Being a caregiver means managing finances when necessary
When you care for an older adult who isn’t able to manage their own affairs, an important part of the job is to make sure their finances are in good shape.
It’s easy to put off the financial stuff because it’s a sensitive topic, it’s complex, and it can be difficult to know where to start.
But being proactive can save a lot of stress and uncertainty down the road.
It also helps you make more informed decisions about your older adult’s care and housing because you’ll understand the financial situation.
To make it easier to get started, we found a free guide from The Simple Dollar that explains how to help aging parents with finances.
It describes the basics in plain language and covers what you’ll need to get started, like having the conversation, important documents, paying for long term care, and more.
Even though it’s written for someone helping their aging parents, a lot of the practical advice can help people who are caring for a spouse, grandparent, other relative, or close friend.
We share an overview of the guide and explain how it helps with managing your older adult’s financial matters.
This guide helps you get started managing your parents’ finances
We like this free guide because it’s easy to read and understand. The information is straightforward and broken up into these 7 sections:
1. Broaching the subject / having the talk about finances
- When is the right time to talk about helping with finances
- Signs that they’re already having trouble
- Suggestions for how to approach the conversation
2. Power of attorney
- What a POA does
- If you should use a lawyer or do it yourself
- What to do if your parent has Alzheimer’s or dementia
- How it’s different from a living will
- 3 steps to getting a POA
3. Document checklist
- Helpful checklist of important financial documents to review
4. Long-term care costs
- What private insurance and Medicare typically don’t cover
- Long-term care insurance
- Long-term care benefit plans
- Reverse mortgage
- Claiming parents on your tax return
5. The sibling situation
- Using a caregiver agreement to financially compensate the sibling who takes on the most responsibility
- How to reduce conflict and improve support among siblings
- Quick, straightforward definitions of 10 key financial terms
7. Additional resources
- A short list of helpful online resources
Recommended for you:
- 5 Ways to Reduce Resistance When Helping Aging Parents with Finances
- Find Financial Help for Seniors: 2,500+ Federal, State, and Private Benefits Programs
- 8 Ways to Protect Seniors from Financial Fraud and Scams
By DailyCaring Editorial Team
Image: Miami Home Care Services
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