Reply to Aging Parent With Sizable Finances But Mental Health Issues

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]So he doesn’t have a financial advisor?

And it sounds like, like most people, you don’t really hav experience managing investments?

Maybe you should ask him to start interviewing younger financial advisors - like people in their forties at most - and selecting a couple. Maybe he doesn’t hire them right this minute, but he finds a couple people he would trust to advise you in managing the money once he gets too sick too. Then if you have financial power of attorney, you can hire that person.[/quote]

I think this is your best bet, OP. Hang in there![/quote]

This. I would have him consider making financial advisor, financial POA with you. I have no trouble understanding financial stuff, but got sick of being talked to like I was an idiot and having parent erupt when I caught mistakes or asked for clarification because I knew something said was not right. One of my siblings has functional paranoia-can hold down a good job, but always thinks people are swindlers or out to get her-suspicious of everyone. So, I wanted a professional involved who could track everything financially and if said sibling accused me of doing something, I could have her work with the financial person, but we would not have to work together. When you are dealing with people with major mental health issues, you need to problem solve and preserve your own mental health. I don't think even a professional is allowed to take more than a certain percentage when POA and it's worth every penny not to lose your mind.[/quote]

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