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Caregivers:

How to manage a loved one’s money

he number of retirees is on
the rise. Data from the U.S.
TCensus Bureau points out
that, by 2030, there will be 81.2
million Americans over age 65, and
many of them will need help taking
care of themselves.
Caregiving is a big responsibility.
One crucial role caregivers may
take on involves managing a
loved one’s finances.AARP states
that acting as a money manager
becomes especially important caregivers to manage loved ones’ money if the person becomes physically
if a loved one begins having or mentally incapacitated.When necessary, you can step in as a money
trouble keeping a checkbook or manager to pay bills, make deposits and withdrawals and monitor account
becomes confused about money. balances.
The Family Caregiver Alliance ®
indicates millions of Americans • Make legal fiduciary changes.AARP suggests drawing up legal documents
are managing money or property to manage all financial accounts.A power of attorney is a legal document in
for a family member or friend who which one person assigns another the power to make financial decisions on
is unable to pay bills or make their behalf.This also protects family interests, so that another relative like a
financial decisions. sibling, who may want his or her share of a loved one’s money, will not have
Juggling one’s own finances access. Documenting fiduciary changes in the letter of the law can serve as
and the responsibilities of another a measure of protection against potential problems.
person’s money can take its toll.
Here are several ways to navigate • Put your priorities first.You may end up running yourself emotionally and
these often tricky waters. financially ragged catering to a loved one’s needs.According to a 2015
study from the National Alliance for Caregiving, an estimated 43.4 million
The Morning Call • Discuss plans in advance. time off of work or paying for loved ones’ needs out of your own pocket can
American adults provide unpaid care to an adult or child.Taking repeated

Have conversations even before
take its financial toll. Do not take on unmanageable debt.
an aging loved one needs
caregiving.Talking through
| difficult topics when parents are • Ask for help. Speak with a financial advisor and/or elder care attorney
2022, 24 April, Sunday healthy can simplify decisions parent or child will be provided for.Arranging assets in certain ways can
about the best ways to manage a loved one’s money to ensure an aging

later on.
make individuals eligible for certain benefits.

• Open a joint account. Joint
Managing money is just one of the many tasks associated with being a

20 back accounts make it easier for caregiver.