So Money with Farnoosh Torabi 1874: Caring for Aging Parents and Their Money
Sep 3, 2025
Financial journalist Beth Pinsker, author of *My Mother's Money*, shares her journey into managing her aging mother's finances after a health crisis. She discusses crucial first steps to take, emphasizing the importance of having a power of attorney. Beth reveals the frustrations she faced with banks and insurers and offers strategies for overcoming institutional barriers. The conversation touches on the emotional toll of financial caregiving and the complexities of long-term care insurance. Insights from her mother also highlight the need for careful financial planning.
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Cable Company Wouldn't Reboot The Box
- Beth called her mother's cable company to reboot the box and they refused without POA.
- The customer service insisted she wasn't authorized despite her mother's hospitalization.
Today's Financial System Is More Restrictive
- Modern financial lives are more complex and guarded than past generations'.
- You can't simply step into a parent's accounts anymore without legal paperwork.
Get Power Of Attorney Early
- Get a power of attorney for every adult now and keep it accessible outside a safe deposit box.
- Renew or reissue documents after moves or every few years to ensure banks accept them.
