How do I protect my elderly parent’s assets?
Protect your parent’s money by planning early, watching for scams and choosing helpers with care. A durable financial power of attorney and a bank’s trusted contact option are good places to start.
Practical steps:
- Name a trusted contact at each bank. The Consumer Financial Protection Bureau says banks can alert that person to signs of exploitation.
- Set up a durable financial power of attorney while your parent can still decide. It stays in effect if they later lose capacity.
- Make a scam rule. Agree that your parent will hang up and call you before sending money to anyone.
- Pause before big changes. Giving away assets or adding names to the house deed can affect Medicaid eligibility later.
An elder law attorney can review your parent’s plan. Our guide to power of attorney explains the agent’s role.
This answer is general information, not medical, legal or financial advice. Rules can vary by state.
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