Your parents cared for you as a child, and there will come a time when it is your turn to support your parents. However, it can be difficult to determine when is the right time to take over your parents’ finances.
Keep the lines of communication open
Having conversations with your parents while they are still in full control of their finances will help you to understand their current responsibilities and what they may need assistance with in the future. This will also ensure that you can carry out their wishes when the time comes for you to take on some of those responsibilities.
Know the warning signs
More than 6 million Americans live with Alzheimer’s disease or another form of dementia. These types of age-related conditions may put seniors at a higher risk of fraud. Knowing the early warning signs of dementia can help you better understand when to take over certain financial responsibilities, such as ensuring bills get paid on time.
For example, if you begin to notice that your parents cannot keep up with their mail or they get confused about everyday activities, it may be time to speak up. This can be a difficult conversation. However, the end result will be greater peace of mind, knowing that you have taken the right steps to plan for the future.
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This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.
This article is provided for informational purposes only. While the information contained within has been compiled from source[s] which are believed to be reliable and accurate, Comerica Bank does not guarantee its accuracy. Consequently, it should not be considered a comprehensive statement on any matter nor be relied upon as such.