Managing a Senior’s Expenses

Managing a Senior’s Expenses

The time comes when you are responsible for your parent or parent’s finances. When this time comes, don’t panic. There are things you can do to make it easier. Just remember to keep their bills and information separate from yours.
Have a copy of the Power of Attorney (POA) document ready to hand over when you contact their bank and investment firms. You also need to contact their utility and credit card companies. Any establishment you are paying bills to, for your parent’s, needs to be contacted. They may all request a copy of the POA that gives you the right to ask questions about the invoice and service, as well as being able to send the payments from their bank accounts with your signature on the check. You may find that pharmacies also require a copy of the POA before you can sign for medicines.
Keep your parent’s accounts and money separate from yours. This way, no one can come back and say you are using their money for yourself. You might want to contact a firm to pay your parent’s bills. This can be a bank (if there is a Trust established) or a private firm. You can also buy Quicken for your computer to pay their bills. This also helps at tax time and is a good tool for printing reports for you to go over with your parents and the rest of the family, if you find this is necessary.
Let your parent’s know their finances are in good hands, that you’ll take care of everything for them and budget their money as best as you can.

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