At a certain point, protecting elderly parents’ assets becomes an essential task for many adults. As aging parents experience the cognitive and physical declines that normally occur with time, they become more susceptible to fraud and other financial issues that may affect their overall health and well-being.
If your parents are aging and you’re wondering how you can protect their assets, an elder law attorney can provide the best advice. They have years of education and experience handling issues like social security, trusts, guardianship, Medicare and Medicaid, and many other financial matters. Although it’s wise to meet with an attorney to discuss a personalized strategy, here are several things you can do in the meantime.
Review your parents’ free credit report annually.
People of any age should take the time to review their credit reports each year. After all, it’s free! Doing so is an excellent way to prevent identity theft by ensuring that no one has opened any fraudulent accounts in your parents’ names. By checking your parents’ credit report, you can also ensure that their personal and financial information is accurate and up-to-date.
Go to doctor appointments with them.
Health care costs and long-term care for illnesses can quickly deplete your loved ones’ retirement or life savings. By attending regular doctor appointments with them, you can stay on top of important recommendations from medical professionals and potentially avoid costly treatments by taking any necessary preventative measures.
Be on the lookout for scam activity.
Scammers often target the elderly because they are more susceptible to these types of financial crimes. To prevent scam activity, ask your parents for permission to review their checkbooks or online banking. You may also want to make it a point to regularly ask them about any suspicious phone calls, emails, or internet activity.
Meet with an elder law attorney.
As mentioned above, it’s best to meet with an elder law attorney to discuss practical ways to protect your aging parents’ assets. An elder law attorney can help get you the proper estate planning documents in order, establish a trust, discuss long-term care planning, and much more. With the help of an educated professional, you can assist your parents in making wise financial and health-related decisions that may help them avoid disastrous consequences.
Author Resource:-
Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at elder law blog.
