How to Care for Your Parents' Money While

One in four American households cares for an elderly parent, and that number is expected to rise steadily over the next two decades. While there are plenty of books offering emotional and spiritual support for caregivers of elderly parents, there are virtually no guides to managing the financial aspects of parental care. Packed with checklists, work sheets, resource lists, and other indispensable tools, this comprehensive guide fills readers in on what they need to know about:
-- Budgets and annual reports
-- Legal and financial paperwork
-- Managing parents' stocks, bonds, real estate, and other investments
-- Health insurance, Medicaid, and professional care
-- Estate planning

It also helps readers through such daunting emotional challenges as telling parents that they can no longer manage their own finances and defusing the conflicts that can arise between siblings in these situations.

Sharon Burns, Ph.D., C.P.A., counsels families on the financial aspects of caregiving. She is executive director of the Association for Financial Counseling and Planning Education.

Raymond E. Forgue, Ph.D., is the director of graduate studies of the University of Kentucky Department of Family Studies

Preface

ix

Introduction

1

(12)

Part I Basic Money Management

13

(78)

Income and Expenses

15

(8)

The Balance Sheet

23

(8)

Budgeting

31

(14)

Credit

45

(22)

Taxes

67

(24)

Part II Protecting and Investing

91

(98)

Insurance

93

(18)

Your Parent's Investments

111

(22)

Life Insurance

133

(18)

Medicare, Medicare Supplement, and Long-Term-Care Insurance

151

(18)

Medicaid

169

(20)

Part III Consuming

189

(28)

Housing

191

(16)

Fraud

207

(10)

Part IV Transferring Estates

217

(56)

Estate Planning

219

(24)

Settling Your Parent's Estate

243

(30)

Part V Epilogue

273

(16)

Using the Lessons You've Learned

275

(14)

Index

289

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How to Care for Your Parents' Money While Caring for Your Parents : The Complete Guide to Managing Your Parents' Finances

Summary

Author Biography

Table of Contents

Supplemental Materials