There are some basic principles everyone with aging parents should be aware of when it comes to diminished capacity. Mild impairment in other aspects of life does not track with mild impairment for managing finances. Get permission for the adult child most responsible in the family to be in communication with the aging parents’ financial advisor and estate planning attorney. Above all, do not dismiss your aging parents’ forgetfulness as normal aging. That is an aspect of the complex, multi-layered thing we call diminished financial capacity.

Source: Forbes August 03, 2021 21:11 UTC