What is the best way to protect my elderly parent’s assets?

Protecting your elderly parent’s assets is an important task. To ensure your parent’s money is safe, you should first become familiar with the laws in Delaware concerning asset protection for the elderly. In Delaware, there are several options available to help protect your elderly parent’s assets. One option is to create a trust. A trust allows you to transfer your parent’s assets to another person or entity, such as a bank or investment firm. This can help protect assets from creditors while maintaining your parent’s control and access to their funds. Another option is to create a durable power of attorney. This allows you to choose a person to manage your parent’s assets in the event they become incapacitated. The person you choose must act in accordance with the wishes of your parents. The last option is to create a living will. This document allows you to designate what should happen to your parent’s assets in the event they become unable to make decisions for themselves. This is a good way to provide instructions for the person managing your parent’s assets on how to proceed. Each of these options can help protect your elderly parent’s assets. You may also want to consult an elder law attorney in Delaware to discuss your options and the best way to move forward.

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What is the best way to protect my elderly parent’s assets?

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