If your parents make a simple, one-time request, you should not run into too much trouble when you go to fulfill it. If your parents’ financial requests are numerous, or will be numerous, however, constantly acting as a middleman for your parents can become frustrating and cumbersome. There are options available that can simplify this process and allow you to handle your parent’s affairs more efficiently. The use of joint accounts, trusts and powers of attorney are just several ways to transfer financial power to you and make your job of assisting and protecting your parents easier.
Unfortunately, elderly Americans are at an increased risk of being taken advantage of by scammers. By all counts, elder fraud is on the rise. Scammers target the elderly in part because older individuals expect honesty and are unlikely to report such financial abuse. You should investigate any unusual financial requests to make sure your parents do not fall victim to a scam artist.
If your parents’ financial requests are numerous or complex, consider hiring a professional to assist you fulfill them. Financial planners and estate planning attorneys, like the Cleveland estate planning and probate law firm of Bart Leonardi, LLC, can help guide you through the financial concerns of the elderly. They may also be able to suggest a better or more tax-efficient way to achieve the same or similar objective or simply provide an experienced perspective. We will work with your family to meet all of their needs. Call today to set up a consultation with Cleveland estate planning attorney Bart Leonardi.