One of the more difficult things to deal with when your parents begin to age is managing their assets and affairs. If for some reason they become unable to make good decisions or are incapacitated, then the adult children have to step in and assist. There are a few ways to do this when it comes to estate planning:
As trustee of their revocable trust: If your parents name you as co-trustee or successor trustee, you can make sure that trust assets are managed for the beneficiaries.
With financial and health care powers of attorney: Power of Attorneys give you the ability to manage any property or accounts in their name, as well as the ability to make health care decisions for them.
Provisions for assisted living or long term care: Planning ahead for payment of an assisted living facility can take a burden off of the family for long term care.
Call Attorney Andrea Shoup at 951-445-4114 to discuss your situation.