First, get control of the bills, what's paid and what's not. Identify all sources of income and support. Contact the accountant or bookkeeper to get past tax returns, and determine if back taxes, interest, or penalties are due.

Second, contact the bank about signing authority on the account. If you aren’t sure, find out about any other deposits or accounts, any mortgages or loans, and any safety deposit box.

Third, contact the financial advisor for any investment account statements you need. Determine if there's an investment policy, what it states, and if it needs altering. Learn how much income the investments can sustainably generate. Determine if assets will need protection or will be spent down to qualify for assistance.

Fourth, contact the parent’s neurologist and/or doctor(s). Get an assessment to; a) understand the current health and mental state, b) understand what the future looks like, c) to get a signed power of attorney, and d) obtain information for a Social Security Disability Determination if needed.

Fifth, contact an elder law attorney to; a) review the will, b) review Powers of Attorney (financial and health), guardianship arrangements, advanced directives, and any additional medical directives for your state, c) reorganize the power structure with checks and balances to protect your parent and yourself, d) determine what if any Medicaid planning steps to take.

Sixth, make a financial plan to; a) add income for higher care costs and restructure the portfolio as needed, b) identify assets that can generate cash or income, c) deal with Medicaid spend downs and asset protection.

Seventh, establish a care plan to fit the situation, and implement it expeditiously.