Looking after elderly parents is never easy. But when your parents move into a retirement community, it can be even more challenging. As you care for them—and ensure that their medical and financial needs are met—you have to be aware of how their assets might be targeted by scammers, predators, or even lawyers. There are ways to protect your parents’ assets from these threats, but they require careful planning ahead of time. In this article, we’ll walk through some simple steps you can take now to protect your loved ones’ property from exploitation once they move into assisted living or other senior housing options.
Compile Your Parents’ Financial And Legal Documents
The first thing to do is list your parents’ financial and legal documents. This includes bank statements, credit card statements, investment statements, retirement accounts (if applicable), and any other paperwork pertaining to their money. The second item on your list should be all legal documents, such as wills, trusts, and power of attorney.
Why is this important? In case of an emergency where you need to access funds or act as an agent for your parents—for example, if they are incapacitated by illness or injury—you will know exactly where everything is located and what their wishes are in regard to how they want their assets handled during such circumstances. An important point here: You may not have access to all these records right now; some institutions keep them at their headquarters, so it would be wise to contact them before trying anything else just in case there are delays due to the age or condition of your parent(s).
Plan Ahead And Start Early
As you prepare to make the transition with your elderly parents, it’s important to remember that time is of the essence. The longer you wait, the more difficult it will be for you to secure assistance from your loved one’s current community. While this may seem unnecessary when so many other things are on your mind, planning can save money and prevent a crisis later on.
It also helps avoid making drastic changes in lifestyle that could be harmful or even dangerous for older adults living independently in their own homes. Additionally, if legal problems are associated with moving out of one community into another (for example: selling real estate or transferring bank accounts), then having these issues addressed beforehand will allow them to move smoothly without any hiccups along the way!
Create A Durable Power Of Attorney
When your parents move into a retirement community, creating a durable power of attorney is a good idea. This document allows you to appoint a caregiver or others to act on your parents’ behalf for financial decisions in case the need arises. You must choose someone you trust and ensure they know how much money is available for spending and how much should be saved later.
A durable power of attorney can be revoked by the person who created it; however, if they become incapacitated before revoking it themselves, it will remain valid until their death or recovery from their illness.
Conclusion
As you can see, there are ways to protect your parents’ assets and ensure they are safe. You should consult an attorney before taking any action that could affect your parents’ property. If you are considering moving your parents into a retirement community, you will want to ensure they are protected in case of future health problems or other issues.
