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An unexpectant caregiver

By | 2019, Money Matters, Newsletter | No Comments

As we welcome in the New Year, I want to give you some food for thought. New Year’s resolutions come and go – some fulfilled, some forgotten. What if you can do one thing in 2019 that will benefit you and those you love? Would you take the time to consider it?

I want to share the recent experience of a close family member of mine. This woman is kind, loving, and if it were in her power, would do anything for anyone – especially those in her family.

Unexpectedly, this woman found herself in the role of primary caregiver to her single sister. Her sister had been financially self-reliant and remarkably independent throughout her life. She was diligent in putting money aside from her earnings to help supplement her income during retirement. What she didn’t plan on were unforeseen medical events that left her completely dependent on the help and support of others.

After many months of cancer treatments, she experienced a stroke, which severely limited her mobility and slowed her speech, leaving her dependent on others for her care. Luckily, she had an older sister who stepped up and took over. Unfortunately, there were no legal documents granting anyone access to medical information, financial information, or allowing them to make decisions on her behalf.

As you can imagine, this created many difficult hurdles. Not only were there medical treatments that needed to be coordinated, there was also the issue of what insurance was available to cover the numerous hospital visits and the ensuing stays in rehab and care facilities. Add to that the dilemma of what money was available to pay for coinsurance, deductibles, and prescriptions. And what about her ongoing bills at home, how would they be paid? It was an unbelievable challenge. It took time, patience, and a great emotional toll.

This situation is not uncommon. We see it all too often. We believe that if we plan financially for the future, everything will be okay. In some cases that is true. What most of us tend to overlook is the emotional impact on those who would so willingly step up to take care of us should the need be presented. Instead of planning for the unforeseen, we unwittingly tie their hands and create unnecessary emotional stress on those we love. Waiting until next week, next month, or next year may be too late. Do it now! Make it a priority for the new year. Take the time to meet with your financial advisor and an estate planning attorney. Create the documents that will minimize the burden on those you love.

Estate planning documents generally include: Will, Trust, Medical Power-of-Attorney, Medical Directive, and Durable Power-of-Attorney. Depending on the complexity of your situation and what you are trying to accomplish, other documents may be needed. An attorney can advise you on the right documents for your personal situation.

Wishing you a healthy, happy, and prosperous New Year!

 

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Women in Transition: The Loss of a Spouse

By | 2017, Money Moxie, Newsletter | No Comments

One of the hardest life transitions women face is the loss of a spouse. Whether it is from death or divorce, picking up the pieces and moving forward is challenging – emotionally and financially.  One of the hardest life transitions women face is the loss of a spouse. Whether it is from death or divorce, picking up the pieces and moving forward is challenging – emotionally and financially.

Where there were shared responsibilities, suddenly you are in charge of everything from getting the car fixed to managing the daily budget and long-term financial plan. It can feel quite overwhelming. Not to mention, this transition comes at an incredibly emotional time.

Adjusting to your new conditions will not happen overnight and may actually take several years.  This is a time of profound self-discovery for women, who may find themselves examining issues of identity, life meaning, and aging. Creating a support group – family, friends, and professionals – gives you a pool of people you can use as a sounding board that will keep your “best interest” in mind when providing advice.

While there will be many things to tackle over the next year, here are some important things to do in the short-term:

Locate and organize your important documents and financial records. It is easy to overlook something when you are dealing with emotional stress. Having a system for gathering and organizing financial records can provide some sense of control.

Important financial documents and records are generally the first items to focus on. The bills still need to be paid and the cash flow needs to be managed.

  • Checking and savings accounts statements
  • Investment account statements
  • Retirement plan statements
  • Stock and bond certificates

Legal documents may need to be updated, reviewed, or available for reference. These include:

  • Will
  • Trust
  • Power-of-attorney
  • Medical directive

Other important papers should also be organized so that you can determine if adjustments need to be made, such as updating ownership records or beneficiaries. Some may be required for documentation as you make changes.

  • Social Security statements
  • Insurance policies
  • Marriage, birth, and death certificates
  • Property deeds
  • Ownership titles – vehicles and recreational equipment

Keep in mind that everything does not have to be done immediately. Gathering this information will allow you to set up a system for tracking important details. Keep a notebook or use a computer spreadsheet that you can easily access for account numbers, phone numbers and addresses, who to call for information on accounts, professional contacts, and deadlines to monitor.

After the initial legal and financial matters settle, you will begin adjusting to your new financial circumstances. As you move forward, remember that it may be two steps forward and one step back. Take comfort in knowing you are making the best decisions you can, financially and otherwise, for you and your family.

Remember, you are not alone. Even though you believe you can do it all, reach out to us as your trusted advisors. We can help you navigate this new landscape, avoid some of the pitfalls, give you advice, and be a sounding board as you make important decisions.

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