How to Protect Your Aging Parent Financially

If you have an aging parent, there's a high likelihood that you will eventually need to step in to help them with their caretaking and financial decision making. There are many steps you can take to protect their finances and well-being as long as these steps are taken ahead of time so that everyone's better prepared. Many of these things you should actually be doing for yourself, such as making sure you don't pay more than you need to in taxes, having a plan for care as you get older, and simply making sure your finances are managed in a way that benefits you in the long run. By being prepared, mom, dad, and even you can enjoy life in retirement to the fullest. In this episode we discuss what to expect and the steps you can take to be better prepared. More specifically, I discuss: How to better prepare an aging parent for potential financial elder abuse The power and uses for a financial power of attorney (POA) How to prepare mom or dad financially ahead of key financial threats during retirement Examples of common mistakes made when paying for caretaking Protecting more of mom or dad's income from the IRS Resources: Access Show Notes HERE Free Retirement Jump Start Analysis for Ages 50+ Ask Cameron A Question!   The key moments in this episode are: 00:02:10 - Elder Abuse  00:04:52 - Family Loans  00:06:13 - Financial Power of Attorney  00:09:20 - Types of POAs  00:15:12 - Planning for Long-Term Care  00:16:31 - Who Will Take Care of Mom?  00:17:20 - Long-Term Care Insurance and Self-Insuring  00:19:17 - Sequence of Returns Risk and Investing  00:20:46 - Considerations with Real Property