There are always a few things people wish they had done differently in caregiving – but financial planning is often one of the biggest regrets that people experience. In order to help people avoid the financial mistakes that others have made before, we want to share a few of the different tips that are able to help you get the most out of your time.
Tip #1 – Start The Conversation Early
It is going to be tough to be a caregiver to a loved one – but it is something that many of us are going to take on in the future. In most families, money is a taboo topic. You want to make sure that the conversation begins early, to learn more about your loved one’s financial situation. Things such as:
- Do they have long-term care insurance?
- Is there any planning to pay for the costs of elder care?
- Who owns the assets?
- Where does their income come from?
- What are their asset levels?
Tip #2 – Learn What Is Important To Your Loved one
You might not always be able to get your loved one exactly what they want, but it is a good idea to have a discussion about what they want now so you can take this information into account. This is going to ensure that your loved one is not left frustrated later on.
Tip #3 – Get Some Financial Advice
Find a financial planner who is experienced in elder care planning, this is one step that most families forget about. A financial planner is going to help you understand the assets necessary to pay for the desired level of care in the future. This can provide you with an invaluable experience where you learn about the need to preserve income/assets right now. They may also be able to help you make sure that all the financial affairs are in order.
Tip #4 – Get Legal Advice
An elder law attorney is going to help you with issues such as a living will, healthcare proxy, and power of attorney. It is important that you speak to a legal professional who knows about the specifics of your state and your specific situation. It is also a good idea to seek legal advice if you want to apply for Medicaid, a legal professional might even help simplify the entire process.
Tip #5 – Know Where To Find The Financial Documents
Make sure that you know where your loved one keeps legal documents, statements for banking accounts, statements for investments, and insurance policies. It is also a good idea to have an updated list of contact information for those people that you might get into contact with later on in relates to your loved one’s financial situation. This is going to prevent you from scrambling for phone numbers at the last minute.