Caring for an aging parent is one of the most loving – and most demanding – things you’ll do, and much of the weight is financial. The following questions will help you gather the information you’ll need to successfully navigate through this stage of life.
1. What legal documents are available and where can they be found? These would include the following documents and the advisors who hold them:
- Will
- Power of Attorney
- Health Proxy or Living Will
2. What accounts/assets do your parents hold and what is the contact/login information for each? Who are the beneficiaries? Assets could include:
- Bank Accounts
- Investments (including interests in partnerships or S corporations)
- Trusts
- Physical Assets
Consider being added as an authorized user to accounts and provide the Power of Attorney to all advisors.
3. What monthly income do your parents receive? Common types of income include:
- Social Security
- Pensions
- IRAs/Other Retirement
- Do your parents have to take Required Minimum Distributions? Are taxes being withheld?
4. What monthly bills are due and how are they paid?
- Consider changing all bill payments to automatic electronic payments. This will ease the burden of having you write checks for bills or consistently needing to pick up mail if your parents are placed in a nursing facility.
5. What outstanding debts do your parents hold? The most common debts are:
- Mortgage
- Other Loans (such as Auto or Equipment)
- Credit Cards
- Installment Agreements
6. Who are your parents’ advisors and what is their contact information? Advisors could include:
- Accountant
- Lawyer
- Financial Advisor
- Insurance Agent
7. What insurance do the parents hold and who is the contact?
- Health
- Long-Term Care
- Life
- Other
8. What are the logins (user name and password) for any pertinent websites that your parents have access to – especially their email and cell phone information?
Gathering this information now before it’s urgent eases the financial strain of an already difficult time and lets you focus on what matters most: your parent.
At Davie Kaplan, we walk families through questions like these every day. If you’d like a hand getting organized, or simply a sounding board, we’re glad to help.