Americans Face Challenges in Taking Over Aging Parents' Finances | Law Firm Newswire

Americans Face Challenges in Taking Over Aging Parents’ Finances

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) February 26, 2015 – When a parent becomes incapacitated and is no longer able to manage his or her own finances, a child or other caregiver needs to step in to pay bills and manage money and costs. Taking over a parent’s finances can be difficult, especially in the midst of the other challenges that families face during a loved one’s illness.

“If you are taking over your parent’s finances, a systematic, structured approach to gathering information is a great starting point,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, which has offices in Virginia Beach and northern Suffolk. “From there, you can identify what your resources are and what needs to be done.”

First, the children of a person in need should find out whether or not there is a durable power of attorney in place. If so, the person who was given power of attorney can take over the finances. If not, it will be necessary to go to court to get access to financial accounts.

Next, children can gather all of the information about their parent’s finances. This includes finding out where financial records are located; identifying where accounts are and what their account numbers are; identifying sources of income; and taking stock of monthly expenses and how they are usually paid. If the parent has a financial planner or accountant, that person should be contacted.

Insurance and benefits should also be examined. It is important to find out what medical insurance is in place, whether a long-term care policy was purchased and whether or not the parent qualifies for benefits from Medicare, Medicaid or Social Security.

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267

  • Avoiding IRS Scams
    With tax season around the corner you can expect an increase in tax related scams. Which it is why it is important to know how to identify a scam quickly so that you do not find yourself in a situation where you have divulged personal information or given money to a scammer. Below are a […]
  • Assuming Roles of Trustee and Power of Attorney
    Your loved one has lost capacity and you are named in their Power of Attorney and/or Trust – Now what? If you are fortunate, your loved ones have done their estate planning and put documents in place to enable a trusted person to assume the management of their financial affairs in the event of their […]
  • The Effect of Annuities on Long-Term Care Plans
    Annuities are great investments for people who are frightened by the stock market or need a tax-deferred investment, and they have long been used to ensure a guaranteed income in retirement. In simple terms, an annuity is a contract with an insurance company whereby the purchaser pays a certain amount of money and the insurance […]
  • What Happens to My Online Accounts After I Die?
    In today’s world, many people connect with friends and family via social media more than they do in “real life.” Additionally, online shopping has expanded vastly in the past several years, and most people have several online accounts they use regularly. While the Internet has allowed us to have more connections and to conduct business […]
  • Impeaching Wills
    We often hear from family members who are unhappy with the terms of a loved one’s current Will. The issue is often laced with problematic family dynamics where multiple people claim undue influence or lack of capacity. This intricate web of issues can lead to expensive litigation. As an attorney, the most important factor when […]

Tags: , , , , ,

Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required