Talk with your parents about their elder money management

Lawyers are necessary in many of the activities that we do on a daily basis.  Often they are estate planningthere to protect us from legal jargon that could take us in a different direction.  Things like business law, estate planning, or business taxes are complicated and often a lawyer should be involved to make sure that you are protected with what you are doing.  Elder money management is also something that should be protected; it is a very important part of what some lawyers do at law offices that specialize.

We have a duty to protect our elders when they are at the point of needed care around the clock.  Their lives are often long and fulfilling and they accomplished great things in life.  But now, if they are at the point where they don’t have the mental capacity to manage their own assets, their children and grandchildren should do it for them.  We need to make sure we protect our family members and prevent them from being robbed or mistreated just because they are very old.  Elder money management is a tool and/or a legal process in which we hand over the daily management of a loved ones finances to a law firm.  This way, we can be sure that all of their bills and other obligations are being paid on time by someone who is legally assigned to protect them.  All finances and information is kept confidential among the law office that handles the management.  They are basically assigned as the gate keeper of a person’s finances once they have moved beyond the point of managing it themselves.  Often family members take on this responsibility, but there are situations in which this is the better option due to all other circumstances.  Law firms that handle elder money management do it with the utmost respect for all parties involved.  They protect the elderly from identity theft and fraud while ensuring that their affairs always stay in order.

If you are worried about one of your parents or other family members who may be getting too old to manage their finances, talk to them now about getting management set up for the future.  If you have their consent to get the process started it makes things even easier than attempting to do it as a power of attorney.  While they are still able to make their own decisions you should ask them what their wishes would be for the future if they were no longer able to make them.  These kinds of conversations are healthy and necessary, so don’t be worried that you will hurt someone’s feelings.  You need to ask the tough questions so that you can be prepared for the future.  Once that is done you live and enjoy the moments as they come and go.  Don’t think that a black cloud will hover just because you are planning for something that is depressing.  Being realistic is always appreciated and I would certainly appreciate it if my kids did my estate planning and money management for me when I was no longer able to do it myself.