Caring for Aging Parents: Financial Advice, Resources, Checklists, & More
Release Date: 08/14/2023
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info_outlineCaring for aging parents involves so many details, from medical and financial decisions to legal, long-term care, and end-of-life wishes. Statistics show there’s a clear disconnect between parents and children around these decisions, so it’s important to start talking about this with your parents early. We hope this episode makes it easier and less stressful for you to navigate the process.
In this episode of Off the Wall, co-host Jessica Gibbs is joined by our client experience team, Cathleen Phelps and Cecelia Gilliam, along with Dean Catino, Co-Founder and Partner at Monument Wealth.
Throughout the conversation, we provide tips for how you can support your aging parents, let them take the lead where they can, and make sure they’re feeling heard and loved through every decision. We walk through a well-thought-out checklist of how to financially protect and help prepare yourself and your aging parents. Then, the team offers advice and some general information about legal and estate planning, downsizing/moving, long-term healthcare needs, and even protecting your parents from scammers.
“The most important step is really to begin. You have to start. And knowing that it can be very difficult and sometimes awkward, knowing that this will most likely be a process, it’s an investment in your folks and that’s what everyone wants… Everyone’s relationship with their families are very unique and the pathway traveled forward will also be very unique.”
– Dean Catino, co-Founder and Partner
Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.
Episode Timeline/Key Highlights:
[00:33] Introducing our guests & the topic of today’s episode.
[02:03] Why it’s important to start the aging conversation with your parents early.
[04:23] Where to start (checklist): Financially protecting yourself and your parents.
[15:05] Legal/Estate Planning: Essential documents your parents need and what you need to be aware of.
[29:28] Long-Term Healthcare Considerations: What care needs will my aging parents have?
[36:54] Senior Move Management: Tips for downsizing, moving, and organizing your parents’ estate.
[41:25] Final Advice/Takeaways: Everyone’s path is unique. The goal is to focus on keeping your parents safe, healthy, and happy! Patience, kindness, and support is vital.
Resources Mentioned:
Planning Ahead:
Thinking Ahead Roadmap and Financial Advocate Task List: https://thinkingaheadroadmap.org/downloads
From researchers at the University of Minnesota and Stanford Center for Longevity, and funded by AARP; a comprehensive toolkit that guides people to select someone they trust to help manage their money if financial decisions become too difficult in the future.
“Start the Elder Care Conversation” from Kiplinger: https://bit.ly/3DOotBT
Protecting Against Scams:
EverSafe – Scans accounts for unusual spending, POA can be notified: https://www.eversafe.com
Carefull – Online company that monitors for fraud and financial errors & provides identify theft insurance: https://getcarefull.com
2022 FBI Elder Fraud Report: https://bit.ly/47wrVPd
Financial Help:
SilverBills – Concierge service that makes sure bills are paid on time and inspects invoices for fraud and error: https://silverbills.com
Find a Financial Therapist: https://financialtherapyassociation.org/find-a-financial-therapist
Legal/Estate Planning:
Off the Wall Podcast – Estate Planning: https://bit.ly/3KD1dut
Aging Care, Retirement Communities, Downsizing:
Monument Wealth Management Article – LTC Insurance: https://bit.ly/47w1mte
National Association of Senior and Specialty Move Managers: https://www.nasmm.org
Senior Move Management Service: Great Falls Organizers | Professional & Estate Cleanout Northern Virginia: https://greatfallsorganizers.com
Genworth Long Term Care Costs by State: https://bit.ly/3s8HNHm
Unmet Healthcare Needs and Healthcare Access Gaps Among Uninsured U.S. Adults Aged 50–64: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7215278
Caregiver Resources:
Geriatric Care Managers: https://bit.ly/3qtGaUa
Lighthouse Senior Care: https://lighthouseseniorcare.com
Caring Considerations: https://caringconsiderations.com
Connect with Monument Wealth Management:
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About “Off the Wall”:
OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about.
Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com.