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The Importance of Financial Health As You Age

Helping your parents plan for financial stability in their later years will not only help them remain independent but will prepare the family for taking care of financial health issues if a parent becomes incapacitated.


What would happen if you had to suddenly take over management of a parent’s money and finances? If a parent becomes incapacitated, someone has to take over paying bills and managing their money.  Are you prepared?

It’s better to have all the information you need before mom or dad can no longer take care of their financial health.

Here are 10 things you should know about your parent’s financial health:

1.  Have they named a durable power of attorney to manage their finances?
The first step is to find out if they have named a Durable Power of Attorney (POA). Without a POA in place, you’ll have to go to court to get guardianship of your parent in order to access accounts on their behalf.

2.  Where do they keep their financial records?
Whether they keep their money and documents in a bank, a safe, or under the mattress, you need to know where to find records when you need them. What is the location of keys or codes to lock boxes or safes?

3.  What are their bank account numbers and names of their financial institutions?
In addition to knowing where they keep their money, you need specifics on all account numbers. What banks do they use? Who is their mortgage company? Do they have an investment firm?

4.  What are your parent’s monthly expenses?
Gather information on their mortgage, car payment, credit card debt, electric bill and other expenses.

5.  How do they pay their bills currently?
If there are automatic deductions being taken out of a checking account, you need to know about it. Do they use online banking or only paper checks?

6.  How much is their annual income and where does it come from?
Does your parent receive a monthly pension check? Do they have dividends coming in from investments? Do they get money for a disability?

7.  Do they receive Medicare, Medicaid, or Social Security?
If your parent becomes incapacitated, you may have to investigate the status and eligibility of government assistance to provide for his or her financial health.

8.  What kind of medical health insurance do they have in addition to Medicare?
Do they have health insurance provided by an employer? If they are retired, are health benefits included as part of a pension?

9.  Do they have long-term care insurance?
A “regular” health insurance plan does not cover the cost of assisted living or a nursing home. Did they purchase a long-term care insurance policy to cover the cost of those residences? If not, and they can no longer live on their own, what can they afford in terms of housing?  This is critical to long-term financial health for parents and their caregivers.

10.  Do they have an accountant or financial planner?
Who is it and how do you contact them? Have they done any estate planning?

How The Miller Elder Law Firm Can Help

Allow our experience in the field to work on your behalf. Contact The Miller Elder Law Firm today for an initial consultation at (352) 379-1900 or fill out our convenient contact form.

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