Answer: The very first thing you should do, if it is possible and comfortable for them, is to encourage them to discuss their current financial status. You would want to discuss bank accounts, mortgages, loans, credit card accounts, life insurance policies, and ownership documents regarding houses, cars, and other assets. We often take it for granted that our parents are financially savvy only to discover that they are in difficult financial circumstances. Once you have received this information you will be able to know how you are going to be able to care for your parents long-term. It is a good idea that once you have discussed these topics that you then seek the advice of an attorney and in some cases a financial or life insurance planner. This will ensure that you are able to set up a financial plan that would secure your parents for the remainder of their lives. Talking with an attorney and financial planner is important because many different choices will need to be made as your parents continue to age.
Please contact David M. Frees, III at [email protected] or call us at 888-573-7407 regarding your elder law questions.