The New York Times published an interesting article advising aging parents to keep the lines of communication open with responsible, adult children.  The article points out that while it is extremely difficult for elderly parents struggling with memory loss or the onset of dementia to give up autonomy, it is important that responsible children step in to help care for their parent’s financial responsibilities.

While initiating a conversation about your parent’s possible future need for financial supervision is a challenge, the New York Times author suggests opening the dialogue in the doctor’s office.  Your family physician may be a supportive moderator of the conversation as he or she is likely aware of the dynamics of the situation.  For the full New York Times article, please click here.

In addition to talking with your parents about financial supervision, it is highly recommended that aging parents update their necessary legal documents.  If your parents are in good mental health now, it is recommended that they start thinking about who would be a good person to appoint as a power of attorney.  A power of attorney is an individual chosen to represent someone in relation to health care and property matters.  The power of attorney can act to make important decisions for the individual they are representing when that individual is unable to make those decisions for him or herself.  When selecting someone to act as a power of attorney, a person should make sure the chosen representative is responsible, loyal, and consents to acting in this capacity.

If you are interested in learning more about a power of attorney, please contact San Jose estate planning lawyers at Lonich Patton Erlich Policastri for more information.  Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may include legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.