If you have aging parents, you might have come to the realization that they need assistance with managing their finances. This could be due to health issues, cognitive decline or simply the complexities of modern financial systems. Taking over the management of your parents’ finances is a significant responsibility and can be both emotionally and practically challenging.
There are many tasks to consider when managing your parents’ finances, but two merit special attention.
• Review their investment portfolio and savings. If your parents are nearing retirement or are already retired, their investment strategy might need to be evaluated or adjusted to preserve their capital and ensure a steady income.
• Consider legal and tax matters. Ensure that their estate-planning documents, such as wills and powers of attorney, are up to date. These documents will guide you in making decisions and managing their assets according to their wishes. Stay on top of tax obligations to avoid penalties or legal issues.
F&M Trust’s Wealth Management team strives to provide practical advice, and we continue to build relationships and solve complex problems for our clients. We provide a full range of trustee services, from financial powers of attorney to guardianships and special needs trusts.
Give us a call, or stop into a nearby location. Our website also offers a wealth of information about investing based on where you are in your life’s journey. Learn more about how we have been defining what it means to be a community bank for more than 115 years at fmtrust.bank.
Corporate
1500 Nitterhouse Dr Chambersburg, PA
Regional
4050 Crums Mill Rd Harrisburg, PA
