Caregiving And Finances

I remember one of the dreaded, though much anticipated, calls from my Aunt Jennie, whom I had recently become Power of Attorney. Aunt Jennie was not able to continue paying her monthly bills. It was not a matter of finances. Her arthritis, in conjunction with Alzheimers no longer afforded her the quality of independence she was accustomed to.
I set up most of her utilities and monthly payments with direct deposit. This made it easier for both of us.
I entered this situation somewhat blindly– not being aware of her financial situation.
It’s important to know how much money is available? She was a retired nurse and received a pension from her deceased spouse. Where is the money coming from? Where is it going? There was no mortgage. Only the regular utilities. Living in the northeast, the winter utilities were more than summer and spring. The regular payments included telephone, no internet, insurances and cable. Of course there were the annual property taxes.
Growing up during the depression, Aunt Jennie saved for emergencies.
We were able to manage the finances with few problems until she was placed in a nursing care facility. Was the placement long-term? Would her home have to be sold? Did she have long-term care insurance? Was her burial in place? Was her will up-to-date?
As a caregiver, we are sometimes focusing on the health and well-being of our loved ones.
We must take the time to determine if the finances are in order and who is responsible when our loved one is no longer competent to make the financial decisions.
This is all a part of caring for the caregiver.
Let me hear your financial caregiving stories.
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