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Make your aging parents' Health Care Proxies are accessible and is up to date.

George H. Gray 0 970 Article rating: No rating
NY Aging Parents' Health Care Proxy infoA well-structured Estate Plan must consider the possibility that your parents will be alive but incapacitated and unable to make their own financial or health care decisions. A Health Care Proxy (“HCP”) is the document in New York which allows your parents to select a person (called an “agent”) to make their health care decisions in the event they are unable to do so.

Make sure your aging parent’s power of attorney is up to date.

If your parents’ POA predates 2010, it is time that they sign a new one!

George H. Gray 0 1945 Article rating: No rating

Power of AttorneyA power of attorney (a “POA”) is widely used for financial and estate planning purposes and for avoiding the expense of guardianship in the event incapacity of the person granting the power (called a “principal”). The POA grants to another person (called an “agent”) broad authority to access the principal’s personal financial information; to sell or dispose of the principal’s property; to change ownership of the principal’s accounts and property; and to change beneficiary designations on life insurance and retirement accounts.

Top Five Actions Needed to Protect the Future of an Aging Parent.

It is inevitable that in the life cycle of every family children will be called upon to assist parents to manage their affairs.

George H. Gray 0 1244 Article rating: No rating
5 Things you need to know to protect your aging parentsIt is inevitable that in the life cycle of every family children will be called upon to assist parents to manage their affairs. Whether it is diminished physical mobility or diminished mental capacity, most often children are called upon (willingly or otherwise) to become involved with the life of their parents. Typically it is chores and errands! 
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