October 21, 2007
Posted by tcoffeeman64
Our Dad is in an alzheimer's home Mother passed several years back, and we have been told we need to take over his financial affairs so the aszheimer's home will continue to house him. . How do we do set up an account and what type of account needs to be set up so as to take it out of his name and yet be able to use the money to pay his necessary medical bills. Would a money making account in an estates name be best. We would like to know what steps to take.
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October 21, 2007
Posted by DanielleR
( 5 ratings )
If your father is able to, he can fill out a durable power of attorney for finances (DPA), which gives another person the authority to make financial decisions on his behalf. Without a DPA, a judge will have to decide which spouse/relative/companion will be appointed the guardian of your father's financial affairs.
It's best to consult a lawyer for estate planning and other elder law issues - this may be your first step. If your family doesn't have an trusted attorney to handle these issues, ask friends for recommendations or even post a question to this site's community - there may be someone who is a lawyer (or knows a lawyer) that specializes in this area. The American Association for Retired Persons (AARP) has a Legal Services Network that may also be able to provide some recommendations for individuals in your area (http://www.aarp.org/families/legal_issues/). In general, the AARP site (www.aarp.org) has good resources and information for caregivers.
Whether your father needs to fill out a DPA or you need to establish guardianship, a lawyer should be able to guide you through the steps you need to take, which are specific to each state. I have some experience from volunteering in a facility for individuals with Alzheimer's, but it's always best to consult a professional. Hope this helps! Let me know if you have any other questions.
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