Who to go to for financial advice?
As my mom slips deeper into dementia, I'm trying to organize her limited savings and make it accesible to us. Right now she has several checking/savings accounts out there, a couple of which I have access too, but several that are only in her name.
I do have power of attorney, but I want to make sure anything I do doesn't effect my credit/taxes adversely. Do I become joint owner on her accounts, do I have all of her money put in one account that I have access to? Should I just leave everything where it is and only deal with it when we need it?
I'm not sure where to go (or whom to trust) with advice (lawyer/accountant). What have any of you done with your parent's financials? My mom is not able to make any of these decisions at this time but I don't want an emergency to happen, and not be able to pay bills etc.
Who to go to for financial advice?
As my mom slips deeper into dementia, I'm trying to organize her limited savings and make it accesible to us. Right now she has several checking/savings accounts out there, a couple of which I have access too, but several that are only in her name.
I do have power of attorney, but I want to make sure anything I do doesn't effect my credit/taxes adversely. Do I become joint owner on her accounts, do I have all of her money put in one account that I have access to? Should I just leave everything where it is and only deal with it when we need it?
I'm not sure where to go (or whom to trust) with advice (lawyer/accountant). What have any of you done with your parent's financials? My mom is not able to make any of these decisions at this time but I don't want an emergency to happen, and not be able to pay bills etc.
I share a bank account with my mother but my sister has the power of attorney. If I was faced with your situation I would communicate with the banks and determine what they will require to transfer all funds into one account. I would use an account that has both names on it to avoid having to be accountable for the funds as income/assets to me personally.
Also that will make it much easier as you manage her expenses.
I share a bank account with my mother but my sister has the power of attorney. If I was faced with your situation I would communicate with the banks and determine what they will require to transfer all funds into one account. I would use an account that has both names on it to avoid having to be accountable for the funds as income/assets to me personally.
Also that will make it much easier as you manage her expenses.
If you have a Durable Power of Attorney you should not put your name on the account. Just go to the bank, they will want a copy of the DPOA and they will put you on accounts as POA with the same rights as the owner of the account.
The best type of lawyer is an elder care lawyer - one that specializes in the state where your mom lives, not where you live. They will know Medicaid laws if you need help in getting your mom approved for government assistance. They can also recommend an accountant who specializes in situations like yours and tax issues.
This is not cheap. But it can help you save your mother's assets. I have cared for my 91 year old mother for over 10 yrs. The Durable Power of Attorney allows me to talk to her insurance company, do her taxes, and basically everything. Google Power of Attorney and make sure you understand the differences in types of POA. Make sure you have Durable. I left everything in my mom's name. If you add your name to the account and someone sues you, they can take that money away from your mom. There is no need to risk that with a DPOW.
To find a good elder care lawyer, call your local Alzheimer's association. They will usually recommend several in the area where you mom lives. It is important it be the same state since state laws are different and you want someone where your mother resides. Good Luck.
If you have a Durable Power of Attorney you should not put your name on the account. Just go to the bank, they will want a copy of the DPOA and they will put you on accounts as POA with the same rights as the owner of the account.
The best type of lawyer is an elder care lawyer - one that specializes in the state where your mom lives, not where you live. They will know Medicaid laws if you need help in getting your mom approved for government assistance. They can also recommend an accountant who specializes in situations like yours and tax issues.
This is not cheap. But it can help you save your mother's assets. I have cared for my 91 year old mother for over 10 yrs. The Durable Power of Attorney allows me to talk to her insurance company, do her taxes, and basically everything. Google Power of Attorney and make sure you understand the differences in types of POA. Make sure you have Durable. I left everything in my mom's name. If you add your name to the account and someone sues you, they can take that money away from your mom. There is no need to risk that with a DPOW.
To find a good elder care lawyer, call your local Alzheimer's association. They will usually recommend several in the area where you mom lives. It is important it be the same state since state laws are different and you want someone where your mother resides. Good Luck.
My mother is in the mild stage , but I think she is moving into a mid stage. We have just completed adding my name to all her CD,s, checking account, saving account. That way when she passes I can have instant access to those accounts. I also have POA. I am working with Visiting Nurses for some personnel help with her. They have been able to help some. They also have assigned a case manager. She has been helpful. I will lean on her for help. They all have support groups for me and offer some training. She has recommended I contact Alzheimer Association. Don't know if these moves are correct. Will be contacting a Legal service for guidance. Hope this helps a little.
My mother is in the mild stage , but I think she is moving into a mid stage. We have just completed adding my name to all her CD,s, checking account, saving account. That way when she passes I can have instant access to those accounts. I also have POA. I am working with Visiting Nurses for some personnel help with her. They have been able to help some. They also have assigned a case manager. She has been helpful. I will lean on her for help. They all have support groups for me and offer some training. She has recommended I contact Alzheimer Association. Don't know if these moves are correct. Will be contacting a Legal service for guidance. Hope this helps a little.