Over the years, we may have worked together to build and maintain your financial foundation. This may have included establishing adequate cash reserves, updating beneficiaries on your life insurance policies, reviewing and implementing estate planning documents, staying current on long-term care insurance premiums, managing investments that support your lifestyle, considering the value of a reverse mortgage, and periodically reviewing Medicare and Veterans benefits.
It may be time to have more detailed discussions while you are still of sound mind.
Questions to consider:
o How involved will your children or trusted contacts be in reviewing daily, weekly, or monthly expenses? o Is there a high-level overview of your income and costs available to those who need to know?o Do your children or trusted contacts have the contact information for the professionals you work with? o Do they know where your accounts are held?o Who has power of attorney or authorized user access to specific accounts?o Are your children or contacts aware that you have sufficient assets or long-term care insurance in place for your care?o Is a secondary notification set up in case premiums are missed?
Even if care is not yet needed, you can begin exploring the options and costs of assisted living and memory care services. You can check your insurance policies to determine what coverage exists and share this information with your children or trusted contacts. It is also important that they know where your end-of-life and death documents are located and understand how to proceed when the time comes. If there are no children involved, identify who is in your support network.
You may also consider working with an Aging Life Care Manager or Geriatric Care Manager. These are professionals who help families navigate the healthcare and eldercare systems. With backgrounds in nursing, social work, gerontology, or occupational therapy, they perform assessments and develop care plans that address medical, psychological, and social needs. They coordinate services, attend medical appointments, monitor care, identify signs such as accumulating mail or unpaid bills, and track lapses in insurance premiums. They can advocate for aging individuals when family members are not nearby or have other responsibilities.
An Aging Life Care Manager can provide regular updates to family members who cannot be present and offer more peace of mind.
For more information on how to recognize and prevent elder financial exploitation, visit the U.S. Department of Justice at www.justice.gov/elderjustice/financial-exploitation.
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