It’s Dr. Mikol.
To all our Jewish readers, I would like to wish you a Happy Rosh Hashanah and a Sweet and Healthy New Year.
While it may not be the New Year for all of our readers, this holiday should remind us of the universal calendar New Year and the goals we made last January 1st.
What goals have you accomplished?
What goals were pushed to the back burner?
Let this little note be your reminder of the long 3 months left ahead in this calendar year, leaving plenty of time to accomplish and exceed your business and perhaps some personal goals for 2010.
It’s time to get to work, my friend.
Now, in today’s issue my wife Carolyn is going to talk to you about something everyone should know about handling an aging parent’s money.
Mikol and I just got back from a long visit with Alice, our own aging parent.
While we were there, Mikol was fixing up a few things around the house and brought up the fact that his name was not on her bank accounts, in case of emergency. Mom didn’t feel secure about that, so they then went to the banks where she had her accounts, and surprise!
Mom was not allowed to add her son to the accounts at that time.
Here was the issue…
She didn’t have a special legal form called a Durable Power of Attorney (or DPOA) naming Mikol as her agent. So when they got back to the house, all 3 of us sat down and went through her paperwork together. And we fixed this little problem immediately.
Mom got her new DPOA signed and notarized, and went back to the bank. Then the bank then let her add his name to the accounts.
Aaaah! A sigh of relief.
On the flight home, I got to thinking about how important the subject of money and aging parents really is. There have been so many people that have come to Mikol and I for consulting who knew they needed to get the money issue handled, but just didn’t know how.
Plus, so many parents just don’t make it easy.
So if you need to talk to Mom or Dad about money, especially if they are not the easy-type, here are 7 things that will help you do it right:
We hope this offers some encouragement to those who have to deal with this often touchy subject. We’re with you.
If you need extra help and more detail about money, you can download my booklet How to Handle Money For Aging Love Ones right now here:
It will guide you even further with more tips and ideas about this whole money subject. We want you to feel confident when you approach your aging parent or loved one so that you can get your ducks and theirs in a row.
That’s all for now. Our best to you and yours.
Dr. Mikol & Carolyn
|Last Updated ( Tuesday, 28 September 2010 10:33 )|