The new year presents all of us with a chance to do better, prepare for the future and reaffirm our commitments. It’s also the perfect time to assess where you’re at with your future planning and caregiving.
Making a Will
Do you have a will yet? Even if you’re single or without children, it’s still important to have a will. Currently, 6 in 10 American adults do not have a will. In your will, you can specify who will be in charge of distributing your assets and how your assets will be distributed. Need a referral for setting up your will or updating the will of your parent or loved one? Contact me, and I would be happy to help!
Caring for Elder Parents
Caring for your aging parents can be a challenge, particularly if you live far away. What types of things should you think about when considering what help your parents might need?
- Do your parents need skilled medical care?
- Do your parents need help with personal care on a daily basis?
- Do your parents need rides to doctors and appointments?
- Do your parents need household modifications, like grab bars or ramps?
- Do your parents need help with chores, like cleaning, shopping or cooking?
- Do your parents need legal assistance or financial assistance?
- Do your parents need a community or social group?
Senior Care Lifestyles can help connect you and your loved ones with valuable resources to fill all of your needs.
Improving Financial Literacy
Going through your finances isn’t very much fun, but you and the elders that you are caring for should sit down at least once a year to review your respective financial situations. When going through your finances, check the see the following:
- Net Social Security income after Medicare deductions
- Pension totals
- Investment portfolio balance
- Monthly annuity income
- Savings account balances (and if they are jointly owned, who is the other owner?)
- Checking account balances (and if they are jointly owned, who is the other owner?)
- Certificates of Deposit (CD’s)
- Other income
- Value of home, if sold
- Monthly prescription costs
- Equity line of credit? How much is it for?
- Reverse mortgage? How much is it worth?
- Receiving Veteran’s benefits? What were the dates of service? Do you have copies of the discharge papers or the original discharge papers?
- Long term care insurance policy? If yes, where is the policy? What is the policy number?
- Life insurance policy? If yes, where is the policy? What is the policy number?
- Supplemental healthcare insurance? If yes, where is the policy? What is the policy number?
- Pre-paid burial? If yes, where?
- Are the beneficiaries updated on all accounts?
- Have you updated Power of Attorney for healthcare and finances? What is the date on the Power of Attorney? Do you have a copy?
You’re Never Alone with Senior Care Lifestyles
At Senior Care Lifestyles, we specialize in facilitating the connection between seniors and the right in-home care, assisted living and senior living communities. We have assisted hundreds of families with finding effective and affordable solutions for loved ones. Get in touch today by calling 410-977-3718!