Taxes and Durable Powers of Attorney.

I wrote about Durable Powers of Attorney a while ago. Read it here.

It is now tax season.  I have had a slew of clients ask me [well, not a slew, but more than a few to make mentioning it here useful to others] how to prepare or complete tax returns for their aging parents.

My answer is you really can't unless you have a Durable Power of Attorney allowing you to take care of your parents' taxes.  Having a Durable Power of Attorney in place for your aging parents is always a good idea.

But be careful. Your parents may not want to name you to manage their financial affairs while they are still able. Or they may have someone else in mind. If so, their wishes need to be respected.

At any rate, encourage your parents to seek the advice of an attorney or paralegal service to have proper Durable Powers of Attorney prepared.