As I’ve said previously I am not a lawyer, doctor, tax accountant or financial advisor.  But, these areas are all touched when you begin the role of financial custodian of your parent’s finances (yes, that’s what you become).  So, why try to do it alone? 

Seek professional help!

Doctors your parents will probably all ready have but do not hesitate to ask them for information if you have questions about their health and treatment.  Get the HIPAA form signed!  See the article about the doctor’s office visit.

However, many families do not feel they are “rich” enough to need or afford a financial advisor.   This can be a costly mistake.  If you do not feel comfortable managing your parents’ investments then seek out a professional.  Ask friends for referrals.  Pick a consultant that is fee based and not commission based.  Those on commission will tend to sell you their products that make them the largest commission.  The fees you pay these professionals for their advice will be well worth the cost.

I recommend locating a lawyer that specializes in elder law and estate planning.  Again, ask friends for referrals.  I’ve done this for my folks and his advice on estate options has been invaluable.  He also is helping us plan to preserve as much of my mother’s estate as possible should she have to enter a nursing home and be covered by Medicaid.  This is a huge concern for many seniors, Medicaid taking all but a pittance of their savings to pay for nursing home care.  To be sure Nursing Home costs are very high depending upon where you live.  Again, the professional can help strategize BEFORE it’s too late.

And, do not forget your tax accountant.  Many parents do their own taxes as do their children.  But, if you are planning investment changes or estate creation it is worth their fee to be sure taxes will not bite you now or later.

Finally, if there is a ever a question about some financial decision the advice of a professional can be reassuring and take some of the anxiety out of your action.