Gus, My stepfather died in March of 2006. Mom"s health was failing proir to that. She does have some competence left, but just forgetful. I approached her last summer about changing her will. She was agreeable, but took pushing to get it done.
You need a DURABLE power of attourney for most all financial decisions. Some institutions may not even recognize this. Ask your attorney. Also, get a medical power of attorney. It is a must. You may need to update their will as well. Cost to my mom, about $500.
Go to a welfare or social service office and they will specifically tell you what your parents can have and still qualify for medicare, I was told $2000 in cash, the residence and adjoining land if it is all covered by one deed, personal items, and a car. It can be a clunker or a Rolls royce, doesn"t matter.
Find out what medical insurance they have and learn about it. There will be open enrollment soon for the prescription plans if they do not have a supplemental policy, one that pays what Medicare does not. You may need to investigate these.
You have a lot to do, but when it is over, you will not regret it. Good Luck and I hope this helps a little.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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