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Financial considerations when you have elderly parents

On Behalf of | Oct 15, 2018 | Uncategorized |

For aging people, there comes a time when they start to lose their independence. This might be because they lack the physical ability to care for themselves and be mobile, or it might be due to a mental deterioration because of diseases such as dementia.

If you have a parent who is aging and is unable to do the things that he or she used to, you may be concerned about their future. In particular, you might wonder about their finances and whether you have the legal right to be able to help them.

If you are the child of an elderly person, it is important that you take the time to understand what actions you can take to help your parent. You should make sure that you ask the right questions to be better equipped.

Understand the benefits that they are receiving

It is always a good idea to have an understanding of the benefits your parent is entitled to. This will help you to identify other benefit programs to which they might be entitled. You should learn whether they currently receive Medicare, Social Security or Medicaid.

Have information on their bank accounts

If your parent is deteriorating, it is important that another person has specifics on their bank account details and mortgage companies. Having information on these accounts early on can prevent problems if your parent becomes incapacitated.

Learn about the existence of long-term care insurance

Regular insurance policies are limited, but some people have chosen to take out long-term care insurance to cover the costs of nursing home care in the future.

Ask whether they have chosen a durable power of attorney

Perhaps one of the most important financial questions you should ask your elderly parent is whether they have chosen a durable power of attorney. A durable power of attorney will be crucial in helping them to manage their finances in the event that they become incapacitated.

If you are concerned about the financial future of your elderly parent in the state of California, it is important to learn about how you can help them to manage their finances.



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