VIEWS: 7 PAGES: 1 CATEGORY: Business POSTED ON: 7/10/2012
Your parents won’t be able to handle their finances forever. There will come a time that you will have to take over of your aging parents’ finances. You have to be prepared to pay for their bills, manage their credit scores or credit report. Follow these tips and take care of your aging parents’ finances.
Things to Know about Your Aging Parents Finances Your parents won’t be able to handle their finances forever. There will come a time that you will have to take over of your aging parents’ finances. Through whatever it is that they will go through, you have to be prepared to pay for their bills, manage their credit score or credit report. But do you know what to do when this time comes? Read more to make dealing with your aging parents’ finances easy. Financial records- making sure that their savings and important documents are in a safe place is necessary. Wherever those things may be, your parents might forget where they are or the codes to their safes. So you have to get a hold of it to keep it in a safe place. An attorney for finances- if they have an attorney to manage their finances, it will be easier to go to court so that you can access accounts easily. Try to find out if they have one because if they don’t you have to get their permission first. Their expenses- find out more about their expenses, debts, electric bill, rent and many more. Compute everything so that you can prepare for it early on. Paying habits- you need to know how they pay their bills, whether they do it automatically, online or paper checks, you have to find out about it. Annual income amount- find out if your parents are receiving monthly pension money, or if they receive checks from investments. Find out about all the possible sources of income and compute their annual income. Insurances- no matter what happens to your parents, you have to make sure that they have an insurance to take care or help them out. You have to make sure that they are still eligible for it. Health insurance- its best to find out if their health insurance is provided by an employer. If your parents are retired, ask whether it is included in their pension. Term insurances- because regular insurance plans don’t cover the expenses of nursing home or assisted living, make sure that their insurance will cover the cost of your parents’ cost of living and if their long term insurance policy will cover enough. Financial planning- your parents may have hired a financial planner before. Learn about whom it is contact them. Learn more about their past transactions. Take care of their finances as if they were your own. Your parents have worked hard to maintain it and its just right that you do too. Follow these tips and take care of your aging parents’ finances. Employment background checks on your credit score can affect your job. Therefore, Get credit check regularly and maintain a good credit score if you want a safe and secured job in future.
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