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Robert Brokamp

๐Ÿ‘ค Speaker
1995 total appearances
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Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Some of these documents that you need are legal documents.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Let's start with one that you consider one of the most important, and that is the durable power of attorney.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Why is it important and who should you be giving that power to?

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So it's certainly a situation like you were in, right?

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

You were taking care of your mother, so you needed a durable power of attorney to act on her behalf.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So it's very important.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

But what you found is actually it can also be very challenging because a lot of institutions are very picky about the form and how you do it.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Yeah, that's one of the lessons of your story.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

I mean, persisting with this bank, you persisted with the facility that your mom was in to allow, so that she could stay there longer.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So you have to be prepared to fight for your rights, know your rights, and fight for your family.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So the durable power of attorney is important.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

A couple of other things that you probably will be involved both for your own situation and maybe working with relative healthcare proxy, will, maybe a trust and the living will, right?

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

And sometimes people confuse the living will and the healthcare proxy.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So tell us a little bit about the differences between those and why they're important.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Especially when it comes to siblings too, right?

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

You want to know what your parents wanted to happen because you don't want to be fighting with your siblings about whether or not, you know, mom or dad should be kept alive by certain means or methods when they could have just laid it all out ahead of time.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

So you start by getting your own affairs in order and then you talk to your relatives.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

That can be a tricky conversation sometimes, right?

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

Some people are very private about their money.

Motley Fool Hidden Gems Investing
Before the Crisis: How You and Your Relatives Can Prepare for Financial Caregiving

They don't really want to think about the fact that they may become sick or may pass away or just have to give up control at some point.