What Caregivers Should Know About Financial Planning

The focus of care-giving is usually on managing a person’s medical needs, but there is also a financial planning component of care-giving that people should be aware about.  It is important to have a plan in place that will make it possible to fund needed medical care.  There are also legal traps that individuals need to be aware of when serving as a caregiver.  This column recommends seeking out the advice of an estate planning attorney to discuss retirement planning options.  Make sure to have the necessary knowledge about Medicare and Social Security benefits.  It is also extremely important to have a durable power of attorney and advanced health directive in place. 

See Kyle E. Krull, What Should I Know About “Financial Caregiving”?, Wealth Management, August 13, 2015.