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is a power of attorney for aging parents a good idea?
Posted on 4/7/24 at 1:16 pm
Posted on 4/7/24 at 1:16 pm
is getting a power of attorney for aging parents in their late 80s a good idea?
im wondering if its something i should get, but at the same time, i cant think of why i should ever need it.
anybody have experience with this question?
im wondering if its something i should get, but at the same time, i cant think of why i should ever need it.
anybody have experience with this question?
This post was edited on 4/7/24 at 1:17 pm
35
Posted on 4/7/24 at 1:18 pm to keakar
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
Posted on 4/7/24 at 1:20 pm to keakar
Yes.
Posted on 4/7/24 at 1:21 pm to ChEgrad
quote:
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
thanks, i never even thought about needing it, will have to look into it.
and sorry about the PT post guys, i thought i posted this in OT
Posted on 4/7/24 at 1:21 pm to keakar
Yes.
If we didn't have it for my mother, she would have been destitute by the time.we realized how badly she had fricked up her finances.
If we didn't have it for my mother, she would have been destitute by the time.we realized how badly she had fricked up her finances.
Posted on 4/7/24 at 1:32 pm to ChEgrad
quote:
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
This. This. This.
Posted on 4/7/24 at 1:39 pm to ChEgrad
quote:
Yes. Yes. Yes.
When you need it you don’t want to wait. And need can happen quickly.
Get medical power of attorney also.
This^^^^^^^^^^^^^^^^^^^^^^^^^^^
Posted on 4/7/24 at 1:41 pm to keakar
I’m going though it now.
Don’t want guardianship, but POA is the happy medium.
You make financial decisions.
You can freeze their credit. My father is now getting calls where they ask him for ssn and he keeps giving it to them. Credit freeze can help with fraud.
Don’t want guardianship, but POA is the happy medium.
You make financial decisions.
You can freeze their credit. My father is now getting calls where they ask him for ssn and he keeps giving it to them. Credit freeze can help with fraud.
Posted on 4/7/24 at 1:42 pm to keakar
Yes 100% right away or set up a trust with a POA in it
Posted on 4/7/24 at 1:47 pm to keakar
Yes you definitely need to work towards it and you need both a financial as well as a medical power of attorney. An Estate Attorney can help you with both of them.
On line scams and phishing is so easy with 80+ year olds and it is not their fault. Make sure that you are on all of the bank and credit card accounts. Make sure that safeguards are in place in order for you to be immediately notified if the banks or credit card companies see any type of suspicious activity.
Hopefully you have either a brother and or a sister that can back you up through this process.
On line scams and phishing is so easy with 80+ year olds and it is not their fault. Make sure that you are on all of the bank and credit card accounts. Make sure that safeguards are in place in order for you to be immediately notified if the banks or credit card companies see any type of suspicious activity.
Hopefully you have either a brother and or a sister that can back you up through this process.
Posted on 4/7/24 at 1:48 pm to keakar
Yes ...plus control their bank account. Scammers everywhere
Posted on 4/7/24 at 1:49 pm to keakar
Absolutely.
Next question about aging parents
Next question about aging parents
Posted on 4/7/24 at 1:49 pm to keakar
Went thru it with my mom. She initially agreed and my daughter was POA. After a year or so, Mom was bitching, griping, and being so rude to my daughter.... My daughter removed herself. Had to put her in a nursing home a few weeks ago.
Posted on 4/7/24 at 1:54 pm to keakar
I would say yes. Make sure you have a good attorney(don't try to save a few hundred on a less expensive lawyer though) that has EXEREINCE in this to guide you through.
Posted on 4/7/24 at 2:06 pm to keakar
quote:
is getting a power of attorney for aging parents in their late 80s a good idea?
im wondering if its something i should get, but at the same time, i cant think of why i should ever need it.
anybody have experience with this question?
If they're willing, get it before their competence comes into question - while they're still of sound mind. Much, much easier.
Posted on 4/7/24 at 2:23 pm to keakar
Yes.
You, or the most trustworthy sibling, should take control of everything in some way. When one of my granddads died all things were taken control of by a trust for Grandma. Even her house. She never has more than $2500 (discretionary spending) in her bank acct during the month. Things like vacations are all arranged and money monitored, which she does a few times a year, as traveling around the world is her thing. All bills paid for separately. I don't think she can legally get married without approval, if she wanted too. Essentially every and all ability for her to get dupped by anyone from family to a stranger was nipped in the bud, as apparently she owns nothing to give or sell away. At least that's the way we (grandkids) were told to avoid us from hitting her up for to much, but don't know the actual specifics.
Medical POA was good to have "just in case" during covid too.
You, or the most trustworthy sibling, should take control of everything in some way. When one of my granddads died all things were taken control of by a trust for Grandma. Even her house. She never has more than $2500 (discretionary spending) in her bank acct during the month. Things like vacations are all arranged and money monitored, which she does a few times a year, as traveling around the world is her thing. All bills paid for separately. I don't think she can legally get married without approval, if she wanted too. Essentially every and all ability for her to get dupped by anyone from family to a stranger was nipped in the bud, as apparently she owns nothing to give or sell away. At least that's the way we (grandkids) were told to avoid us from hitting her up for to much, but don't know the actual specifics.
Medical POA was good to have "just in case" during covid too.
Posted on 4/7/24 at 3:19 pm to keakar
One thing, though, some people don’t realize is when they die, power of attorney ends and you can’t use any of their assets to pay for funeral.
Posted on 4/7/24 at 3:32 pm to dstone12
quote:
Don’t want guardianship, but POA is the happy medium.
A POA can be revoked. If your parent has dementia then a conservatorship or guardianship is the way to go. Do it while they are still mostly there so their wishes get more consideration.
Posted on 4/7/24 at 3:34 pm to keakar
If you have responsible siblings my advice is for one of you to get legal POA and one of you to get medical POA.
That can reduce appearances of conflicts of interest and it also spreads out the responsibility.
That can reduce appearances of conflicts of interest and it also spreads out the responsibility.
Posted on 4/7/24 at 3:44 pm to keakar
POA and Medical POA is very important.
A will should be done as well and some type of long term care insurance (might be too late for that).
I did this for my mother who passed in December. Fifteen years ago, my uncle passed and left my mother some money. We used some of her inheritance as a buy in to a facility that had independent, assisted and nursing home care.
Buying in locked the monthly cost to 2300$/mos for whatever level of care she needed. My siblings thought that this was expensive and voiced their concern, but because my mom had chose me for POA it was my duty to decide.
The way that it worked out, my mom stayed about 9 months in independent care but her cognitive status deteriorated and she had to move to assisted living (which cost double). But the monthly cost remained 2,300/mos because of the buy in.
After two years in assisted, she suffered a fall and broke her wrist and pelvis and had to have surgery. This wrecked what was left of her mind and she wound up with full blown altzheimers and spent the last 6 years of her life in the nursing home.
In my mom's situation, by signing up for life care, we saved quite a substantial amount of money, leaving decent inheritance for me and my siblings. I'm glad it worked out.
Good luck.
A will should be done as well and some type of long term care insurance (might be too late for that).
I did this for my mother who passed in December. Fifteen years ago, my uncle passed and left my mother some money. We used some of her inheritance as a buy in to a facility that had independent, assisted and nursing home care.
Buying in locked the monthly cost to 2300$/mos for whatever level of care she needed. My siblings thought that this was expensive and voiced their concern, but because my mom had chose me for POA it was my duty to decide.
The way that it worked out, my mom stayed about 9 months in independent care but her cognitive status deteriorated and she had to move to assisted living (which cost double). But the monthly cost remained 2,300/mos because of the buy in.
After two years in assisted, she suffered a fall and broke her wrist and pelvis and had to have surgery. This wrecked what was left of her mind and she wound up with full blown altzheimers and spent the last 6 years of her life in the nursing home.
In my mom's situation, by signing up for life care, we saved quite a substantial amount of money, leaving decent inheritance for me and my siblings. I'm glad it worked out.
Good luck.
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