Another set of tasks is to understand and manage the financial details of current and future assets, liabilities, income and expenses. My parent just stopped paying estimated federal tax with no explanation. They now have withholding from SS and pension with planned payment when RMD is made. I have the files for life insurance, POAs, Will, tax returns, etc.
Another detail if there is a Revocable Trust is to ensure that assets in the Trust have been titled correctly.
It is helpful to create a spreadsheet with income and expense details to know what the monthly financial activity should be and plan to eliminate each expense item when they stop service at the FL residence. One example is Internet account needed to be canceled effective on moving out but parent did not get confirmation of termination so three months elapsed before I was aware that account was still active and required action to terminate service.
If you are able, change user profile on banking and credit cards to get access to statements. It seems each month there is some unintended TV subscription that needs to be cancelled and the explanation is, “I don’t recall signing up for that”.
I have a spreadsheet of all accounts with user name and password to be able to log in when necessary. After your relative relocates, add your face to Face ID log in if that is available. Much easier to do than manually entering details.
Consider how you protect them from on-line scams.
Another detail if there is a Revocable Trust is to ensure that assets in the Trust have been titled correctly.
It is helpful to create a spreadsheet with income and expense details to know what the monthly financial activity should be and plan to eliminate each expense item when they stop service at the FL residence. One example is Internet account needed to be canceled effective on moving out but parent did not get confirmation of termination so three months elapsed before I was aware that account was still active and required action to terminate service.
If you are able, change user profile on banking and credit cards to get access to statements. It seems each month there is some unintended TV subscription that needs to be cancelled and the explanation is, “I don’t recall signing up for that”.
I have a spreadsheet of all accounts with user name and password to be able to log in when necessary. After your relative relocates, add your face to Face ID log in if that is available. Much easier to do than manually entering details.
Consider how you protect them from on-line scams.
Statistics: Posted by Globalviewer58 — Mon Apr 29, 2024 7:39 am — Replies 13 — Views 986