The Human Side of Financial Planning: An Aging Plan

One of the reasons this practice is called Komara Capital Partners is that when we hear from a client or prospect that they have a need outside the scope of my expertise, we strive to connect them to a person with the appropriate skillset, someone we have vetted. One of the situations we regularly hear questions about, especially in Southwest Florida where there are a lot of retirees, is the expense of long-term care and the myriad of care options.

That said, a friend of our firm, Annalee Kruger, author of “The Invisible Patient: The Emotional, Financial, and Physical Toll on Family Caregivers,” has a lot of knowledge on this topic. We are not compensated by her, and this mention is not an endorsement of her services, but we do believe the ideas she shares can be useful for families navigating these difficult conversations.

Here are a few questions she raises that may resonate with you or someone you care about:

Consider this. You get a phone call that your dad had a major stroke and he is the caregiver to your mom, who has dementia.

You now find yourself in crisis:

1. If you are like most families, you’ve never had a family meeting to discuss the “what whens” of aging when elderly loved ones need care.
2. What is the plan if the primary caregiver takes ill or passes away?
3. What care options are available based on what your parents can afford?
4. That’s great that your parents want to age at home, but, is their home senior safe? Can they afford the +$30,000/MONTH in 24/7 home care? Which senior care communities can they qualify to get into and which ones have immediate openings, for both parents?
5. What documents do they have in order? Who is the POA? Do they have LTC (long term care) insurance? What are their accounts, passwords, medications, who is their financial advisor, who is their CPA, who is their attorney? Do you know which bills are paid with which accounts? Do you have important documents at your fingertips and are familiar with what they all mean?
6. How often can you “afford” to drop what you’re doing to come to the rescue every time there are issues? Meaning, how will your marriage/relationships and career/business hold up?
7. Are you prepared for the caregiver snowball, where caregiving feels manageable…..but what about when it doesn’t? And your life–career/business/finances/relationships/emotional/physical health are negatively impacted?
8. You assumed your siblings would step up and help, but they aren’t. Or, you are an only child and all of these care decisions are completely up to you. Or, you have a toxic/strained relationship with your parents and/or siblings, but still feel compelled to step in. How will you manage this situation?

If this hit home for you, or someone you care about, consider an Aging Plan and professional guidance with all of these types of decisions.