Things you should know if a Parent Becomes Incapacitated

Communicating with Your Parents about Finances

  1. Know your parent’s annual expenses and create a budget.  Auto, home, medical expenses, insurance, taxes, utilities, and other expenses.
  1. Know your parent’s sources of annual income.  Dividends, interest, rental income, social security, pensions, and other.
  1. The names and contact information of their accountant, lawyer, and financial advisor.  What financial planning and estate planning has been done to protect assets?
  1. Does a durable power of attorney exist that covers finances?  If yes, who has it?
  1. What are and where are the assets and the names of all financial institutions.  Stocks, bonds, real estate, life insurance policies, annuities, and other.
  1. What are the liabilities?  Mortgage, auto, credit cards and other.
  1. Do they receive and are they eligible for government assistance.  Medicare, Medicaid, Veterans Benefits or Social Security.
  1. Is there any supplemental health insurance in addition to Medicare.  What is the coverage and is it adequate?
  1. Is there any long-term care insurance.  Where are the policies and what is the coverage?
  1. How are bills being paid?  Online, paper checks.  And, is it being done correctly?