If you are caring for or have elderly loved ones, then one of the most important topics can be their finances. Do not get blindsided by assuming that your elderly loved ones are well taken care of only to find that they don’t have the resources to be able to handle medical costs or long term care. A financial inventory can help to reveal where funds are, what future funds are available and where any gaps in financing can be.

Things to Look For

When you do the financial inventory, you are going to want to take account of several things. Here is a checklist of items you should look for when going over the financial situation with your loved ones:

  • What are the current sources of income that your loved ones have. If they are both alive, make sure to check into what the survivor benefits are should one of them pass.
  • How much does it cost on a monthly basis for all of the bills. This can include medical expenses as well as housing and food.
  • What long term care insurance is available or what might be available to purchase.
  • Any relevant documentation such as property deeds, divorce decrees or death certificates of prior spouses or children.
  • Savings and investment sources such as checking accounts, savings accounts, CDs, bonds mutual funds, IRAs or 401ks
  • Other property including real estate, art, jewelry or other items of value.

If you have any legal questions that come up during your inventory, contact Stano Law group for answers.