Managing your own budget can be hard, but planning for someone else’s financial future can be especially difficult. That’s the challenge many caregivers face. Thankfully there’s help. Check out these tips to get you started.
Locate all your loved one’s financial documents and keep them in a safe place. Make sure you have access to any PIN numbers or passwords that will allow you to access important financial information online, and keep those passwords in a secure place.
Make sure that your loved one’s legal documents — will, power of attorney, health care proxy and living will– are all up to date.
Consider your loved one’s wishes when planning for his future. Is it important for him to stay at home as he ages? If so, will his retirement income allow for any inhome care? If he needs assisted living, will his insurance allow for that?
Seek financial advice. There are financial planners who specialize in senior financial planning. But if you’re going it alone, check out these online resources: