Money Monday!

“There are only four kinds of people in the world.  Those who have been caregivers. Those who are currently caregivers. Those who will be caregivers, and those who will need a caregiver.”  -Rosalyn Carter

I have great appreciation for the efforts of caretakers, but I also see the incredible toll it can take on them if they don’t make self-care a priority. 

“Self Care is giving the world the best of you; instead of what’s left of you.”  – Katie Reed

With this in mind, I’ve included this link as a helpful resource for being a healthy caregiver.

Additionally, I would recommend the book When Your Aging Parent Needs Help .   Geriatrician, Leslie Kernisan, MD walks you through what to do and what to say in order to offer respectful assistance and intervention to a declining elderly parent.   It offers downloadable worksheets, symptom checkers, and check lists to use when visiting doctors along with strategies to use to overcome parental resistance, and family disagreements.

As far as financial considerations, my advice is to avoid the temptation to neglect having difficult conversations about important financial matters.  Here are just a few things to think about:

  • Is there a Durable Power of Attorney in place?
    • Get an understanding of your loved one’s estate planning early.  Find out who can speak on their behalf on medical and financial matters.  The risk of not addressing this early is without a plan in place, you may have to petition the state for a guardianship which can be expensive.  You and your loved one should speak with an estate planning attorney as early as possible to address these topics while they still have the capacity to do so.
  • Do you have a joint bank account?
    • This sounds like a good idea on the surface, but when the joint owner of this account passes away, these assets may automatically become yours, and thereby disinherit other heirs in conflict with the estate plan.  This is an area that creates an opportunity to speak with an estate planning attorney to ensure assets are titled in a way that is consistent with the overall plan.
  • Do you have all important documents in well labeled folder/location?
    • If a major health event happens, emotions will be running high.  Take some time in advance to organize your important documents.

Finally, creating and administering a comprehensive care plan can require many different team members. Raymond James wrote an informative article about several types of professionals you can use as part of an outstanding caregiver team for your loved one.

One of my favorite members of these teams is a senior care manager.  These people advise individuals in your situation every day, and they have many tools to create a positive care experience for your loved one.  I’ve attached a link to the Aging Life Care Association.

I wish you all the best as you continue doing this very meaningful work.  The person you are caring for is fortunate to have you!


Any opinions are those of Wheeler Financial LLC and not necessarily those of Raymond James. Past performance may not be indicative of future results.  Investing involves risk and you may incur a profit or loss regardless of strategy selected.