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Caregiving
The Sandwich Generation Squeeze
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#42 Have the Talk
Caring for an aging loved one is tough. But if you take a little time to make three simple plans with your loved one, the process can be
less stressful:
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Financial Plan
Take inventory of everything: your loved one's income, assets and liabilities, and remember to consider interest and inflation rates.
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Relocation Plan
Where will you and your loved one live? This decision is based on finances, physical abilities and personal temperaments. Remember to factor
in living expenses, taxes, housing maintenance, climate, and proximity to family and a support network.
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Estate Plan
Organize your loved one's assets so that when they die they pass on as much as possible. Estate taxes can be costly and complex, so seek
advice from estate planning attorneys.
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#43 Get a Letter of Instruction
This is not a legal document, but a list of important instructions for the caregiver: contact details for all family and friends, lists
of assets and liabilities, insurance policies, and all financial accounts.
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#44 Write Wills
This designates who will receive major assets after the person you're caring for dies. And complete a "living will." This expresses
the person's wishes regarding medical resuscitation measures and artificial life support. And in stressful times, it ensures that you
honor your loved one's requests.
For more on legal issues related to caregiving and eldercare, visit
www.aarp.org/families/legal_issues
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#45 Establish Power of Attorney
If people under your care can't make decisions for themselves for any reason, you need power of attorney to make decisions for them. There
are two kinds: durable power of attorney for legal and financial decisions, and healthcare power of attorney for healthcare and medical decisions.
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