If you are the ‘financial” caregiver a parent, and they get incapacitated you need to be ready beforehand to move quickly. One-third of people over 65 fall each year, and it goes up to over 50% by age 80, so it can happen suddenly.

You need a roadmap in place to access their finances and act.

1. First confirm some basics and determine who is responsible for what parts of their care. Do you have their durable power of attorney (PoA). Without it, you face Court delays to get guardianship before you start helping. With it you can survey their financial situation and act for them immediately. Also, confirm there’s an estate plan, and any advanced directives or medical PoAs.

2. Next locate:

a) Physical files, checkbooks, safes or safety deposit box, deeds, titles, etc.

b) List of all accounts (bank, loan, investments and insurance) the firm name and contact, account titles and numbers, websites with username and passcode.

3. You’ll need to understand their cash flows over 12 months, and you’ll need to corral expense data and sort it at tax time. Also, you may need to qualify them for income tested programs.

a) Monthly income and expenses and large annual expenses?

b) How are they paid, by check, online banking, bank account debit, credit card debit, cash, or wire?

4. You’ll need to know what health insurance they use, and could use:

a) Employer’s or pension plan’s?

b) Medicare Medicaid, or both?

c) Medicare Supplements?

d) Non-Medicare e.g. dental, vision, hearing?

5. Do they have long-term care plans?

a) LTCI and what kind?

b) Have they joined a CCRC wait list or made a deposit?

c) How navigable is their home?

6. Do they have an accountant, lawyer and/or financial planner, and how do you contact them?