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Just read this article:
https://www.yahoo.com/finance/news/d...094605527.html
It gives some good tips on preparing to deal with parents finances. Thought someone here might find the info useful.
Thankfully, my parents are still on the younger side, but I still read this kind of stuff to, hopefully, be as prepared as I can when these things start to come up.
That article was a great reminder to work with parents BEFORE they become forgetful. I think the hardest part of patent planning is getting parents to admit their own mortality and that they will have to hand over the reins. Of course, that is the hardest part for parents who care about their kids. I can't imagine the headaches involved with dealing with difficult or estranged parents.
Good read.
I'm thankful that my mom is still fully functional, enough that she was able to bring us into their finances, which thankfully are pretty simple. Still, we got a local agent to oversee some of their annuity accounts, and he was able to advise my mom on a lot of things. We got POA early on. It's good to know that a simple online durable POA may not be accepted in some cases. I'm glad they're only with one bank.
Thanks. I encourage everyone to talk finance asap with your parents/in laws. Wish we had sooner.
That's an excellent article, thanks for posting!
I *do* have durable POA and it's still been pretty difficult running someone else's life at the drop of a hat. However, I can't even imagine what it would have been like without it. Read the article. Make sure your parents and ILs have taken care of this type of thing! And I keep telling myself, it's only one of four at this point. You can bet we're now eyeing the remaining "autonomous" parents in a different light.
That article isn't actually correct though. In many states, the law specifies that a properly drafted and executed POA *meeting your state's statutory requirements* must be accepted by the various banks, they cannot insist on completing their own form. You may have to argue with them but in some states you can actually recover your costs for getting them to accept it. So don't cheap out, get competent legal advice, but don't freak out about not doing a POA for every single institution.