Welcome to July! Financial independence is the ultimate goal for every senior, and yet, according to numerous studies, it could be that eventually their finances will be turned over to be managed by someone else, hopefully someone who they can trust.
We address finances in July because for most families it is a key time to take summer vacations, have summer barbeques and visit family members. At Answers for Elders we work with families every single day who are doing their best to navigate the complicated journey of senior care, with one of the biggest challenges: Finding the Financial Resources to fund the escalating costs associated with care. If you become the financial Attorney in Fact for your loved one, (Power of Attorney) it is a tremendous responsibility within your family. Many of you will be having conversations about senior loved ones and no doubt, the issue of finances will come to surface.
When it comes to financing later life care, it is never too early to create a plan. If you haven’t already, have discussions with your senior loved ones on their wishes- should they ever need you to intervene. Do they have a plan if something happens if they cannot care for themselves? Do they have the proper legal documents drawn up, so that if anything should happen that you have the ability to act?
Without springing the topic on your loved one. Simply set up a time to discuss this very topic. “Dad, I want to honor your wishes if anything should ever happen that I am in the position to make decisions for you. May we set up a time to discuss what your wishes are?” Give your parent time to digest and think about what they want if the time comes. Once the talk is upon you, spend most of the time listening. Learn about what is most important to them and understand their deepest values. Who do they trust most to handle financial issues if they cannot make those decisions for themselves? In speaking with your siblings, make sure that everyone in the family knows what the plan is if that day ever comes, and commit to one another to collaborate and support one another through the process.
Finally, have patience with each other. Realize that when dealing with finances, families can have disagreements as to how money is spent. Everyone has different values when it comes to managing money. Ultimately, it should be to become the advocate for what is most important for your loved one that should be honored if possible.
This month we will explore financial options and ways to make the cost of eldercare the most reasonable. I promise you will learn things you never knew before too!
Have a great summer everyone, and be good to each other!
