Question: My Dad was placed in a assisted living home 3 weeks ago, my mom now lives with me. Two questions please. How do I separate their money? And am I allowed to have my mom help pay the bills now that she is living with me? Dealing with Financial Issues When One Parent Moves to Assisted Living?
Answer: As you are Dealing with Financial Issues The best thing to do is to get your Mother (and Dad, if possible) to sign a power of attorney form, giving you the right to handle their financial affairs. If they have a checking account, I suggest you take the executed Power of Attorney form to their bank and become a signatory on their checking account. Once both sign the POA form, there will be no need to “separate” their money. Hope this helps.
Gregory D. Roberts, CFP, CLU, ChFC, CLTC, EA
Aiken, South Carolina 29803