The Federal Consumer Financial Protection Bureau published a very good article to help families and individuals plan for declining mental or physical health and protect their financial condition. The article was published in June of 2015, but is still timely and provides important information even for middle-aged or younger folks, since unfortunately anyone can experience a serious illness or injury that could cause a “diminished capacity” and inability to handle their own financial affairs. Here is the link: http://www.consumerfinance.gov/blog/planning-for-financial-decisions-as-you-age/
If you have questions about your parent’s existing powers of attorney or would like to have powers of attorney for yourself, please call Zisl Edelson, attorney, at 773-587-9693.