I’m interested in hearing from those of you that have taken control of finances on behalf of a parent(s). What are the nuts and bolts? What are some tips?
Background
My surviving parent has Alzheimer’s and is now in an assisted living / memory care facility (in another state, near another relative). I helped set up a low cost well diversified portfolio and have full authorization on the accounts (to sell, trade., transfer ...whatever). I also have full authorization on checking and savings accounts. Finally, I have Power of Attorney. I’m about to take over paying all bills, managing the sell of assets to cover expenses, RMDs, tax filings, and everything else related to finances.
Sample Questions
Background
My surviving parent has Alzheimer’s and is now in an assisted living / memory care facility (in another state, near another relative). I helped set up a low cost well diversified portfolio and have full authorization on the accounts (to sell, trade., transfer ...whatever). I also have full authorization on checking and savings accounts. Finally, I have Power of Attorney. I’m about to take over paying all bills, managing the sell of assets to cover expenses, RMDs, tax filings, and everything else related to finances.
Sample Questions
- What address do I use for service providers, banks, credit cards, etc. (parent’s or mine)?
- What are the considerations when I file taxes on their behalf?
- Did you set up a new credit card or account for any reason to help manage things?
- How have you kept siblings informed/updated?