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

Protecting an elderly parent’s assets is an important but complex task. In the state of Washington, there are a number of steps you can take to help ensure your parents’ assets are safeguarded. One of the best ways to protect your parent’s assets is to open a trust. A trust is a legal entity that allows your parent’s assets to be held and managed by a trustee, who can be a family member or a financial professional. The trustee is responsible for managing the assets, as well as any income and expenses that come with it. With a trust, your parents can ensure that their assets will be managed in the way they intended, even after they are no longer able to do so. Another important way to protect your parents’ assets is by creating an estate plan. An estate plan outlines how assets will be distributed upon death. It is important for you to work with your parents, a lawyer, and financial professional to create an estate plan that meets the specific needs of your parents. Finally, it is important to be aware of state laws surrounding elder law, as these can impact how your parents’ assets are protected. For instance, Washington has specific laws in place that make it illegal for individuals to take advantage of seniors by exploiting their assets. By taking the time to create a trust, estate plan, and familiarizing yourself with state laws, you can ensure that your elderly parents’ assets are protected.

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

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