As a fiduciary financial advisor in Lincolnton, Holland Capital helps adult children who are starting to help a parent with money put the right documents and a simple plan in place. We work with clients in Lincolnton by video and phone, and meet in person by appointment at the Regus center in Hickory.
Helping a parent with bills often starts with one phone call and grows from there.
In Lincolnton, about one in six households is a person 65 or older living alone. At some point, a son or daughter may start paying a bill, reading a statement or calling a bank on a parent’s behalf.
Doing that without the right paperwork can create problems for both of you.
A few steps, taken while your parent can still take part, make the rest easier.
A Power of Attorney Instead of a Joint Account
A financial power of attorney lets a parent name someone to act for them with banks and other institutions. In North Carolina, it has to be signed and acknowledged, usually before a notary.
Adding a child as a joint owner can seem simpler, but it can give the child ownership rights in the account. Depending on how the account is titled, joint ownership can affect who controls the money and who receives it after the parent’s death.
A power of attorney can avoid the ownership issues a joint account may create. An estate attorney drafts it, and we help organize the financial questions to discuss with the attorney. Our page on estate planning explains how we work with attorneys.
One List of Accounts, Income and Bills
A simple list of every account, pension, Social Security payment and regular bill makes it much easier to step in. It also helps you spot automatic payments that are no longer needed.
We review beneficiary and transfer-on-death forms at the same time, so they match what your parent wants.
If your parent is 65 or older, owns and lives in the home, and meets the state’s income and residency rules, North Carolina’s homestead property tax exclusion may lower the tax on it. The application goes to the county tax office.
RETIREMENT ENGINEERING™
The Order Matters
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Paying for Help at Home
A plan can show how much help at home your parent’s income and savings could support, and for how long.
We set up the withdrawals so the parent’s money pays the parent’s costs, with records you can show to family members.
Your parent’s savings are invested according to a written investment policy statement. It sets a cash reserve for near-term costs and an investment mix for money needed later.
At Holland Capital, investment management for an older parent balances near-term spending with the need for the money to last.
How We Work with Clients in Lincolnton
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
If possible, include your parent in the first meeting. Bring recent statements, any existing will or power of attorney, a list of regular bills and the Social Security and pension amounts.
We list what is already in place, what is missing and the next step for each.
The first conversation is free. If there is work worth doing after that, we will define the scope and cost before you decide whether to move forward.
Holland Capital is based in Charlotte. If you are looking for a fiduciary financial advisor in Lincolnton, we meet by appointment at the Regus center at 1985 Tate Boulevard in Hickory, about 32 minutes from Lincolnton, and handle shorter check-ins by video or phone. Holland Capital does not maintain a branch office in Lincolnton.
We work with clients throughout North Carolina. You can see the other North Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
What Does a Fiduciary Financial Advisor Do for an Aging Parent?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. Our client is the parent, and our advice serves the parent’s interests.
If your parent’s savings are invested with us, our fee applies. We explain that to your parent and to you before anything changes.
Should I Add My Name to My Parent’s Bank Account?
A joint account and a power of attorney do different things. Before adding your name, talk with your parent’s attorney about the ownership and inheritance effects.
If the goal is simply to help pay bills, ask your parent’s attorney which arrangement fits that goal.
Where Would We Meet from Lincolnton?
At the Regus center at 1985 Tate Boulevard in Hickory, about 32 minutes away, by appointment.
When a parent would rather not travel, we can meet by video with family members joining from home.
Photo: Washuotaku / Wikimedia Commons / CC BY-SA 3.0, cropped.
