Q: My aged mother still lives independently in her own home, but it’s becoming clear that my siblings and I are going to have to step in soon to help her handle her finances and other business matters. Do you have any advice for preparing for what’s to come?
Jim: You’re wise to begin addressing these issues while your mother is still able to participate in the process of providing for her own future. She needs to be comfortable sharing personal information with you – and you may need to consider using a financial adviser, accountant or attorney as a neutral third party to facilitate the necessary discussions.
Start by helping your mom calculate the total value of all her assets (savings, investments, real estate, etc.). Then ask questions about her monthly spending. Can she eliminate any expenses? Are there other sources of money available (for example, selling items or properties or cashing in a life-insurance policy)? How is her health care coverage? Does she have Medicare or Medicaid and any supplemental insurance?
