When Mom and Dad Need Help With Their Finances…
As our parents age and start to slow down, adult children are faced with the difficult task of talking to them about helping out and potentially managing their finances. This conversation can be difficult to prioritize. While no one likes to hear that they could be mentally slipping, it is important to talk to your aging parent before there are noticeable signs of cognitive decline.
If you have a parent who has exhibited reckless spending, or is receiving past-due bills, and calls from collection agencies, substantial damage to their finances may have already occurred. Once your parent can no longer make decisions or understand their finances, you may be forced to petition the court to be appointed guardian. These proceedings can be long and costly.
By executing a power of attorney, your parent could prevent future headaches and legal proceedings. Ask your parents if they would be interested in signing a power of attorney to prevent further financial damage or to prepare for a time when they may not be able to make their own financial decisions.
Give us a call if you or your parent would be interested in discussing the benefits of a power of attorney or updating your estate plan. (Amanda Kita, Esquire, January 2016)