Getting Financial Help

Biggest Challenge: Parents will be moving into my house in 2 months. [The biggest challenge is] organizing the monies for taxes and in general who helps- elder lawyer or financial advisors?

--Jennifer

Response from DM:

Dear Jennifer,

When parents move into your home, there are many potential changes that need to be addressed. First, all of the people who will be affected by the move need to have their needs addressed and attended to. For harmony to prevail, all the logistics, concerns, and emotions need to be recognized and validated. Make adjustments as needed, and work toward the common goal of making everyone feel comfortable, including all family members--even pets.

The monies, taxes, bills, property, and income all need to be carefully gathered and organized in a coherent way so that an elder care lawyer, financial advisor or tax specialist can make sense of all the information. Make sure to have your financial goals in mind. You’ll also need to determine how far back you need to go, in terms of the paperwork you’ll need to retrieve, to validate all monies and taxes.

Each professional has a different perspective on what needs to be done or get accomplished. Most professionals will give you 15 minutes of free consultation so you can get a sense of what they offer, what the cost for their services will be, and if their particular expertise is going to meet your needs. Before making your phone calls, it is best to write out your questions so that you have continuity as you query each professional. Also, write down their answers as you go along. Only after speaking to several people in each profession will you fully understand what they have to offer, as well as how they will meet your needs and the needs of your parents.

I congratulate you on addressing and trying to organize these very complicated issues. Your parents need to be as involved with their finances as they are capable of being. Also, keep in mind that when you are dealing with and helping your parents with their finances, you may need a legal document that grants you permission to be involved and/or to make decisions.

Sincerely,

Dr. Marion

 

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