Financial Planning for Caregivers Carol Ringrose Alexander, CFP®, AIF®, CDFA™ 405-842-3443 carol@TheRetirementPath.com www.TheRetirementPath.com

Organize Financial Information Legal Documents Investments and Bank Accounts Retirement Accounts Insurance and Annuity Policies Liabilities Key Advisors Digital Estate Planning (access to online accounts)

Where to Live Who will provide care? Considerations Downsizing belongings Loss of independence and privacy

Where to Live Monthly Cost Private home care ranges from $10 an hour to $15,000 a month Nursing homes range from $7,000 to $12,000 Assisted living generally costs between $2,500 and $8,500 Independent senior living communities range from $1,500 to $2,500 Adult day care – the national average is $1,473 Options including family participation, respite care grants, privately hired aides, and adult day programs can reduce costs Try using Genworth cost of care tool www.genworth.com/about-us/industry- expertise/cost-of-care.html or this aging care calculator to get a more accurate number for your location www.payingforseniorcare.com

End of Life Planning The Conversation Project www.theconversationproject.org starter kit Get Ready- think about your end of life Get Set- figure out what you want your end of life care to be Go- who you need to talk to and when to have the conversation Keep Going- preparing legal and medical documents to back up your wishes

Legal and Medical Documents Make/Update Will and/or Living Trust Durable Power of Attorney Advance Healthcare Directive Health Care Proxy Living Will

More Legal and Medical Documents HIPAA Form www.ok.gov/health/Organization/HIPAA_Privacy_Rules/Oklahoma_Stan dard_Authorization_Forms.html Do Not Resuscitate (DNR) Form www.okdhs.org/OKDHS%20Publication%20Library/97-20.pdf The Physicians Order for Life Sustaining Treatment (POLST) - www.okpolst.com Physician’s order that documents and directs a patient’s medical treatment preferences when faced with life-limiting illnesses and irreversible conditions.  It presents a model for end-of-life care. 

Review and Insurance Coverage Life Insurance Health Insurance- Medicare Supplement Policy Long Term Care Insurance Personal Umbrella Liability Policy (if Net Worth >$1M) Homeowner’s or Renter’s Insurance Auto Insurance (if needed)

Leaving a Legacy Giving to Charity Legacy Letter – “Passing on values, not just valuables” An ethical will, or legacy letter, is a way to share your values, blessings, life's lessons, hopes and dreams for the future, love, and forgiveness with your family, friends, and community. An ethical will is not a legal document; it does not distribute your material wealth. www.legacyletter.org celebrationsoflife.net/ethicalwills

The Five Wishes Combines health care proxy and the living will www.AgingWithDignity.org The person I want to make decisions for me when I can’t The kind of medical treatment I want or don’t want How comfortable I want to be How I want people to treat me What I want my loved ones to know

Family Meeting - Preparation Select facilitator Invite family (invitation can come from the alpha child – the one who keeps the family connected) Discuss process and concerns with each family member Create agenda Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Family Meeting - Execution The Meeting Agenda Real Estate Assets Leaving a Legacy What will happen to our stuff when we’re gone Legal Issues Health Care Conclusion Finances Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Family Meeting - Next Steps Determine what areas require follow up Assign family members to research and report back by deadline Six months after the family meeting, prepare a review and share with family Consider making the family meeting an annual event Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Annual Meetings Plan and hold an annual meeting with your spouse. Review your goals and progress Set up an annual financial planning meeting with each of your adult children. Ask them to prepare a balance sheet prior to the meeting that shows their net worth (assets and debts). Ask them to share their financial goals for the next five, 10 and 20 years. Calculate Net Worth and Update Annually: Total Assets (what you own) – Total Liabilities (what you owe) = Net Worth Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Additional Advice Strive to maintain balance in your life If you have children, involve them in the process Find or create your own support group If family dynamics are complicated, consider a neutral person to take control Learn about the needs of older adults Draft their obituary NOW – and your own Set boundaries. Pick your battles. Make sure you have all the documents in place BEFORE you need them Don’t take their actions personally

Resources Can We Talk: A Financial Guide for Baby Boomers Assisting Their Elderly Parents by Bob Mauterstock Creating the Good Will: The Most Comprehensive Guide to Both the Financial and Emotional Sides of Passing on Your Legacy by Elizabeth Arnold Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Financial Planning for Caregivers Carol Ringrose Alexander, CFP®, AIF®, CDFA™ 405-842-3443 carol@TheRetirementPath.com www.TheRetirementPath.com