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The complete guide to managing your parents' finances when they cannot : a step-by-step plan to protect their assets, limit taxes, and ensure their wishes are fulfilled

Author: Bill Swan
Publisher: Ocala, Fla. : Atlantic Pub. Group, [2010] ©2010
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This book has been written as a comprehensive walkthrough of what you can expect and how to successfully handle your parents finances. To start, you must learn the basics of managing money that is not your own. You will be provided with a step-by-step chapter on how to keep track of funds, maintain the same accounting methods your parents have used for decades, and keep everything organized and separate from your  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Swan, Bill, 1966-
Complete guide to managing your parents' finances when they cannot
(DLC) 2009014868
(OCoLC)233939955
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bill Swan
ISBN: 9781601385413 1601385412
OCLC Number: 881474959
Description: 1 online resource (288 pages) : illustrations
Contents: Cover; Title; Copyright; Dedication; Table of Contents; Foreword; The Road Ahead; The Total Caregiver Role; Possible Issues; Your Parents' Benefits; Your Benefits; Managing Their Money --
the Basics; Chapter 1 Thinking About Your Parents' Finances; Getting Ahead of the Money Problems; When Do You Need to Intervene?; How Involved Should You Get?; Concerning Stepparents and Partners; Chapter 2 Discussing The Money Issues With Your Parents; Long-Distance Caregiving; The Risk of Burnout and How to Avoid It; Depression; Stress Control; When to Call a Professional; Hiring a Professional. Chapter 3 The Stress of Financial CaregivingGathering the Information; Calculating Assets; Inventory of Personal Property; Calculating the Liabilities; Putting it All Together; Chapter 4 Getting An Accurate View of Parental Finances; Managing Your Parents' Money; The Legal Steps Needed; Managing Expenses; A Helping Hand; Joint Checking Accounts; Power of Attorney; Revocable Trust Accounts; Irrevocable Trust Accounts; Pure Trusts and Other Scams; Guardianships and Conservatorships; Privacy Protections and the Drawbacks; Chapter 5 Taking Over --
The Financial And Legal Procedures. Dreams and Plans for Your Parents' Remaining YearsBudgeting --
Day-to-Day Living, Food, Utilities, and Personal Needs; What to do When There is Not Enough; About the Investments and Retirement Income; Investments with a Fixed Income; Taking the Money Out of Retirement; Chapter 6 Helping Your Parents Live The Way They Want; Living Safely at Home; Home Equity Loans; Reverse Mortgages; Refinancing the Mortgage; Renting Out the Homestead; Selling in a Bad Market; When Parents Have to Move; Parents Who Plan on a New Home; Renting and Retirement; Mobile Homes; Moving in With You; Alternative Housing. Just Short of a Nursing HomeChapter 7 Thinking About Where Your Parents Will Live; Power of Attorney and Health Care; Prescription Drugs; Medicare; Medicaid; Chapter 8 Your Parents' Medical Bills; How to Access Tax-Deferred Retirement Accounts; Capital Gains Tax; The Post-death Challenge; Gifts; Common Tax Errors and Myths; Chapter 9 Taxes; The Faces of Fraud; When Your Parent is the Victim; Fight Back; Chapter 10 Scams, Undue Influence, And Abuse; The Signs of Elder Abuse and What to Do; Financial Abuse; A Special Case: Abusive Parents; Chapter 11 Issues of Abuse. End of Life Medical Decisions and Advance DirectivesWhat to do When There is No Direction; Making Decisions; Your Parents' Funeral Plans; Estate Planning: Wills and Executors; Probate; Conclusion; Chapter 12 Wills, Trusts, Executors, And Burials; Appendix A: Worksheets; Assets and liabilities worksheet; Cash flow; Information you will need to know or find; A contact list for your parents:; Appendix B: Case Studies; Glossary of Terms; Resources; Bibliography; Index.
Responsibility: by Bill Swan.

Abstract:

This book has been written as a comprehensive walkthrough of what you can expect and how to successfully handle your parents finances. To start, you must learn the basics of managing money that is not your own. You will be provided with a step-by-step chapter on how to keep track of funds, maintain the same accounting methods your parents have used for decades, and keep everything organized and separate from your own. You will learn how to evaluate sources of income including how to receive and manage Social Security, 401(k), and other retirement plans as payments are made. Additionally, you will learn how to balance their expenses, including a budgeting sheet to help you maintain the same level of expense they expect. You will learn how to budget accordingly, depending on where your parents are living and what their medical expenses might be. Learn how to maintain housing for your parents as well, whether they are in assisted living or staying with you. A guide on how to talk to your parents about fraud and keep them away from potentially dangerous opportunities will make it easier for you to keep a handle on their finances without taking away their freedom. It can be daunting when you first take control of your parents finances, but with this book inyour hands, you should be able to quickly and efficiently take the reins and maintain the quality of life they have grown accustomed to.

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