silvergoldmagazine.ca
MONEY MATTERS
10 QUESTIONS TO ASK
AGING PARENTS
– By Kurt Kazanowski
As the years go by and mom and dad age, life can become
complicated. Certain things are practically impossible to
prepare for, while others, like finances, can and should be
organized and taken care of early on. What do you need to
know about your parents’ finances? Here are 10 questions
children should know when it comes to their parents’ finances:
1. Have they named a durable power of attorney to manage
their finances? The first step is to find out if they have
named a Durable Power of Attorney (POA). Without a
POA in place, you’ll have to go to court to get guardianship
of your parents in order to access accounts on their behalf.
2. Where do they keep their financial records? Whether they
keep their money and documents in a bank, a safe or under
3. What are their bank account numbers and names of their
financial institutions? In addition to knowing where they
keep their money, you need specifics on all account numbers.
Which banks and mortgage company do they use? Do they
have an investment firm? How many credit card accounts
do they have and where do they keep their statements?
4. What are your parents’ monthly expenses? Gather
information on their mortgage, car payment, credit card
debt, electric bills and other expenses.
5. How do they pay their bills? If there are automatic
deductions being taken out of a checking account, you
need to know about them. Do they use online banking/
bill pay or only paper checks?
S
Celebrating over20 years
the mattress, you need to know where to find records when
you need them. Also find out the location of keys or codes
to lock boxes or safes.
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6. How much is their annual income and where does it come
from? Do your parents receive monthly pension checks?
Do they have dividends coming in from investments? Do
they get money for a disability or alimony?
7. Do they receive medical assistance through a third party? If
your parents have become incapacitated, you may have to
investigate the status and eligibility of government assistance.
8.Do they have health insurance provided by an employer?
If they are retired, are health benefits included as part of
a pension?
9. Do they have long-term care insurance? A “regular” health
insurance plan does not cover the cost of assisted living
or a nursing home. Did they purchase a long-term care
insurance policy to cover the cost of those residences? If
not, and they can no longer live on their own, what can
they afford in terms of housing?
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10. Do they have an accountant or financial planner? Who
is it and how do you contact them? Have they done any
estate planning? Ask if you can meet with their financial
professional with them to discuss their situations.•
INDEPENDENTLY OWNED
Kurt Kazanowski is a hospice, homecare and senior care expert,
and author of ‘A Son’s Journey: Taking Care of Mom and Dad’.
www.thehomecareexpert.com www.asonsjourney.com
Oakville 905 339 1397, Burlington 905 681 8977
www.senseofhearing.ca
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