Caring for your aging parent can feel overwhelming, and having to assume control of your parent’s finances in order to ensure bills are paid and he or she has enough to live on can be more than anyone wants to take on.
However, children of aging parents commonly wish to be able to provide the same level of love and support to parents as they so generously offered to their kids, so becoming a parent’s power of attorney and managing the money when he or she can no longer do it may seem like the right thing to do.
When you have an elderly parent whose finances need to be managed by you or someone else as a designated power of attorney, understanding the potential stress on your parent’s (and possibly your own) finances and savings as he or she transitions into a new part of life and knowing how to manage financially can help ease difficult times. Financial Care for Your Aging Parent explains in easy-to-understand language how you can manage a parent’s finances and ensure that the important things are taken care of.
|Publication Date||Mar 15, 2014|
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