Caregiving for Aging Family Members: The Care Conversation
Key Points – Caregiving for Aging Family Members: The Care Conversation
- Protecting the Independence of Your Loved Ones
- Starting the Care Conversation Early
- What to Consider as a Caregiver for Aging Family Members
- 4-Minute Read | 37-Minute Watch
This article emphasizes the importance of starting proactive, compassionate “care conversations” with aging family members to protect their independence and prepare for future shifts in health, housing, and finances. It further highlights the necessity of formal estate planning and protection against elder financial exploitation to ensure that both caregivers and their loved ones are legally and financially secure.
Did You Attend Our First Speaker Series Event?
In our first Speaker Series webinar, President and Co-founder Jason Gordo was joined by Managing Director and Executive Advisor Jennifer Stone, CFP® discussed how to navigate the financial and emotional challenges for caregiving for aging family members. They highlighted the importance of taking a proactive approach, both to try to help the family member being cared for and the caregiver’s future.
The Care Conversation
Maintaining a sense of independence is oftentimes critical for individuals as they get older. The thought of losing independence can be frightening. Who will help care for you once you’re unable to care for yourself? How can you ensure that you receive the care you need without being a burden to your loved ones? Those might not be fun questions to think about, but they should be at the core of the care conversation for aging individuals and their families.
How Do You Start the Care Conversation?
If you have aging family members, how should you start the care conversation, especially if you think they won’t want to have it? First, make sure that your aging family member’s well-being is the number one priority. Prove to your loved one that you care deeply for them by starting the conversation early and ensuring them that control isn’t a motivating factor. Kindness is key.
If you’re caring for an aging family member, don’t forget to give them grace and give yourself grace. The care conversation shouldn’t just be a one-and-done conversation; it should be ongoing conversation at a pace that your aging family member is comfortable with.
What Should You and Your Aging Family Member Be Preparing for?
So, what exactly does caring for an aging family member entail? Everyone’s situation is different, but as people get older, it’s important to prepare for potential changes related to health, housing, and daily routines.
Additionally, your goals tend to change as you go through different stages of life. Ask your loved one what they envision will be important to them later in their life. Keep in mind that life is unpredictable and that things may not go as planned with caregiving for aging family members. Make sure that you communicate openly with them if those plans need to change.
Four Areas That Naturally Open the Door to Planning
In our Care Conversation webinar, Jennifer outlined four pillars to discuss with aging family members. You don’t need to address all four of these items at once.
- Health and well-being
- Home and daily life
- Finances and independence
- Future planning
Start the conversation with what your loved one feels most comfortable talking about and then get into the more difficult items to discuss. You might also realize that there can be a lot of overlap within the four pillars.
Maybe your loved one wants to start by talking about health and well-being. If they eventually require several doctor appointments to the point where it starts to become overwhelming, ask if it would help them if you scheduled and/or attended the appointment.
Those appointments also come at a cost. Would it help your loved ones if you set up auto pay for those appointments and other medical expenses so they’re not worried about missing a payment?
The Importance of an Up-to-Date Estate Plan
When it comes to caregiving for aging family members, the necessity of formal documentation is critical. Make sure that you and your family members have a written inventory of your accounts and have written instructions on who has access to them. Consider keeping that formal documentation in a fireproof safe and let your loved ones know where it is.
Many people think that they can automatically act for a loved one in a crisis, but that’s not the case. Make sure that you and your loved ones have estate plans that include the following:
- Last Will and Testament
- Revocable Living Trust
- Reviewing Beneficiary Designations
- Advance Healthcare Directive: Living Will and Medical Power of Attorney
- Financial Power of Attorney
Many people don’t realize that having a medical and financial power of attorney is required even for adult children over the age of 18 to permit parents/guardians to speak with health care professionals. Another estate planning mistake that people sometimes make is creating a trust, but never funding it.
Next Up in Our Speaker Series: Cyber and Personal Security Insights with Gary Rossi of Fidelity
Some people don’t like to talk about their finances, even with their own family. But think about this for a minute. Did you know that the National Council on Aging estimates that $28.3 billion is lost each year via financial exploitation of elderly adults?1 Senior citizens are one of the primary targets of financial scams. It’s critical to talk to your aging family members about being aware of different forms of financial scams and how to protect themselves.
In addition to watching The Care Conversation: Helping Aging Family, review the resources below for more tips on caregiving for aging family members.
THE CARE CONVERSATION CHECKLIST
If you have any questions about caregiving for aging family members, start a conversation with our team below. We want to help you and your loved ones enjoy today with confidence for tomorrow, all while connecting you with the people and causes that you care about most.
Resources Mentioned in This Article
- 5 Tips on Caring for Aging Parents as Retirement Approaches
- What Is Wealth? 4 Types of Wealth
- 5 Long-Term Care Questions to Ask
- 10 Steps to Reach Financial Goals
- 5 Key Estate Planning Items to Address
- 7 Financial Scams You Need to Be Aware of
- Cybersecurity Risk Management: Protecting Yourself from Cyberattacks
- Turning 18 Checklist: Legal and Financial Checklists for Parents and Teens
- What Is a Living Trust and Do I Need One?
Downloads
Other Sources
[1] https://www.ncoa.org/article/get-the-facts-on-elder-abuse/
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