Understanding Powers of Attorney and Estate Planning With Financial Planner Billie Porter

Feeling overwhelmed about managing your aging parent's finances or medical needs? You're not alone. Elder care planning is crucial but can be daunting. Open communication and careful organization are key. Check financial accounts regularly, set up a password system, and ensure you have a power of attorney document to prevent elder financial abuse. Act now to protect your family's future and peace of mind!

Meet Billie Porter, a trust officer and certified financial planner at FineMark National Bank and Trust. With 18 years of experience in the financial industry, Billie will share her invaluable guidance on establishing the right foundations, from ensuring trusted contacts to requesting annual account reviews. Learn her top tips for streamlining responsibilities through proactive planning. Discover the simple steps you can take today to feel confident and prepared for whatever may come. 

Quotes:

• "I encourage you to talk with your kids to see who's willing, ready, and able to act and who isn't going to be upset that your child number one is named over child number two.”
• "The power of attorney is a very powerful document. But in other states, they’re actually springing powers, or they’re not available to use until that person who made them is actually incapacitated and unable to make their own decisions."
• “Remember, it's not automatic. So make sure you talk to each financial institution and try to get the powerful document to them as soon as possible. Even proactively, some institutions will accept it ahead of time so that they know who to talk to if something happens.”
  
  

Takeaways:

• Ensure you have the proper legal documents, such as powers of attorney and medical directives, and that they are reviewed regularly.
• Communicate clearly with family members about your plans and wishes for end-of-life care and financial decision-making.
• Work proactively with financial institutions to ensure smooth transitions of responsibilities and access during incapacity events.
  
  

Conclusion: 

Being proactive in planning and communicating about essential documents like powers of attorney, wills, and medical directives is crucial. Families should understand their parents' wishes and financial situation in case of a medical crisis. Having the proper legal documents and communicating with professionals can help ensure a smooth transition if parents become incapacitated. Regularly reviewing plans with parents and professionals can help account for changing needs and relationships over time. Families can best support their aging loved ones with advanced preparation and open communication. Following these steps ensures a stress-less process for you and your family.

Resources:

Annalee’s LinkedIn

Episode Website

Learn more about The Elder Planning Specialist designation and certification program at Plan For Life Now

 

Guest Links:

Billie's Website
Billie's LinkedIn
Billie's Email: bporter@finemarkbank.com