Take Care To Follow Each Step Of Estate Planning Carefully

Imagine you have the power of attorney over your parent’s finances. Suppose your father and mother have Alzheimer’s disease and are in a nursing home. They do not have the financial resources to pay for their care. Besides your responsibility for paying for them to stay in a nursing home, you know someone has to pay for their expensive medicines. You do not have the money to pay for their care. You have the power of attorney over the finances of your aging parents, and you wonder if you have the legal right to sell their home to pay for their care.

Review the bank statements from the prior year and ascertain where the money is coming from. Look for deposits and transfers in. Are social security or retirement payments coming monthly via automatic transfers in or check deposits? If checks were deposited monthly for most of the year, but not during the past few months, where are those checks? They may be sitting in unopened envelopes or lost somewhere. You may need to call the payer and have the checks reissued.

As for the Boomer child, you too need to open up and invite conversation with your parent(s). Start asking questions prior to infirmity and come from a place of love and compassion. For example, “Mom, Sue and I have been worried about you. We would like to know what your final wishes are, because dad never discussed them. It occurred to us that we want to know what these wishes are because we want to fulfill them. Do you have a will, trust, صيانة شاشات بريما, etc? Where are these important papers kept?” This is just a sample of how to approach it; this is necessary to get the answers you need.

Have a friend or family member take turns caring for the person with Alzheimer’s. If you don’t have anyone available, consider hiring a part time companion or caregiver. Another option is an adult daycare or senior center to relieve you for an hour or so. Don’t try to be a martyr and do all the care without a break. It will wear you down and in the end you will feel resentment or get sick yourself. Go for a walk, take a nap, read a book- anything to give yourself some me time.

When her son and I divorced, it was friendly, and had no impact whatsoever on our relationship. She and I shared an understanding – friends for life, no matter what.

Your parents have insurance cards. Great! Now…are they current on the premiums? If you don’t see a recent invoice showing the insurance has been paid current, call the insurance company and find out if the payments are current, how much they are, when are they due, and how they should be paid. Also, have they been paying for Medicare Part D or a prescription drug insurance plan? Check the mail, payments from the bank accounts, social security statements, etc.

When you hire a qualified tax professional to help you with your IRS debt relief, you will have the peace of mind knowing that everything that can be done will be done. If you try to handle your case on your own, you will be second guessing yourself as to whether you did the right thing.

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