Banking and financial steps for ageing parents

Helping ageing parents to manage their finances can be complicated. But the following advice will ease the burden, according to http://bankingadvice.com.
Keep a record of what you do: Before you take any actions with another person’s finances, it is essential to keep a record of every step.
Take stock of the financial landscape: The first step in the process will be to identify all relevant financial and banking accounts that your parents or spouse may have. If they have kept a good record in a single, easy to find, location, then this step will likely be an easy one. Otherwise, a good starting point can be that person’s most recent income tax return.
On the various schedules of the return, they must have listed all the accounts that either paid them interest or generated dividends or capital gain income over the previous year. This can be an invaluable tool of identifying many of the accounts that you may have to become responsible for.
In addition, if the return lists a bookkeeper, attorney or any other financial professional as the person who assisted with preparation of the return, then you may be able to contact that individual to learn more about your ageing parent’s or spouse’s finances.
Think about when you may also need assistance; You may find all of this quite challenging. So if you ever require your children to help you with your finances, you can make the process go more smoothly for them by bringing in a financial professional to assist you. Again, be sure to document every step of this process, and the fees that you will need to pay for this help.
Caring for an ageing parent or spouse can give you a number of challenges, particularly where you need to provide assistance in managing that person’s finances. But following the advice above can ease the process.

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