Father’s finances
My dad was recently diagnosed with dementia and my sisters and I are in the process of assuming responsibility for his assets. We don’t know who we should talk to about questions we have about his how to handle his money. We want to keep the money he has available to use for his future care. He has some IRA’s, a pension, some stock, as well as cash in his savings account. Could you point us in the right direction for who we could contact to get advice on how best to handle his money
Thanks
Terry Says
You need a fee-only FIDUCIARY financial advisor get matched with someone you can trust at www.Wealthramp.com.
Also be sure you have appropriate powers of attorney for business and healthcare, that he has a living will (end of life instructions), has named beneficiaries for all his retirement and life insurance accounts.
soon, he will not be able to make changes, so get this set up now. A planner will look into the tax consequences of selling the stocks, which might raise his income and impact his Medicare premiums. Also, if he dies owning stocks with gains, there is NO tax.
that’s why you need a professional Togo over all these issues that will play out in the future.
