Your Financial Life
4 minute read time
Caring for the elderly requires thoughtful and early discussions, thorough legal and financial preparations and the establishment of a robust support system. Learn the essential steps families can take to ensure compassionate and effective elder care.
Lucille was 80 when her husband first noticed subtle changes in her memory. She became increasingly irritable, misplacing items and forgetting about food left cooking on the stove. Her growing paranoia led her to believe things were being stolen simply because she couldn’t find them. She gave up driving, neglected her diet and started relying on written notes to keep track of everyday details.
Despite these struggles, her memory issues remained largely unnoticed by the extended family, as her husband adeptly managed her daily life and filled in the gaps. But when he passed away suddenly, the reality of Lucille’s decline became apparent. She struggled with medication management, became confused about time, dates and locations and had difficulty articulating her thoughts. It was clear — she urgently needed help and now her family had to scramble to find the right resources to support her.
While financial and estate planning cannot ease the emotional toll of such circumstances, they can prevent a crisis like Lucille’s. So, where should families start? The first step is initiating a conversation with their loved one. Open discussions before signs of decline ensure clarity and alignment on future care.
Numerous organizations provide support, resources and programs tailored for seniors. Consider reaching out to:
Advancements in technology offer invaluable tools for elder care. Various apps help stimulate cognitive abilities, manage medications and monitor pain levels, making caregiving more efficient and comprehensive.
In Lucille’s case, finding resources proved challenging. But the absence of properly executed Power of Attorney documents made the situation even harder — guardianship proceedings may have been necessary before meaningful intervention could take place.
Establishing power of attorney well in advance ensures trusted individuals can make decisions in accordance with an aging loved one’s preferences while remaining within legal guidelines. Proper planning — including Powers of Attorney for healthcare and finance, a solid financial strategy and a committed family advocate — allows for appropriate and compassionate care.
Every adult should consider consulting a professional to discuss estate planning and secure these vital documents. The U.S. Department of Health and Human Services projects that by 2040, people aged 65 and older will make up nearly a quarter of the population. As longevity increases, so too does the likelihood of becoming a caregiver — or needing care ourselves.
Caring for a loved one with cognitive decline is an immense responsibility, often falling on a spouse or close family member. While caregiving can be an act of love and devotion, it also comes with emotional, physical and financial burdens that can be overwhelming without proper support.
The tragic passing of actor Gene Hackman and his wife, Betsy Arakawa, serves as a stark reminder of the challenges caregivers face. Hackman, a legendary actor, was in the advanced stages of Alzheimer’s disease when his wife, Arakawa, who was his primary caretaker, died unexpectedly from hantavirus pulmonary syndrome. Hackman, unaware of her passing, continued living alone in their home for days, unable to care for himself. Their deaths highlight the critical need for an extended support system — one that ensures caregivers themselves receive care and that contingency plans are in place should they become unable to fulfill their role.
Caregiving should never be a solitary endeavor. Families must recognize the importance of building a network of support to prevent burnout and ensure continuity of care.
Lucille’s story, much like Hackman’s, underscores the urgent need for proactive planning. Families must not only prepare for the care of their aging loved ones but also ensure that caregivers themselves have the necessary support to prevent tragic outcomes.