![]() Not all Quicken desktop features are available in the App. Quicken App is compatible with iPad, iPhone, iPod Touch, Android phones and tablets. Standard message and data rates may apply for sync, e-mail and text alerts.14,500+ participating financial institutions as of October 1, 2018. Phone support, online features, and other services vary and are subject to change. Third-party terms and additional fees may apply. Monitoring alerts, data downloads, and feature updates are available through the end of your membership term.This type of documentation helps show family members that you’re acting responsibly and in your parents’ best interests. Retain copies of checks you write, bank statements showing activity, and receipts for items you purchased for your parents with their cash. It’s also important to keep clear records of what you do. The level of detail you share will depend on their level of interest and how capable they are of understanding. Unless your parents are incapacitated, talk to them regularly about what actions you’ve taken with their finances, even if it’s just paying outstanding bills. You may have to consult with a financial planner to determine which bills take priority if there aren’t enough funds to pay all of the outstanding financial obligations. If you worry that your parents owe more than they can pay, hold off on writing checks until you have a good idea of their assets and expenses. Make note of the accounts as well so you can monitor them. If your parents are set financially, pay those bills so all accounts are current and you avoid future late fees. Look for outstanding bills that need attention. You’ll also want to locate safe deposit boxes and any real estate they may own. These schedules should list all interest and dividend income, including the names of the banks and firms they work with. If not, look at Schedule D of their recent tax returns. If you have the name of their tax preparer, CPA or attorney, call that person first. You’ll have to play detective if your parents don’t have a financial map leading you to the locations of their assets and accounts. This can be difficult and could get downright ugly if other family members oppose you. You must ask to be appointed as their conservator or guardian. You’ll have to go to court and prove to the judge’s satisfaction that they are incapable of handling their own affairs. If your parents are already incompetent, they do not have the capacity to sign a POA, Cook says. A durable POA goes into effect immediately, whereas a springing POA doesn’t become effective until a doctor testifies that your parents are incompetent. Be sure you get a durable power of attorney, not a springing power of attorney. “A POA is a legal document adults can execute giving another adult the right to act on their behalf in their financial affairs,” Cook explains. You won’t have access to your parents’ accounts unless they’ve given you power of attorney (POA), according to Los Angeles attorney Sam Cook. Whatever the circumstance, you’ll need legal authority to get started, and then follow these steps to move forward on the right foot. Maybe they are incapacitated and require someone to do everything for them. Your parents may still be very independent, but just need a helping hand. The fact that you manage your own money well doesn’t make it any easier to handle your elderly parents’ assets when the time comes.
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