What are the top ten things you need to know in dealing with your aging parents finances?

What are the top ten things you need to know in dealing with your aging parents finances?

1. Know What Estate Planning Documents Your Parents Have:

• Last Will & Testament
• Durable Power of attorney
• Living Will/Health Care Proxy

2. Know Where Your Parent’s Documents Are Stored.

3. Know who has the Role of Power of Attorney, Executor, Health Care Proxy and Guardian –Are They Still the People Your Parents Want?

4. Know Who Your Parent’s Advisory Team Is and Have a Meeting With Them.

5. Know Whether Your Parents Have Filed Their Tax Return.

6. Know What Your Parents Are Invested In.

7. Know If Your Parents Have Long Term Care Coverage and If they Do, Learn What the Benefits Are.

8. Know What the Cost For Care Is For Your Region. Check Out the Metlife Long Term Care Cost Study:

    https://www.metlife.com/mmi/research/2012-market-survey-long-term-care-costs.html#keyfindings

9. Know That Poor Financial Decisions Are Often The First Sign of Trouble. Periodically, Look at the Credit Card statements and the Investment Account Statements. –Are There any Recent Unusual transactions? Are they Bouncing Checks?

     10.  Know That Financial Independence is a Sensitive Topic. It May Take a While  Before Your Parents are willing to enlist your aid.

If you have any questions about this topic, please feel free to call my office at 201-843-0044 or email me at twatters@wattersfinancial.com