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

When it comes to protecting your elder parent’s financial assets, there are a few steps you can take in Washington. The first thing you should do is make sure to keep a detailed list of your elder parent’s assets. This includes keeping track of all bank accounts, retirement plans, investments, and other financial holdings. This will help you and your parent have a better idea of what they have and how it can be managed. You should also consider talking to a financial advisor or elder law attorney who has experience working with senior citizens. This person can help you create a plan that best suits your needs and your parent’s wishes. This could include setting up trusts, drafting a will, and creating powers of attorney for financial and medical decisions. Finally, you should look into government benefits available to low-income seniors. Programs like Medicaid and Supplemental Security Income (SSI) can help your parent get the financial assistance they need. It’s also important to be aware of any scams which target seniors, as these can be very costly to your parents financially. Protecting your elder parent’s financial assets is an important responsibility. Taking the time to research and understand your options can help you and your parent plan the best course action for their future.

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

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