How Do I Start Gathering my Parents Financial Data and Assess Their Needs?
Ideally, you should be able to gather and review financial documents including statements of financial condition (assets, liabilities and equity, profit and loss) current and projected cash flows, tax returns and other related documents. Regarding reimbursements, you may want to review any benefits from government entitlements, private insurance and insurability.
If available, review the existing estate plan including, power of attorney, health care directives, living wills, trusts and wills with the family attorney, CPA or financial advisor if available.
When dealing with older seniors, it is usually advisable to have a care management professional assess and evaluate the elder’s needs including:
The care management professional reports directly to the family, the advisor and the attorney her findings. The care manager is able to advise the family regarding the difficult issues and decisions surrounding end-of-life.
Ideally, you should be able to gather and review financial documents including statements of financial condition (assets, liabilities and equity, profit and loss) current and projected cash flows, tax returns and other related documents. Regarding reimbursements, you may want to review any benefits from government entitlements, private insurance and insurability.
If available, review the existing estate plan including, power of attorney, health care directives, living wills, trusts and wills with the family attorney, CPA or financial advisor if available.
When dealing with older seniors, it is usually advisable to have a care management professional assess and evaluate the elder’s needs including:
- Physical and psychosocial condition
- Family situation
- Housing needs
- Projected health care costs / reimbursements
The care management professional reports directly to the family, the advisor and the attorney her findings. The care manager is able to advise the family regarding the difficult issues and decisions surrounding end-of-life.
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