As people get older, they may lose the ability to manage their money. When this happens, a younger family member may have to stop in. As Long Island elder law attorney Mark Eghrari explains in this recent Forbes article, the process of assuming control over an elderly relative’s financial situation can be tricky.
There are a few key steps that need to be taken when you are in a position where you must take control over the finances of an elderly relative. For example, the necessary steps can include:
- Setting up a HIPAA authorization so that the designated person who will take responsibility for decision-making has access to essential medical care information.
- Creating a healthcare power of attorney to allow a designated person to make medical decisions on behalf of the senior in case a medical emergency arises and decisions need to be made. It’s also a good idea to talk with the senior about the kinds of decisions that may have to be made about end-of-life care.
- Creating a property power of attorney so that a designated person can take control over the management of assets.
These are just a few of many steps that need to be taken to begin managing the finances of an elderly relative. You can learn more by reading the rest of the Forbes article. You can also give us a call at (631) 265-0599 or contact us online to talk with Mark Eghrari or another member of our legal team about how you can take control over the assets of a family member who can no longer manage them on his own.