God bless the caregiver
By Herb Drill
We’re into the holiday season, with U.S.-style Thanksgiving (Canada observed its holiday in October), Christmas, Chanukah, Kwanza, New Year’s Eve (Jewish people had theirs in September). There will be gifts, well-wishing, and lots of food, including the Feast of Fishes in Italian homes.
One group will be ignored by and large, any they deserve much more. They’re the caregivers – or the aged, the infirmed, the injured too young in society.
In today's ”baby-boomer” world, more Americans find themselves caring for an ill or elderly family member. In the U.S. alone, approximately 22 million households include at least one caregiver. Besides juggling their own career and personal schedules, caregivers must assume responsibilities for personal care and money management for an older family member, or one who is young but unable to care or themselves.
As to finances, caregivers may help or arrange financial duties such as bill-paying, bank deposits, insurance and benefit claims, investment and savings decisions, and tax preparation.
How do you know what’s right?
A relatively small institution in the financial world – First National Bank & Trust Co., in Newtown Township, Bucks County, Pennsylvania – has some very large and pertinent advice. Also available is public service information from such entities as the Pennsylvania Association of Community Bankers.
FNBN advises advanced planning “before your loved one becomes ill or disabled.” Make sure you can find personal and financial papers in an emergency, including wills, bank statements, investment portfolios, and insurance papers. “Try to get an accurate assessment of your loved one's current financial situation, and obtain access to bank and investment accounts as well as a safe deposit box by becoming a joint owner of the account or `attorney in fact’ under a power of attorney or a convenience signer,” FNBN counsels.
Consider automatic payment out of the individual's bank account for important recurring bills like utility, mortgage, and health premiums,’ FNBN states. “Set up direct deposit of pay and benefit checks, which is safer and more convenient than paper checks. Consider a `living will’ and medical power of attorney. Discuss and share financial information with other family members so everyone is aware of actions and decisions. You can save recriminations after a loved one's passing.”
To ease the caregiver’s role, they should sit down with the loved one and discuss wills and estate planning to distribute their assets and minimize taxes upon their death. “Consider a durable power of attorney in the event the individual becomes incompetent. Under a durable power of attorney, a legal document gives one or more people the authority to handle finances and personal matters in the event an individual becomes mentally or physically incompetent,” FNBN adds. “Check with your family attorney to
decide what's best for your family. Most importantly, as a caregiver, don't try to take on too much. As long as the care recipient is able, let him or her make decisions about financial or medical care. Caregivers should step in only if confusion, dementia, or mental illness becomes an issue.”
Certainly, caregivers often feel overwhelmed, so they should make time for themselves and not be afraid to ask for - and get - help from other family members, friends, legal, and financial advisors.
As we said, at this and every season: God bless the caregiver.