More and more parents are moving in with their adult children, and the trend probably won't reverse anytime soon. As...Read more
How to Care for Your Parents' Money While Caring for Your Parents
- June 7th, 2018
Sharon Burns, Ph.D., C.P.A., and Raymond Forgue, Ph.D. How to Care for Your Parents' Money While Caring for Your Parents (McGraw-Hill, New York, NY, 2003; 294 pages).
The children of aging parents are often called upon to be not just physical caregivers but financial caregivers as well. Managing an older person's finances and planning for their future requires a fair amount of knowledge of budgeting, taxes, insurance, investing, and credit, not to mention Medicaid, wills and trusts.
Local Elder Law Attorneys in Ashburn, VA
Farr Law Firm
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
This book by two financial experts who are managing their own parents' financial affairs is a valuable primer for those who are involved in their parents' financial lives.
The comprehensive book covers everything from basic money management to estate planning in a readable way that is punctuated with numerous worksheets, checklists, and money-saving tips.
In the book's first section, readers learn how to figure cash flow and current financial status, develop a budget, solve debt problems caused by credit, and understand the tax issues relevant to retirees.
The book then moves to discussions of protecting parents' assets through insurance and appropriate investments, including an exploration of investment fundamentals and Medicare and Medicaid.
Later sections cover housing options, common frauds perpetrated on the elderly and how they can be avoided, and procedures for transferring an estate.
Throughout, the authors are sensitive to and address the inevitable emotional issues that arise whenever money and family mix.
Click on book to order.
Last Modified: 06/07/2018