or frail due to advancing age, is a challenging task. Oftentimes an adult child is tasked with
communicating with doctors, managing a parent’s healthcare and their finances as well. It is a
difficult task, but there are many resources available to help, including talking with an Elder
Lawyer – an estate planning attorney with additional training in key areas of the law.
The number of family members offering care for a loved one is surprisingly high – more than 66
million Americans – about 40% of the total adult population –provide financial and social care
for a loved one according to a recent article on fiftyplusadvocate.com, “Financial planning tips
There are a lot of issues, many of which are complex, when serving as a caregiver – and speaking
with a seasoned Elder Law attorney will be helpful. Elder Law attorneys are estate planning
attorneys with additional knowledge about Medicare and Medicaid, insurance and legal affairs
that impact seniors.
The National Caregiver’s Library website lists several suggestions for caregivers. These include
budgeting and making sure the family knows the location of important documents, as well as
taking an accurate assessment of your loved one’s financial situation. One more: being able to
obtain access to bank accounts in an emergency.
Caregivers should be certain that a Power of Attorney and Health Care Proxy are in place where
The article says that the best time to begin your financial planning as a caregiver really depends
on the health of the individual, but you don’t want to have to do that planning in a crisis. Best to
start early as it’s usually difficult to face end of life issues. Start planning by age 70 or earlier,
especially if there are medical issues.
“Don’t be afraid to ask for help,” the article advises.
Finally, some good advice for caregivers that has nothing to do with money. Rather, you should
take breaks from caregiving duties and do something for yourself, even if it’s an hour a day. Try
to avoid burn-out and take a walk, read a book, or have coffee with friends.
Call our office and speak to an Elder Law Attorney today!
Reference: fiftyplusadvocate.com (August 3, 2015) “Financial planning tips for caregivers”