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18 SUNDAY, JANUARY 24, 2021 THE MORNING CALL
Prime
Pr im e
Caregivers:
How to manage a loved one’s money
he number of
retirees is on the
Trise. Data from the
U.S. Census Bureau points
out that, by 2030, there will • Discuss plans in advance. Have conversations even before an aging loved one
be 81.2 million Americans needs caregiving.Talking through difficult topics when parents are healthy can
over age 65, and many of simplify decisions later on.
them will need help taking
care of themselves. • Open a joint account. Joint back accounts make it easier for caregivers to
Caregiving is a big manage loved ones’ money if the person becomes physically or mentally
responsibility. One crucial incapacitated.When necessary, you can step in as a money manager to pay bills,
role caregivers may take on make deposits and withdrawals and monitor account balances.
involves managing a loved
one’s finances.AARP states • Make legal fiduciary changes.AARP suggests drawing up legal documents to
that acting as a money manage all financial accounts.A power of attorney is a legal document in which
manager becomes especially one person assigns another the power to make financial decisions on their
important if a loved one behalf.This also protects family interests, so that another relative like a sibling,
begins having trouble who may want his or her share of a loved one’s money, will not have access.
keeping a checkbook or Documenting fiduciary changes in the letter of the law can serve as a measure
becomes confused about of protection against potential problems.
money.The Family Caregiver
Alliance indicates millions • Put your priorities first.You may end up running yourself emotionally and
®
of Americans are managing financially ragged catering to a loved one’s needs.According to a 2015 study
money or property for a from the National Alliance for Caregiving, an estimated 43.4 million American
family member or friend adults provide unpaid care to an adult or child.Taking repeated time off of work
who is unable to pay bills or or paying for loved ones’ needs out of your own pocket can take its financial toll.
make financial decisions. Do not take on unmanageable debt.
Juggling one’s own
finances and the • Ask for help. Speak with a financial advisor and/or elder care attorney about
responsibilities of another the best ways to manage a loved one’s money to ensure an aging parent or
person’s money can take its child will be provided for.Arranging assets in certain ways can make individuals
toll. Here are several ways eligible for certain benefits.
to navigate these often tricky
waters. Managing money is just one of the many tasks associated with being a caregiver.
