Page 48 - Book12E

I think I've discovered the secret of life—you just hang around until you get used to it.
— Charles M. Schulz
40
the role of caregiver. In addition, there are certain legal aspects of that care that need attention. Segrest shares some tips on dealing with the finances and legal matters of being a member of the “Sandwich Generation”:
1. Find out in detail what your parents have in terms of savings, assets, income, insurance, and legal protection. Review their bank and finan- cial arrangements. Look into their medical coverage. Find out about their Social Security and pension benefits.
2. Gather or locate important documentation from them, such as their Social Security number, Medicare and Medicaid numbers, insurance information (especially long-term care insurance), a will, doctors and
their phone numbers, medications, deed to their home, trusts, driver's license number, birth certificate, and any other relevant information.
3. It’s essential that your mother or father have a durable power of attorney for both financial care and health care, and a liv- ing will. The durable power of attorney
allows your parents to give you (or another trusted person—it doesn't have to be a lawyer) the right to make financial, legal, and health deci- sions on their behalf. A living will lets your parents say how they want to be treated if they become terminally ill or unconscious. That durable power of attorney for health care will allow you to have a say in your aging parent’s health care if he or she is unable to make decisions.
4. Review your own financial situation. Assess all of your assets, liquid and otherwise. Figure out how much money you will need to pay for your children’s college and your retirement. Create a financial plan, with a reputable financial planner, if possible. You must save for your- self, starting today.
Caring for Elderly Parents