As your parents begin to age, they will likely need assistance with their finances and financial planning. This may include preparing for future costs, paying bills, and general estate planning. Take a look at the following information, for guidance on how to help your parents with their financial needs. If you have any questions, or if you’d like additional planning advice, contact an estate planning attorney.
Ask permission to use online accounts. If your parents use online bank accounts, this can be a great way to offer assistance. If they feel comfortable giving you access to their online accounts, you can easily monitor account activities. This makes it possible for you to spot illegal activity or incorrect charges, as well as keep an eye out to ensure that bills are being paid regularly.
Carefully discuss financial planning needs. You shouldn’t pressure your parents into making decisions; but, make sure that your parents know that you’re there to offer assistance, while ensuring them that their opinions still matter. This will help to strengthen your relationship while also allowing you to lend a hand.
Encourage your parents to execute financial powers of attorney. Having a proper estate plan in place ensures that your parents can get help when needed, avoiding court interference. If they appoint you as the agent, you’re legally able to handle financial affairs and make decisions. This is a great backup device to have in place.
You can help your parents by making sure that their financial and estate planning affairs are in order. This will likely reduce your stress, as well as your parents’ stress levels. If you have any questions about how to help your parents handle their finances and financial planning affairs, consult with a qualified estate planning attorney.
- How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
- State Income Taxation of Social Security Benefits - August 24, 2022
- Understanding Tax Apportionment Clauses - August 17, 2022
