How can I best protect my elder parent’s financial assets?

When it comes to protecting your elderly parent’s financial assets, there are a few steps you can take in Oregon. If they haven’t already done so, they should create a will and trust, which will help them determine the distribution of their assets when they pass away. An attorney experienced in elder law can help them set up these documents and make sure they are in order. Your elderly parent may also want to consider creating a financial power of attorney. This will allow them to appoint someone to manage their financial affairs if they become unable to do so for themselves. The person trusted to manage their assets should be someone your parent can depend on to act in their best interests, and the same attorney who helps them create a will and trust may also help them with this. It’s also a good idea to talk to your parent’s financial advisor to make sure they have their assets properly diversified and that they’re taking the necessary steps to ensure their financial security. Finally, if your parent is already a legal Oregon resident, they may be eligible for specific benefits, such as Medicaid or Supplemental Security Income. These benefits can help pay for medical expenses, living expenses and more, so it’s worth looking into. By taking the steps outlined above, you can help protect your elderly parent’s financial assets and ensure their security and peace of mind now and in the future.

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How can I best protect my elder parent’s financial assets?

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