Does the Buck Stop Here?

If your parents’ money is disappearing, you need to intervene

Often, an Aging with Grace eldercare specialist will be asked, “If I sign the monthly agreement for my parents’ assisted living community, will I be responsible if they run out of money?” The answer is no. Debt is nontransferable from your parents to you, even if you are the person designated with power of attorney. The exception would be if you co-signed a bank loan, auto loan, or something similar that would list you as co-debtor.

Speaking with parents about their finances often makes us uncomfortable. I was raised in a family where money was never discussed in front of the kids. Let’s face it: many of us don’t want to engage in the money conversation with our spouse, let alone our dad! However uncomfortable the subject might be, it is necessary. Read More >>