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Helping a parent with financial and estate planning

Nevada residents who have older parents may want to start thinking about how to help them manage their finances. Ideally, a conversation about this topic will be held sooner rather than later. This may make it easier to understand a mother or father’s financial goals or how their health care needs may impact their financial situation as they age.

To make things easier on both the parent and child, it may be a good idea to setup automatic payments. This ensures that the mortgage, utility and other essential payments are made regardless of a parent’s physical or mental health. Being designated under a durable power of attorney may allow an adult child to make certain financial decisions on a parent’s behalf without needing to become his or her official guardian. Obtaining a health care power of attorney may also be beneficial.

It may be a good idea to ask a parent where he or she would like to live if his or her physical or mental health declines significantly. From there, it may be possible to decide whether that parent will live with their children or live in a long-term care facility. Those who face the prospect of caring for their parents may wish to go online to see if there are any social or health care services aimed at meeting their needs at an affordable cost.

Those who are interested in helping a relative with long-term financial and healthcare planning may wish to talk to an attorney. An attorney may be able to help with drafting estate planning documents such as a HIPPA waiver or powers of attorney. These may make it easier for individuals to stay informed about a parent’s medical or financial situation or enable them to make decisions on their behalf.

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