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
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...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
The Estate Planning & Elder Law Firm PC
Bill founded The Estate Planning & Elder Law Firm, P.C. in 1994. Bill limits his practice to the areas of estate planning and administration, incapacity planning, Medicaid, asset protection planning, and elder law. He is one of (15) fifteen attorneys practicing in Virginia, Maryland and the District of Columbia, ce...
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