How to Be Prepared for that Call in the Night

How to Be Prepared for that Call in the Night

Watching our parents age is not always easy. We all dread the idea of that “call in the night” – the one that means we must step into the Designated Caregiver™ role to manage our parents’ lives and make tough decisions about their care, finances, and welfare.

According to the Society of Certified Senior Advisors:

  • When Social Security, Medicare & Medicaid were designed, life expectancy was 63.
  • Our fastest growing population is age 85 and 50% of this population may have some form of Alzheimer’s.
  • By 2030, 70 million people in the US, or 1-in-5 people, will be age 65.

For the last three decades, I have helped clients create financial plans for their “golden years” and address issues of aging and remaining independent. Learn how to be prepared, how to have this discussion with your parents, what you and they should do to ensure your lives continue to run smoothly, and how to avoid costly mistakes.

My Designated Caregiver™ five-step-process enables you to make smart choices now that can benefit everyone involved in the future.

Step 1 – Get Organized

Before attempting to discuss financial, tax, and estate planning issues with your loved ones, be sure to sit down with a financial advisor and get your own plan in order.

Step 2 – Initiate “The Discovery Conversation” with Your Parents

One way to initiate this conversation is to ask them what they would do if something happened to you.

  • Do they know the names and contact information of your advisors?
  • Are they able to access your medical records, doctors and prescriptions?
  • Do they know where to find documents such as your will, or medical forms?

These questions may help lead the conversation into what your role would be for them – will you be needed as a caregiver, a trustee, or a personal representative? Knowing this information will help you plan your own future. The worse time to start dealing with these issues is after a triggering event when options may be limited, or you may end up in court to ask for permission to make medical, legal, and financial decisions.

Step 3 – Start Planning as Early as Possible

Don’t wait until the triggering event happens. It’s never too early to start planning for the unexpected. Meeting with an attorney, financial planner, and an insurance agent to create the proper planning may be all it takes to make sure your needs and the needs of your loved ones are met. Plan early while you have the most options available – be proactive rather than reactive.

Step 4 – Consider Purchasing Long-Term Care Insurance

Start the conversation about long-term care insurance when your parents or loved ones are young and healthy. In fact, consider purchasing your own policy now while the premiums are affordable!

Long-term care insurance costs have gone up, so explore new innovative long-term care solutions through products like life insurance where there are dual benefits. Also explore homecare-only policies which may be less expensive.

We are living much longer, and the need for healthcare and health-related services is exploding. The Center for Retirement Research at Boston College estimates that 44% of men and 58% of women will specifically need nursing home care at or after age 65. The annual Cost of Care Survey from Genworth puts the median annual costs in the United States for an assisted living facility at $43,200 and $91,250 for a private nursing home room.

Step 5 – Create a Team of Trusted Advisors

This is not the time for-do-it-yourself-planning. Find a key advisor who is an eldercare expert and have them manage the team with you based on your loved ones’ goals, values, and objectives. The final product should enable your loved ones to maintain their dignity, lifestyle, and assets. It should also meet the needs of the caregiver. The result is that everyone involved should be able to sleep better at night knowing that all concerns have been addressed and that a team and a plan are in place to meet the unexpected.

If you are currently a caregiver or better yet, want to learn how to plan for care – either as a care giver or care receiver, and want to talk with me about your situation, then feel free to book a complementary 30 minute discovery session with me at www.talkwithkatana.com

Katana Abbott, CFP® practitioner, is a Wealth Coach™, host of the Smart Women Talk Radio™, founder of the Smart Women Companies with over 1 million subscribers globally, inspirational speaker and author of several books.

She began her financial planning career in 1987 and became a Certified Financial Planner™ practitioner. In 2003, Katana created Smart Women’s Coaching® to offer financial coaching and educational workshops for women in transition who are dealing with caregiving, death of a loved one, divorce, retirement or looking to create or grow a business.  She founded Smart Women’s Empowerment in 2008 to bring free financial empowerment resources and programs to women around the world through her team of Contributing Experts. To learn more about Katana Abbott visit www.katanaabbott.com.

The Time to Prepare for Caregiving is Now!

The Time to Prepare for Caregiving is Now!

As Rosalyn Carter eloquently stated:

There are only 4 types of people:
those who have been caregivers, those who are caregivers,
those who receive care, and those who will be caregivers in the future!

 

  • How many children are really prepared for that phone call from one of their parents or loved ones that will turn their lives upside down?
  • If you are the parent, are you prepared and have you talked with your children about your wishes if something should happen to you and you need assistance?

The secret is to be prepared so when a triggering event should happen, you will feel confident making decisions and everyone involved will understand what’s expected.

My goal this month is to inspire you to become prepared for this role in advance so that when a triggering event should happen, you will feel confident in making decisions, and everyone involved will understand what is expected.

This is a difficult topic because we must deal with either our loved one’s disability and mortality or plan how we want our own end of life affairs handled.  But I promise, it doesn’t need to be morbid or difficult.

As a Certified Senior Advisor, I have helped clients for the last 30 years plan for their “golden years,” including how they will address the issues of aging and remaining independent. I also have experienced it personally as the Designated Daughter® with my own parents, my grandmother, my great aunt, and dozens of clients.

One of the biggest issues many face when it comes to long-term care is how to pay for it.  Savings or long-term care insurance are two financial strategies, but for many, they are simply not an option.  With statistics that show 68% of those over 65 will become cognitively impaired or unable to complete at least two “activities of daily living” (including dressing, bathing, or eating) during their lifetime, it’s time to look at other solutions.

This month, I am thrilled to be interviewing two experts who will show you how to access several government benefits that can allow you or loved ones to age in security by tapping the equity of their home or to protect assets for loved ones while accessing government benefits for additional long-term care expenses.

For a private consultation with me on this topic, visit www.talkwithkatana.com.  If I cannot help you myself, I can refer you to the appropriate resources based on your location.

Enjoy this issue of Smart Women, Smart Choices and please invite your friends to join our Smart Women Community at www.JoinSmartWomen.com!

 

Katana Abbott is a CERTIFIED FINANCIAL PLANNER™ professional and Certified Senior Advisor who began her financial planning career in 1987 with Ameriprise Financial Services.  Because of her personal experiences with financial abuse, death, disability, divorce, and caregiving, she teaches women how to take charge of their finances, create wealth and prepare for expected and unexpected life events. Katana is an inspirational speaker, author and the host of Smart Women Talk Radio with over a million subscribers. She is the founder of the Designated Caregiver® program and the Smart Women Companies.  She has been married to DSO French hornist, Mark Abbott, for over 30 years and they have two daughters.  To learn more and connect with Katana, visit her at www.KatanaAbbott.com

A Caregiver’s Manual for Being Prepared for That Call in the Night

A Caregiver’s Manual for Being Prepared for That Call in the Night

As women, we are often expected to fill multiple roles: that of a loving mother, career woman, supportive wife or partner, volunteer in the community and, at some point for many, a new role—that of caregiver to our parents or loved ones.

For the last 30 years, I have helped clients plan for their “golden years,” including how they will address the issues of aging and how to remain independent. I have recently experienced this myself; I was the Designated Daughter for my own parents. Because my parents and I had “the important conversations” and did the proper planning, I was prepared when I received that Call in the Night. Part of creating the life of your dreams is making sure you address all the what ifs in your life. Skipping this step can create unpleasant complications that can be avoided. Our parents and loved ones are living longer, and we need to know how this might affect our lives and be prepared with a plan. (more…)

Smart Women Tip:  The Time to Prepare for Caregiving is Now!

Smart Women Tip: The Time to Prepare for Caregiving is Now!

Rosalyn Carter eloquently stated:

“There are only 4 types of people: those who have been caregivers, those who are caregivers, those who receive care, and those who will be caregivers in the future!

  • How many children are really prepared for that phone call from one of their parents or loved ones that will turn their lives upside down?
  • If you are the parent, are you prepared and have you talked with your children about your wishes if something should happen to you and you need assistance?

The secret is to be prepared so when a triggering event should happen, you will feel confident for making decisions and everyone involved will understand what’s expected.

(more…)

‘Things to Come’ extols the joys of liberation

‘Things to Come’ extols the joys of liberation

“Things to Come” (“L’avenir”) (2016). Cast: Isabelle Huppert, André Marcon, Roman Kolinka, Edith Scob, Sarah Le Picard, Solal Forte, Elise Lhomeau, Daniel Dray-Rabotnik, Guy-Patrick Sainderichen, Yves Heck, Rachel Arditi. Director: Mia Hansen-Løve. Screenplay: Mia Hansen-Løve. Web site. Trailer.

Having it made is something we all crave, right? The prospects of all of our material, vocational and emotional needs being met probably has tremendous appeal for most of us. But what happens when what we thought we wanted becomes a trap that keeps us from exploring other options? We may come to feel stifled, restricted and unfulfilled. But what do we do about it? Those are the questions raised in the thought-provoking new French melodrama, “Things to Come” (“L’avenir”). (more…)

Five Steps to Help You Prepare for That Call in the Night

Five Steps to Help You Prepare for That Call in the Night

Seniors woman with her caregiver at homeAs women, we are often expected to fill multiple roles: that of loving mother, career woman, supportive wife or partner and for many, a new role – that of a caregiver to our parents or loved ones. For the last 20 years, I have helped clients plan for their “golden years” and how they will address the issues of aging and remaining independent.

Here are the five steps that you can take now to get prepared:

Step 1 – Get Organized.

Before attempting to discuss financial, tax and estate planning issues with your loved ones, be sure to sit down with a financial advisor and get your own life plan in order.

Step 2 – Initiate “The Discovery Conversation” with Your Loved Ones. O

ne way to initiate this conversation with your loved ones is to ask them what they would do if something happened to you. Do they know who your advisors are, where your documents are, your doctors, etc? This may help lead the conversation into what your role would be for them. Are you needed as a care giver, a trustee, a personal representative and who else would be involved? Knowing this up front, will help you plan for your own future.

Step 3 – Start Planning as Early as Possible.

Don’t wait until the unexpected happens. It’s never too early to start planning for the unexpected. Meeting with an attorney, financial planner and insurance agent to create the proper planning may be all it takes to make sure your needs are met. Planning early when your have the most options makes sense – being proactive rather than reactive.

Step 4 – Consider Purchasing Long Term Care Insurance.

Start the conversation when your parents or loved ones are young and healthy and then suggest that they apply for long term care insurance as early as possible. We are living much longer and the need for healthcare and related services is exploding. In fact, seriously consider purchasing your own policy now while YOU are still healthy and the premiums are affordable!

Step 5 – Create a Team of Trusted Advisors.

This is not the time for-do-it-yourself-planning. Find a “key advisor” who is an eldercare expert and have this individual manage the team with you based on your loved ones goals, values and objectives. The final product should enable your loved ones to maintain their dignity, lifestyle and assets. It should also meet the needs of the caregiver. The end result; everyone involved should be able to sleep better at night knowing all concerns have been addressed and that a team and a plan is in place to meet the unexpected.

 

 

Katana Abbott is a certified financial planner who built a $100 million investment management and financial planning practice over 20 years and recently retired to follow her dream – The Designated Daughter Program™ and Smart Women’s Coaching™. Visit http://www.smartwomenscoaching.com/ to sign up for her monthly newsletter and be invited to events, workshops and tele-classes.

 

 

 

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