If my mother or father is not able to handle her or his own financial matters, what can I do?

Conversations about financial affairs with your parents should be discussed as early as possible, not waiting until something way of incompetency or some kind of mental deterioration occurs. You want to talk to your parents and talk to them about putting things into a trust and at least a minimum of creating a power of attorney so that if something were to happen then you can immediately take over as the child.