Planning Ahead: Legal and Financial Steps to Take Before Care Is Needed for Your Aging Loved One

It’s important to take proactive steps legally and financially as a loved one’s needs begin to grow. When CareChoice works with a family, we provide a roadmap of sorts to help avoid last-minute questions and concerns. It’s a straightforward guide that lays out decisions and actions that preserve an individual’s autonomy and increase family awareness.

• The Talk: As an individual begins declining, especially cognitively, it’s time for an open discussion about money, end-of-life preferences, and long-term care. This often starts out with some discomfort (our society doesn’t really talk about these things much). However, you want to take your time, avoid confusion, and most importantly, don’t rush decision-making. Review matters such as setting up a Power of Attorney, a Living Will (if desired), estate matters, and health care directives. Be ready to answer questions, and if necessary, have several sit-downs so the information doesn’t become overwhelming.

• A Lawyer: While there are ways to handle things without legal representation, we at CareChoice don’t recommend it. Processing paperwork can become confusing. There are a lot of proverbial I dotting and T crossing. A lawyer can guide you through the process with the least amount of stress, including updating wills, appointing medical agents, and designating beneficiaries. 

• Document Safety: Gather all your legal and financial documents and put them in one accessible place. Look for investment statements, insurance policies, bank accounts, debts, real estate deeds, and online accounts, complete with login information. Keep these in a fireproof container or at a postal lockbox.

• Avoid Mixing Funds: In talking with families who are finding the best solutions for their loved ones, we at CareChoice see how much people want to help in any way possible. But don’t put your own financial security at risk. Keep their accounts separate. Make a sound budget for the individual’s financial outlay. If need be, don’t be afraid to reach out to financial professionals with questions or concerns. 
• Keep the Lines of Communication Open: Talk to the whole family and keep them informed of any legal or financial changes so everyone knows their roles. Talk to your loved ones regularly to see if they have questions or issues. Talk to the individual’s healthcare team. Many will want a copy of end-of-life directives and medical proxies. Talk to experts in financial and legal planning for aging parents when your knowledge base is lacking. The AARP has an excellent checklist for caregivers on financial and legal matters.

Needing an Extra Pair of Hands & Eyes?

Planning ahead legally and financially requires attention to detail. Being a caregiver for a family member is also a matter of detail and perseverance, and it’s work-intensive when combined with your other daily responsibilities. When you need help, CareChoice can step in with ideas to make things work better. We can show you how to hire a trusted person for in-home help. No stranger, no need for a facility, it’s all about personalization. 

If you are interested in getting more information, we have an online contact form for your convenience. Let us know what you need, and then we can talk!