1. Financial Planning for Caregivers
Carol Ringrose Alexander, CFP®, AIF®, CDFA™

2. Organize Financial Information
Legal Documents
Investments and Bank Accounts
Retirement Accounts
Insurance and Annuity Policies
Liabilities
Key Advisors
Digital Estate Planning (access to online accounts)

3. Where to Live
Who will provide care?
Considerations
Downsizing belongings
Loss of independence and privacy

4. Where to Live Monthly Cost
Private home care ranges from $10 an hour to $15,000 a month
Nursing homes range from $7,000 to $12,000
Assisted living generally costs between $2,500 and $8,500
Independent senior living communities range from $1,500 to $2,500
Adult day care – the national average is $1,473
Options including family participation, respite care grants, privately hired aides, and adult day programs can reduce costs
Try using Genworth cost of care tool expertise/cost-of-care.html or this aging care calculator to get a more accurate number for your location

5. End of Life Planning
The Conversation Project starter kit
Get Ready- think about your end of life
Get Set- figure out what you want your end of life care to be
Go- who you need to talk to and when to have the conversation
Keep Going- preparing legal and medical documents to back up your wishes

6. Legal and Medical Documents
Make/Update Will and/or Living Trust
Durable Power of Attorney
Advance Healthcare Directive
Health Care Proxy
Living Will

7. More Legal and Medical Documents
HIPAA Form
dard_Authorization_Forms.html
Do Not Resuscitate (DNR) Form
The Physicians Order for Life Sustaining Treatment (POLST) -
Physician’s order that documents and directs a patient’s medical treatment preferences when faced with life-limiting illnesses and irreversible conditions.  It presents a model for end-of-life care. 

8. Review and Insurance Coverage
Life Insurance
Health Insurance- Medicare Supplement Policy
Long Term Care Insurance
Personal Umbrella Liability Policy (if Net Worth >$1M)
Homeowner’s or Renter’s Insurance
Auto Insurance (if needed)

9. Leaving a Legacy Giving to Charity
Legacy Letter – “Passing on values, not just valuables”
An ethical will, or legacy letter, is a way to share your values, blessings, life's lessons, hopes and dreams for the future, love, and forgiveness with your family, friends, and community. An ethical will is not a legal document; it does not distribute your material wealth.
celebrationsoflife.net/ethicalwills

10. The Five Wishes
Combines health care proxy and the living will
The person I want to make decisions for me when I can’t
The kind of medical treatment I want or don’t want
How comfortable I want to be
How I want people to treat me
What I want my loved ones to know

11. Family Meeting - Preparation
Select facilitator
Invite family (invitation can come from the alpha child – the one who keeps the family connected)
Discuss process and concerns with each family member
Create agenda
Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

12. Family Meeting - Execution
The Meeting Agenda
Real Estate Assets
Leaving a Legacy
What will happen to our stuff when we’re gone
Legal Issues
Health Care
Conclusion
Finances
Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

13. Family Meeting - Next Steps
Determine what areas require follow up
Assign family members to research and report back by deadline
Six months after the family meeting, prepare a review and share with family
Consider making the family meeting an annual event
Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

14. Annual Meetings
Plan and hold an annual meeting with your spouse. Review your goals and progress
Set up an annual financial planning meeting with each of your adult children. Ask them to prepare a balance sheet prior to the meeting that shows their net worth (assets and debts). Ask them to share their financial goals for the next five, 10 and 20 years.
Calculate Net Worth and Update Annually:
Total Assets (what you own) – Total Liabilities (what you owe) = Net Worth
Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

15. Additional Advice Strive to maintain balance in your life
If you have children, involve them in the process
Find or create your own support group
If family dynamics are complicated, consider a neutral person to take control
Learn about the needs of older adults
Draft their obituary NOW – and your own
Set boundaries. Pick your battles.
Make sure you have all the documents in place BEFORE you need them
Don’t take their actions personally

16. Resources
Can We Talk: A Financial Guide for Baby Boomers Assisting Their Elderly Parents by Bob Mauterstock
Creating the Good Will: The Most Comprehensive Guide to Both the Financial and Emotional Sides of Passing on Your Legacy by Elizabeth Arnold
Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

17. Financial Planning for Caregivers
Carol Ringrose Alexander, CFP®, AIF®, CDFA™