Question: How Can I Protect My Parents Assets?

How can I take over my parents finances legally?

Here are a few options that may apply to your situation:Power of attorney.

This is a legal document that gives you legal authority to make decisions about your loved one’s money and property.

Guardian of property.

Living trust trustee.

Representative payee or VA fiduciary.

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How do I control my elderly parents finances?

Managing parents’ financesFind all financial accounts and documents.Collect and start paying bills.Locate power of attorney or living trust.Open your parents’ safe-deposit box.Become your parents’ guardian.Document everything you do.Consider hiring a financial planning team.Consider updating investments.

Are you financially responsible for your parents?

In a nutshell, these filial responsibility laws require adult children to financially support their parents if they are not able to take care of themselves or to cover unpaid medical bills, such as assisted living or long-term care costs. … Click on the state to find more specific information about their filial law.

How much money can you keep when going into a nursing home?

The $10,000 per person per year gift is permitted under the federal gift tax laws, not the laws which govern eligibility for Medical Assistance for long term care. In fact, the annual gift tax exclusion for 2010 is not $10,000, but $13,000.