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

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • New Year…New Will?
    <p>Many people make New Year’s resolutions. If one of your resolutions was to make sure your affairs and finances are in order, then you are going to need to review your estate plan – or create one if you do not already have one. But how do you know if it needs to be changed [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2021/01/13/new-yearnew-will/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2021/01/13/new-yearnew-will/" target="_blank">New Year…New Will?</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Protection of Personal Injury Proceeds in Virginia
    <p>One of the unique provisions under Virginia law is the statutory protection of personal injury and wrongful death proceeds against creditors. Specifically, the Virginia Code states that, subject to a few specific exceptions, “all causes of action for personal injury or wrongful death and the proceeds derived from court award or settlement shall be exempt [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2021/01/08/protection-of-personal-injury-proceeds-in-virginia/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2021/01/08/protection-of-personal-injury-proceeds-in-virginia/" target="_blank">Protection of Personal Injury Proceeds in Virginia</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Fed Releases Important Figures for 2021 Long-term Care Planning
    <p>The Center for Medicare and Medicaid Services (CMS) has announced changes to the Long-term Care Spousal Standards that apply to married couples who seek Medicaid assistance for payment of ones long-term care services. The standards that will change in 2021 include, but are not limited to, the Maximum and Minimum Spousal Resource Standards and the [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/31/fed-releases-important-figures-for-2021-long-term-care-planning/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/31/fed-releases-important-figures-for-2021-long-term-care-planning/" target="_blank">Fed Releases Important Figures for 2021 Long-term Care Planning</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • What to Do With All of Those U.S. Savings Bonds
    <p>United States Savings Bonds have been around since 1935 and have evolved from the Series E Bond, which contributed billions of dollars to finance World War II, to the electronic versions of Series EE and Series I bonds that we have today.  Prior to January 1, 2012, you could still buy paper Savings Bonds from [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/31/what-to-do-with-all-of-those-u-s-savings-bonds/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/31/what-to-do-with-all-of-those-u-s-savings-bonds/" target="_blank">What to Do With All of Those U.S. Savings Bonds</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Financial Planning Before and During a Pandemic
    <p>The COVID-19 pandemic has had sudden and significant repercussions for how individuals conduct their financial planning, specifically, how they approach their spending and saving goals. Many households have seen a steep reduction in income and have subsequently, though unintentionally, burned through their savings as the pandemic nears the one year mark. For many, this pandemic [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="http://www.hooklawcenter.com/2020/12/28/financial-planning-before-and-during-a-pandemic/">Read More...</a></p>
    <p>The post <a href="http://www.hooklawcenter.com/2020/12/28/financial-planning-before-and-during-a-pandemic/" target="_blank">Financial Planning Before and During a Pandemic</a> first appeared on <a href="http://www.hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



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

* indicates required