Caring for elderly parents' finances

Temporary crises
6 of 9
Temporary crises

What if Dad has a temporary health crisis?

You should definitely have power of attorney for your parent. Margolis says, "I like a revocable trust. Let the child step in while the parent is competent. Tell them where the accounts are and where everything is and facilitate putting the child in charge. Parent and child can be co-trustees, so it's not like one person is taking over."

When the parent recovers, things go back to the way they were before.




Show Bankrate's community sharing policy

Connect with us