Author Topic: help with elderly parent's finances  (Read 488 times)

megaschnauzer

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help with elderly parent's finances
« on: January 07, 2021, 05:16:37 PM »
my mom is getting on in years and is starting to become easily confused so i need to get control of her finances before she loses all her money. she lives about 500 miles from where i do. i'm on her checking account so i can see what money is coming in and going out although the only thing i know  she has coming in is her social security check. i don't know if my dad had any retirement plans or stocks or whatever. i've contacted the bank to see if i can get bank records for the last several years but apparently that isn't readily available, only about 6 months are available without them doing some digging and charging a fee. i think my mom has all her bank records somewhere in the house but it will require some searching. i guess i'm looking for a list of things to do to secure her finances and a way to find out if there is a retirement plan that she needs to be getting money from. thanks.

ColaMan

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Re: help with elderly parent's finances
« Reply #1 on: January 07, 2021, 06:34:05 PM »
What about her recent tax returns? Shouldn't that provide a sense of what's coming in, money wise (assuming they're accurate)?

iris lily

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Re: help with elderly parent's finances
« Reply #2 on: January 07, 2021, 06:48:06 PM »
Is your intention in going back several years to see activity in that account looking for activity when your father was alive?

I donít quite understand why you want to go back several years.

reeshau

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Re: help with elderly parent's finances
« Reply #3 on: January 07, 2021, 07:52:01 PM »
Did your father have a will?  His executor should have an asset listing as of his time of death.  If not, your idea to look at some bank history is a good one, to reassemble what has happened.

Tax returns themselves may not tell much, but the gathered 1099 statements would probably suffice, too.

megaschnauzer

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Re: help with elderly parent's finances
« Reply #4 on: January 08, 2021, 06:39:13 AM »
thanks for the input. i will check the tax returns, 1099s and the will.

Malcat

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Re: help with elderly parent's finances
« Reply #5 on: January 08, 2021, 06:42:04 AM »
Do you have power of attorney?
Who was the executor of your father's will?
What exactly are you trying to accomplish?