Power of attorney documents allow caregivers to advocate for their loved ones, but some institutions require additional documentation. See what specific permissions you’ll need to access personal information and make vital decisions.
Many adult children are unaware of their parents’ financial situation until they step in to help manage money or begin the probate process. If you find that a parent has racked up some debt, it’s normal to wonder if you may be on the hook for repayment.
Many family caregivers are granted the power to manage an aging loved one’s finances, and this often includes handling an elder’s investment decisions. While this can be a daunting task, these pointers can help guide you.
Having the foresight to make arrangements for your elderly parent's long-term care can save the rest of the family both emotional and financial distress. This expert advice should help with asset protection and financial planning for you an your elderly parents. Better yet, caregivers can use these strategies to ensure they are prepared for their future needs as well.