Eldercare Planning

Like most people, you may procrastinate in planning for your later years. After all, it’s hard to imagine yourself being incapable of doing activities you enjoy today. Unfortunately, putting this off can burden those closest to you at a time when they can least bear it. For example, you may know a working woman taking care of children and parents at the same time. So, to avoid being an item on a busy family member or friend’s crowded “to do” list, you should prioritize eldercare planning.

In Eldercare Planning:

  1. Plan for different levels of care. For instance, think long-term instead of focusing on immediate needs.
  2. Evaluate whether aging in place is an option. While attractive to many, staying at home can be costly and dangerous.
  3. Explore senior living options before needed. As a result, you learn what you want and don’t want, and the related costs of each.
  4. Consider the typical path of expenses in retirement. For example, expenses tend to be high early on, lower in the middle and increase again in our elder years.
  5. Evaluate adult daycare options. This way, you identify and choose without relying on a busy caregiver with limited time searching for a safe place for you.
  6. Know your options in the case of a health event, cognitive impairment or incapacity. Additionally, update estate documents with those related wishes.
  7. Understand what Hospice Care provides. Then, include this information and any related desires or instructions in estate documents.
  8. Protect yourself from financial fraud. For example, use strong passwords maintained in a private place or via password protection software.
  9. Understand the taxation and income planning opportunities and impacts. For instance, some medical expenses associated with senior living options can be deducted. Additionally, family members may be able to receive a dependent care tax deduction for expenses paid on your behalf.

Plenteous Financial Wellness Wheel

Plenteous Financial Wellness Wheel

Understand what the wheel is all about and explore the spokes to identify the planning gaps you need to fill.