$$$$ Money Matters Chapter 7: CRUCIAL CONVERSATIONS ABOUT MONEY (Part 2)

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Visit: http://www.CareGiverStory.com Where to Get YOUR Copy: http://www.amazon.com/Carolyn-A.-Brent/e/B005T5TB7Y/ref=ntt_dp_epwbk_0 ❤ When should you, your family and your aging loved one begin having crucial conversations about finances? When a loved one is still healthy. That is also the time to select a responsible person—even one outside the family—to oversee the loved one’s finances and be the fiduciary. It is extremely crucial for the entire family, including your loved one, to have group conversations about this. By doing so, the family will have a more successful financial experience. During the selection of a fiduciary, make your decision based on the “job” responsibilities associated with it. Yes, I did say job! (Q) Ideally the person selected should be able to demonstrate the following skills · Creating a financial ledger book specifically for the needs of your loved one · Excellent communication · Great writing, recording and bookkeeping · Recording all financial expenses items, line-by-line in separate categories · Keeping financial records in a dry, safe and secure place · Acting as a financial advocate, keeping costs down when housing, institutions or in-home care agencies randomly increase prices · Being a good financial decision maker and planner · Presenting all financial expense records to state and federal agencies such as Medicare, Medicaid and/or Veterans Administration departments for continued funding · Sharing contents of the financial ledger book with family members who are assisting you or acting in the caregiving role · Is comfortable speaking with attorneys, legal and/or financial institutions (Q) After reviewing the steps involved and the responsibilities as a fiduciary do you have · The skills and mindset? · Are you ready to communicate with both federal and state agencies and financial institutions about your loved one’s finances? · Are you a patient person and do you have the where withal for dealing with money? · Do you have a good attitude? · Are you willing to fight for the rights of your loved one’s financial support? · Are you mentally ready to take on this very important role? · Is the time right in your life to take on a fiduciary role? · Is the fiduciary role a good fi t for you? · Are you a good financial decision maker? · Are your finances in order? · Do you have a person in mind to select as your personal financial fiduciary? · What’s your excuse for not having the “Crucial Conversations about Money” in your family? (Q) When are you going to start making financial plans for yourself? · What are you waiting for? · Can your family members recognize why fighting about money matters is not an option? · Do you think the job of a fiduciary is going to be easy? · Below are examples of four expense ledgers with a list of items you....AND MUCH MORE!!! may need on a monthly basis. There is a common factor in all four expense ledgers: You will notice many of the expense items are consistent at each level of health care services. ( IN BOOK— The Caregiver’s Companion: Page 118 —121) (Q) Fiduciary Financial Responsibilities— The “BIG” Picture Vision Regarding Expenses (Q) QUESTION CHECKLIST Crucial financial conversations ● Who manages your loved one’s money? ● What is your family’s attitude about discussing financial issues? ● How comfortable are you with discussing financial issues? ● How comfortable is your loved one with discussing financial issues? ● Do you have a financial adviser or other financial professional to help you sort out your loved one’s financial affairs? The cost of elder care ● What kind of care does your loved one need? Occasional care? In-home care? Assisted living? Nursing home care? ● Are you aware of the approximate cost of each kind of care? Insurance coverage ● Does your loved one have Medicare supplement insurance? ● Will this insurance fill in the gaps in coverage left by Medicare? Your own finances ● Do you have your own financial plan? If so, are you willing to share your financial plan and portfolio with your loved one? ● Do you have adequate health care coverage for yourself? ● Do you have the appropriate kinds of insurance for yourself, such as disability insurance and long-term care insurance? And MUCH MORE!