Planning Ahead for a Reverse Mortgage |
Planning Ahead
Many of us, seniors included, will be called upon as caregivers of our loved ones. The first "baby boomers," the group born after World War II ended, are just turning 50. It is likely that this group of Americans may spend more years caring for elderly parents than they spend raising children. They truly exemplify the sandwich generation.
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Caregiving can be complicated. Finding resources and making decisions is not an easy task. |
The entire family should be addressing caregiving issues.
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If elderly parents are capable, by all means, involve them in an open discussion of issues directly related to their future. If they seem reluctant at first, persist. |
It's far better to "air" their fears and yours now, while they are still capable. Be sure to involve all siblings in the discussion even the "long distance" children. If they can't be there, keep them well informed, preferably in writing. Informal letters serve well.
Below are some links you may find useful when caring for an elderly parent.
General issues which involve planning ahead:
- Who will be the principal caregiver?
- What involvement will siblings have?
- Which responsibilities can be shared? By whom? (Supervising medications, shopping, doctors, day care, etc.)
- Is communication open and honest between caregiver and elderly person?
- Do family members share feelings and information?
Financial and Legal
- What is the person's financial situation?
- Is there a list of assets, their value, and their locations?
- Is there a private pension? Is it mailed directly to a bank? Which one?
- What is the social security amount? Is it directly deposited? Where?
- Are there other sources of income? Annuities, stocks, interest, IRAs, CDs, or safe deposit boxes?
- What are the debts? Mortgages, car payment?
- Is there a need to apply for SSI, Supplementary Security Income?
- Is medical coverage adequate?
- Is there a prescription plan? Long-term care insurance? Medicare? Medicaid?
- Has anyone consulted an eldercare attorney?
- Has the elderly person transferred any assets?
- What is the "time frame" in your state for transferring assets before being qualified for Medicaid?
- Is there a will, a living will, a power of attorney, or a durable power of attorney that lasts beyond incapacitation? Where are they kept?
- Is there an insurance policy? Where is it kept?
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866-779-7921
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