Financial Management in a Crisis

[Guest guest]

For interested parties, if you are a caregiver or if you are ready to make

advance plans, or even facing the prospect of having to go in a home for

assisted living, you may want to get advice from the experts about how to handle

your/their finances.

" When your loved one has a medical crisis, the last thing you want to - or can -

think about is money. Sound financial planning will give everyone peace of

mind. " By , MA

Medically reviewed by Haines, MD

" If your loved one is hospitalized but is not incapacitated, have a family

meeting at the hospital to determine the person's wishes regarding management of

their finances. " Have your loved one review their will, update it if needed, and

always have it reviewed by an elder law attorney, " Erlich says. Ask your loved

one who they would like to have in charge of their finances. " Consult an elder

law attorney to see if you should get a durable power of attorney (DPA) or

guardianship to ensure that your loved one's financial matters are taken care of

if and only if they become incapacitated. A DPA gives authority to one person in

the family (the appointee or agent) to manage all legal and financial matters, "

says Erlich.

" Management of health issues regarding a loved one who has become incapacitated

requires a separate durable power of attorney. Also, if your loved one is unable

to make decisions because of a medical crisis, a durable power of attorney is

needed for proper financial management.

Entire article has much more for the interested person:

http://cms.carepages.com/CarePages/en/ArticlesTips/HelpfulTips/Financial-Managem\

ent-During-a-Medical-Crisis.html

FYI,

Lottie