There often comes a time when adult children and their aging parents find themselves in a reversal of roles. The children assume control and make important decisions about the parents’ finances, medical care and other day-to-day needs. This sometimes happens following a traumatic experience for the family, such as a health emergency for the parent.
“Ideally people should approach things before you get to that crisis situation,” said Nancy Sobin, President of Professional Paperwork Solutions, a daily money management firm. Whenever it happens, she added, it’s important that the family will work together to handle issues as they arise.
That’s where Sobin’s company steps in. Their work includes paying bills, tracking cash flow for future bills, opening mail, organizing tax documents, reviewing medical insurance papers, working with creditors and more. And they always work with full transparency to the authorized family members. more…