Atlanta Elder Law Attorney: When You Must Manage Your Elderly Parent’s Finances

Atlanta Elder Law Attorney: When You Must Manage Your Elderly Parent’s Finances

Atlanta elder law attorney

Elder law attorneys in Atlanta Georgia very often find themselves advising adult children of the elderly on the intricacies of managing their parents’ finances.  While it may seem straightforward at first, there are a lot of details and difficulties that can get in the way.  There are so many things to coordinate, and often the parent is less than helpful in the process.  Being somewhat prepared and having access to an experienced elder law or estate lawyer in Atlanta are two of the ways you can help avoid some of the more common pitfalls, such as:

  • Memory Loss – Memory loss is prevalent among the elderly, and it’s actually one of the big reasons that adult children are called in to take over finances. Unfortunately, it also makes the job that much more difficult because the parent isn’t able to answer important questions such as “How much do you owe?” or “When is this bill due?”
  • Role Reversal – For the majority of the adult child’s life, the parent has been in charge. Taking over and being firm with the parent can be more than a little uncomfortable.  On top of that, it can be frustrating and cause resentment to see the person who taught you so much no longer following their own advice.
  • Lack of Information – Your parent may have chosen to be forthcoming about finances with an elder law lawyer here in Atlanta, but that doesn’t mean that they want to let their children in on all the financial details of their life. Previous generations found it improper to discuss money, resulting in an air of secrecy that can be difficult to break through.

So, how should you deal with these obstacles?

As with so many other aspects of life, the best way to deal with problems is to avoid them altogether.  The earlier you and your parent start meeting with an Atlanta elder law attorney that you trust, the more likely you are to get the information you need.  As an added bonus, your parent will have the ability to make his or her wishes known in order to offer guidance on how to handle their affairs if and when all of the responsibility is passed on to you.

No matter what stage the parent is at, the subject needs to be approached.  Again, earlier is better, as the parent is more likely to understand the importance of what is happening.  You may choose to start the conversation by relating it to your own estate planning or by bringing up a situation you heard about recently, such as the death of a celebrity.  A good elder lawyer in Atlanta GA can offer suggestions on how to bring up the subject, as well as how to help steer the conversation in the right direction.

Your Marietta Elder Law Attorney’s Guide to Medicare Prescription Drug Information

Dec2010FWMnewsletter_blankFreeBy Steve Worrall, Marietta Elder Law Attorney

If you watch television at all, you can’t miss the increase in ads for Medicare prescription drug coverage. 

What you might not know is that the open enrollment period for this coverage expires December 31st

If you (or your parents) are eligible for Medicare, you need to take advantage of this coverage now or you’ll pay more for it later. 

Space does not allow us to break the whole plan down for you, but here’s some information to help you sort out your options. 

What Is The Medicare Prescription Drug Plan?

Medicare Part D allows people covered by Medicare to buy additional insurance coverage to help them pay for their prescription medications.  Medicare works with various insurance companies to provide this benefit and it’s available to everyone with Medicare regardless of income, your medical conditions or how much your prescriptions cost.

Where To Go For Additional Information

As with most government programs, the Medicare Prescription Drug Plan can be confusing.  The following resources are available to help you sort out the best plan for your needs:

www.medicare.gov – This is the official site for people covered by Medicare.

Medicare & You – This is a brochure containing information about various prescription drug plans, how to compare the plans and how to apply for extra assistance.

www.medicare.gov/MPDPF/Home.asp – This is an online tool that helps you compare various plans side by side to decide which plan will work best for you.

www.yourpharmacybenefit.org – This website was created to help people make the best use of their prescription benefits.

www.mymedicarematters.org – This provides basic information on Medicare and what it covers so you can decide what, if any, additional coverage you need.

www.benefitscheckup.org – This website is provided by the National Council on Aging and gives information on any changes to the eligibility requirements and what Medicare actually provides.  You may be eligible for benefits you aren’t even aware of. 

All of these resources are available, free of charge, on the internet.  If you have any additional questions, contact Medicare directly at 1-800-Medicare to speak with someone who can help you, one on one.