TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Counties
Texas Counties


Texas Towns
A - Z





Columns

Columns | Go Far With Kovar

Taking Care of Mom's Money

by Taylor Kovar

December13, 2022

Hi Taylor - My dad passed a few years ago and my husband and I just moved my mom into an assisted living facility. We're all dealing with the emotional part of it pretty well, but I'm starting to stress about the finances. Not just paying for mom over these next few years, but what happens with her accounts after she passes. Anything I can do to start prepping?

Hi Rachel
- This is a really hard question for people to ask, but it's so important. None of us likes talking about death, but we owe it to our parents—and our children—to have these conversations early and often so there's no administrative nightmare attached to a loved one's passing.

1. Have the conversation. Try to talk to your mom about this. She might be resistant, but she might be more open to the talk than you expect. This will be really helpful when it comes to getting all the different accounts and legal items in order. You'll want to know what lawyers have worked on what, what kind of outstanding debts might hide in different places, and where all the liens and pink slips and deeds are, etc. If your mom has her faculties and wants to help, this can be a really cathartic thing to work on together. If she's not interested in the topic, you need to start doing some detective work on your own to see what's out there.

2. Take some responsibility.
As gently as possible, see what financial matters you can take control of. Even if it's just paying utilities or depositing social security checks, becoming part of the process will make it an easier transfer when it all lands on your plate. If your mom has investment accounts, see if you can get in touch with the broker and have your name added to the account now. This is a good way to start taking control without making your mom feel like she's being shouldered out.

3. Don't merge accounts.
Even if your mom is happy to hand you the reigns on every little thing, you still need to keep your accounts separate for a lot of reasons. Tax issues will get stickier, and you might end up spending a lot more of your own money than you expected to once the lines get blurred. I apologize if accounting isn't your thing, but you'll have to play the role of bookkeeper for a while as these things get sorted out.

Ask for help as much as you can. CFPs like myself are here for just this type of thing, so if you know someone who does this type of work or want to go hire a professional, that can make your life a lot easier. Best of luck with everything, Rachel!

© Taylor Kovar
TheMoneyCouple.com

"Go Far With Kovar" December 13, 2022 Column


Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.



 

 

 

 

 


Texas Escapes Online Magazine »   Archive Issues » Home »
TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
Texas Counties
Texas Towns A-Z
Texas Ghost Towns

TEXAS REGIONS:
Central Texas North
Central Texas South
Texas Gulf Coast
Texas Panhandle
Texas Hill Country
East Texas
South Texas
West Texas

Courthouses
Jails
Churches
Schoolhouses
Bridges
Theaters
Depots
Rooms with a Past
Monuments
Statues

Gas Stations
Post Offices
Museums
Water Towers
Grain Elevators
Cotton Gins
Lodges
Stores
Banks

Vintage Photos
Historic Trees
Cemeteries
Old Neon
Ghost Signs
Signs
Murals
Gargoyles
Pitted Dates
Cornerstones
Then & Now

Columns: History/Opinion
Texas History
Small Town Sagas
Black History
WWII
Texas Centennial
Ghosts
People
Animals
Food
Music
Art

Books
Cotton
Texas Railroads

Texas Trips
Texas Drives
Texas State Parks
Texas Rivers
Texas Lakes
Texas Forts
Texas Trails
Texas Maps
USA
MEXICO
HOTELS

Site Map
About Us
Privacy Statement
Disclaimer
Contributors
Staff
Contact Us

 
Website Content Copyright Texas Escapes LLC. All Rights Reserved