Many residents of Florida who have aging parents know how difficult it can be to bring up the possibility that they may need assistance managing their finances in their later years. It is important to find ways to bring up the subject that will make older parents feel supported instead of supplanted.
Florida has long been a retirement haven full of elderly individuals, a group often in need of financial advising. A study showed that estate planning, including living wills and power of attorney, was one of the most important topics on which seniors and their families recognize that they needed advice. In the study, the National Endowment for Financial Education noted recognition by older people of signs pointing to a decrease in their ability to make effective financial decisions.
Fewer estates of any size are hit hard for taxes these days. Contrary to what some Florida residents may think, however, that doesn't mean that estate planning is no longer necessary; in fact, the opposite is true. Without skillful and careful planning for health care directives, business succession and power of attorney specifications, much of what was worked for over one's lifetime may be lost. Fortunately, by concentrating on a few important areas, one's wealth may be used and distributed in a satisfying and helpful way.
Florida parents may add their children's names onto their bank accounts so that they might write checks on their behalf and so on. Parents might see the adding of their children's names onto their bank accounts as harmless moves, but they can come with numerous unforeseen consequences. The financial consequences can be negative for the parents as well as the children.