Reply to How do you officially manage your parent's money?

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[quote=Anonymous]My mother has dementia and started losing the ability to manage money about 5 years ago, which was a few years before she was diagnosed and we realized what was happening.

Officially, I have a blanket poa but it turns out that the banks want their own. Filled one out with fidelity and another with B of A with her in person at branch office.

I also have a joint checking account where I pay mom's bills. This means that I will continue to have access if she passes so I can pay mortage, etc, while we wrap things up. er social security and pension go to this account, and I pay all bills from it, plus transfer money from IRA/Roth when necessary. Other banks accounts are POD with me and my brother. I also have password to her social security and medicare accounts.

She has a will and trust that was written while my mom was still cognitively sound. I am executor and successor trustee with my brother. We both have copies of this document.

the other aspect of managing money for elders is to protect from scammers. Mom has a credit card (we actually each have a card for this one account) that notifies me on the chase app whenever its used but except for buying a few things here and there either with me or the lady who takes her out on occasion, she rarely uses it. I also review things regularly, including credit reports.  I have all of her log ons and pay everything electronically.  She doesn't have a cell phone and hasn't done any banking or gotten on a computer in 2 years and at this point probably doesn't know how to write a check so at least she is no longer vulnerable to scammers.  For older parents, you should try to get access to accounts and ensure they are not sending money to scammers. [/quote]

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