This is an interesting article from Forbes magazine (forbes.com) about the idea that 90% of family caregivers are “contributing to and/or coordinating finances for their loved ones. … On average, they’re spending $7,000 a year out of pocket. … Three out of four family caregivers have never discussed their financial role with their care recipient. … Do your parents have a financial caregiving plan? Hint: it’s you. For many baby boomers, it’s an unspoken plan.”
The authors of the study on which these findings are based propose eight tips for adult children caregivers to survive this “caregiving crunch”:
1- Start a family conversation about caregiving.
2- Seek out financial wellness program at work.
3- Explore community resources.
4- Sign a financial power of attorney.
5- Sign a health care power of attorney.
6- Write a will and update beneficiary forms.
7- Share financial account information.
8- Set up a financial advisor meeting.
Here’s a link to the article:
The Coming Family Caregiver Crunch: 8 Tips To Survive
by Ashlea Ebeling, Forbes Staff
1 November 2017