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Eldercare
Reply to "How do you officially manage your parent's money?"
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[quote=Anonymous]The bank does not have to accept your POA. Some banks have their own POA docs. You also need to do a living will and a will. Also get a POA for Healthcare in addition to the POA for financial. Add yourself to the checking account as joint so you can manage bills/expenses when parent can’t. Make sure all bank accounts and brokerage accounts, life insurance, Ira’s etc,,,have a beneficiary named as this will avoid accounts going through probate. Move some assets (including house) to revocable trust with named beneficiaries and trustee. Benefiary and trustee can be same person. Again, the trust will avoid probate. Long term care insurance - if you have it - make sure you have assigned a representative. Medicare - again complete forms for designated representatives so you can directly deal with them on parents behalf. [/quote]
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