Caring for elders means knowing how to budget and protect them.
Are you like hundreds of thousands of Americans who are faced with the sudden challenge of caring for yourself or sick or aging relatives without warning? If so, you need all the help you can get.
Whether you or your aging parents or family members live independently, with you, or in extended care, finances - theirs and yours - are important. Here are some suggested steps to take in the process of budgeting for elder care, no matter what your family living arrangements are:
- Protect your/their assets. This will almost certainly mean having a serious discussion with them about money.
- Contact Coastal’s Trust and Investment Services Group » or go to a trusted financial advisor for assistance sorting out savings and investments.
- Get power of attorney if necessary - so that their money will be there for you/them when they need it and so that you will be able to protect it if they are unable to care for themselves.
- Talk over long-term plans with your parents (and your siblings, or family members if you have them).
- Make a Living Will so that your/their wishes can be followed even if you/they are unable to communicate.
- Find out how - and where – you/they want to spend the golden years, and let everyone know how much you are willing and able to help financially.
- Work out a budget. Discuss how much everyone in your family will or should contribute to your/their household expenses, or if you/they need in-home care and where the payments will come from.
Long-term care insurance can be a critical part of your overall financial plan. If you have substantial assets and do not want to rely on Medicare or Medicaid, you should consider it. When shopping for a policy, talk to several companies, ask a lot of questions and be sure to understand all the terms of the policy.
Contact Coastal’s Trust and Investment Services Team » or visit our Financial Resources Center to learn more about how we can help you care for yourself or a loved one.
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