Is it a good idea to have an emergency fund? How much money should be in it? Where should it be set up? Who should have access to it?
Everyone in your family should know where the earthquake kit is, where the first aid kit is, where the hurricane kit is and other emergency supplies. But what about an emergency fund to take care of financial emergencies for elderly relatives? Who should have access to that? And, how much money should be in it and who should control it?
Elder law attorney Martha Patterson offers some ideas for your family to consider.
ideally you should have six months of expense money in a bank account and an emergency fund for unexpected expenses that might even surpass the amount in your emergency fund. After all, care for incapacitated elderly loved ones can be very expensive. The money should always be kept in an insured bank account, and a trusted family member should have a power of attorney for easy access to the bank account when needed. Again, trusted family member is a key term. And be sure everyone in the family knows that plan and there is a plan for accounting for all funds.
Elder law attorney Martha Patterson offers a free consultation and $500 off any paid services when you contact her at her website www.ElderLawMom.com and this is something you shouldn’t put off.
