Regardless – of where you are in your caregiving journey, it may become important for you, or a trusted family member, to step up and take care of money matters for someone you’re looking after.
Having to juggle finances and figure out how to make ends meet can often be quite the challenge on a daily, weekly or monthly basis. Could there be out-of-pocket expenses for meals and travel, helping to cover rent, home care or paying home maintenance bills? And, often there’s the additional need to pitch in and order medical and personal supplies. Taking time off to attend appointments and keep things organized means coping with lost time at work – a hidden cost that is usually not considered.
For some of us there’s a lot to learn but there are viable solutions like these:
• Talk about it: Traditionally older adults have been quite private about their financial situation which can make it hard to be helpful. To earn their trust, take it slowly, ask questions delicately when you have a concern and do your best to put a plan in place to avoid costly mistakes like scams, unpaid charge card bills or risky investments.
• Think digital: If a family member can introduce a computerized record keeping, set up accounts and pay bills on line, it saves time and confusion.
• Cooperation matters: Siblings talking amongst themselves, agreeing to share costs or dip into their parent’s funds to cover expenses.
• Prepare legals: Designate a significant other for Power of Attorney for property. This will allow them to handle your financial affairs when you are not able to. (Power of Attorney for personal care can be the same or a different person)
• Review tax credits: There are federal tax credits for caregivers. Look for community legal or financial clinics for advice if you don’t have professional support services.
• Stay calm and carry on: As with most-things caregiving related, patience is a virtue when it comes to money matters. Know that each situation is individual. A word to the wise however, don’t go it alone or be afraid to ask for support.
Publisher/Editor
Caroline Tapp-McDougall
caroline@bcsgroup.com
