upon death is $11,000 because of dividends she had rolled over into the policy. Moms estate is not much. Once I did this, I knew where she stood financially. I am able to go on line and look at her accts when I want. Now, if your Moms estate is much larger get all her info together and hand it over to a CPA to see what she is worth. I don't see why u need a lawyer. He is just going to take ur money and put it all in an accountants hands anyway.
Helpful Answer (4)
Report

If I had to make a choice, I would choose a CPA who does financial planning. Plus have an Elder Law Attorney, who would talk to the CPA to make sure everyone is on the same page.

Thank goodness my parents had their own CPA as I had dreaded income tax time, as what my parents had I couldn't use "the box" to do their taxes. The CPA was so helpful, asking me to see if I could find this or that, which eventually I did. My parents had used him for many years.
Helpful Answer (3)
Report

The Association of Daily Money Managers website is AADMM. There you can search on a Daily Money Manager near you.
Helpful Answer (2)
Report

You need a Daily Money Manager. They have a website where you can find someone to help you. Also most IKOR offices do Daily Money Management. If there is an IKOR office close to you they can help too.
Helpful Answer (1)
Report

There is such a person who can do forensic accounting, but it's probably not as bad as that. You might even be able to sort things out yourself, but an elder law attorney is a good idea.
Helpful Answer (1)
Report

Go see an attorney who does elder law. Does anyone have POA or guardianship? That will be necessary to handle her financial affairs.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.