I came across an article that describes the efforts of a new Key Bank campaign. Its purpose is to raise awareness (in adult children) of the need to balance the financial situation of an aging parent without jeopardizing their own. When our parents need us, we will likely jump in and offer any and all assistance needed. But, if we talk and plan in advance, we can balance the needs of our parents and our own families. As I have always advised, do not wait for that first big crisis. Talk about these topics now with your parent.
This campaign targets five things which all adult children should take to heart and take action:
- Having a frank discussion about finances with your parent (so there’s no hard feeling or suspicion at a later date)
- Getting organized
- Preparing for market ups and downs
- Making sure you understand and know where to find the paperwork your parents have (insurance policies, long term care insurance, wills)
- Knowing about sources of financial help (such as reverse mortgages or unclaimed veteran’s)
Other tips:
- Be a signer on your parent’s checking account and monitor their accounts online. (You’ll be able to spot scams, fraud and first signs of dementia if you do this.) If you’re not a signer on the accounts and your parent becomes incapacitated, you will need a court order to gain access.
- Be sure you understand what the long term care insurance covers and what it does not.
- Consider seeking out the services of an attorney who specializes in Eldercare law. They can help create/manage your parent’s trust in their best interest. Also, know that if your parent moves from one state to another, you should have legal documents reviewed to ensure they meet current state laws.
To read the article in its entirety, go to http://www.deseretnews.com/article/705348050/Campaign-highlights-finances-of-the-elderly.html
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