Caregivers Trinity® Module 3 - Financial

TABLE OF CONTENTS

• Lesson 1.0 Intro to Caregiver’s Compliance
• Lesson 1.1 Leaning In: From Denial to Proactively Preparing
• Lesson 1.2 Explaining the Intent – Take Advantage of Time For Proactive Plans
• Lesson 1.2 Identifying the Goal – Protecting Assets & Aligning Retirement Savings to Health
• Lesson 1.3 Expressing the Plan – Establish Estate Planning & Compliance Documents
• Lesson 1.4 Discussing Potential Challenges – Understanding Fiduciary Responsibility
• Lesson 1.4 Discovering Expected Results – Navigating Mixed Emotions to Comply

In this Module, we will continue with more areas that typically cause higher levels of stress and anxiety when it comes to the financial support and management of our loved ones' physical and financial well-being. High stress arises from the emotional turmoil experienced in response to what our loved ones want versus what is needed to meet their needs.

In Lesson 1.1, Calming The Financial Storm, we will discuss what it looks like when life gets turned upside down, as you least expect it, by creating an unexpected storm on your caregiving journey. The mentality of crossing the bridge when it happens leaves you exposed to a variety of areas you really don’t want to think about.

For Lesson 1.2, we will continue with understanding the intent of proactively creating estate planning to capture your loved one’s wishes regarding medical, financial, and family care decisions. Time is of the essence, so the sooner you can get the preparation for the estate planning done, the sooner you can return to living life while you continue creating happy memories with your loved one.

In Lesson 1.3, we will review the five documents and their intended uses to protect you, the caregiver, and your loved ones' best interests. In your handout for Lesson 1.3, you will find descriptions and space to write down notes as the information invokes questions you may want to ask your Elder Law Attorney.

In Lesson 1.4, we will discuss the challenges you may face when using the compliance documents. Then we will wrap up with some expected results once the documents are completed and you continue caregiving.

TABLE OF CONTENTS

• Lesson 2.0 – Intro to Caregiver Long-term Planning
• Lesson 2.1 Leaning In: Calming The Financial Storm
• Lesson 2.2 Explaining the Intent – Proactively Planning for Stages of Care Necessities
• Lesson 2.2 Identifying the Goal – Know Options Available For Estate Planning
• Lesson 2.3 Expressing the Plan – Maximize Financial Options through End-of-Life
• Lesson 2.4 Discussing Potential Challenges – Recognizing Evolving Advocacy Role
• Lesson 2.4 Discovering Expected Results – The Will of God, Protection from Grace

Throughout Lesson Two, we will discuss Long-Term Care insurance policies – how they work, and why diversifying your savings will help manage your care budget and supplement your income later. We will also discuss what constitutes self-insurance and why purchasing life insurance for your loved one is not solely spousal-related.

In this Lesson 2.1, I invite you to Lean In with me as I share what dispelled my earlier expectations about what financial wellness would be for Mom as we journeyed into unknown territory together. We can hope for the best and expect the worst while doing all we know how. However, our best may be even better when we know our options.

In Lesson 2.2 of the Caregiver Financial Wellness, Calming the Financial Storm, we will continue with a brief explanation of why Social Security, Medicare, and Medicaid are only supplemental plans, not significant sources of income or insurance for your Long-term Planning. Then we will discuss the intent behind diversifying your savings to help you avoid drowning in the financial storm most caregivers face. Finally, we will cover the goals of self-insuring versus purchasing Long-Term Insurance policies, and possibly a combination of both approaches.

In Lesson 2.3, we will discuss the options explained in the previous lesson by crafting part of your plan. Let me repeat, part of your plan is necessary because, from where I sit now, I do not know your exact circumstances. Setting up these options is time-sensitive: the sooner you establish your caregiver compliance documents, the sooner you can create your unique estate planning tools, and the sooner you can begin building savings to buffer against the financial storm.

In Lesson 2.4 of the Caregiver Financial Wellness, Calming the Financial Storm, we will discuss potential challenges you may face as you create and implement your proactive plan. Then, as we wrap up Lesson 2.4, we will cover some expectations as you navigate your plan. You may not have connected the dots yet with the analogy of being in a financial storm.

TABLE OF CONTENTS

• Lesson 3.0 Intro To Finding the Next Forever Home
• Lesson 3.1 Leaning In: Calming the Financial Storm Through Downsizing
• Lesson 3.2 Explaining the Intent – Objectively Plan For Later Stages of Decline
• Lesson 3.2 Identifying the Goal – Selecting Assisted Living Communities for Final Stages
• Lesson 3.3 Expressing the Plan – Maximize Your Time on Your Terms
• Lesson 3.4 Discussing Potential Challenges – Managing Guilt & Grief with Limitations
• Lesson 3.4 Discovering Expected Results – Adapting To Caregiving In A New Way

Welcome to Module Three, Caregiver Financial Wellness, Lesson Three for Finding the Next Forever Home while Calming the Financial Storm. The name of this lesson may be a bit confusing for some, especially for those who never thought they would help their loved ones find a safer living environment outside of their own. Throughout Lesson Three, we will begin by leaning into what many caregivers experience as they realize caring for their loved one at home has reached the limits of safety and accessibility. Then we will discuss the intent behind understanding different types of assisted living, with the specific goal of proactively planning for your loved one's next forever home.

In this Lesson 3.1, I invite you to Lean In with me while I share about the afternoon when the Elder Law Attorney visited Mom’s house to begin drafting the compliance documents and how we approached the uncomfortable conversations. Although Mom finally agreed to have the documents drawn up, she also requested that I promise to never place her in an “old folks” home. Yikes! Sound familiar?

In Caregiver Financial Wellness, Lesson 3.2, we will continue the discussion by getting a better understanding of the intentions behind finding the next forever home. Then we will discuss the goal of supporting your loved one's evolving care needs. There is typically not a one-size-fits-all scenario, especially one that fits most caregiver budgets.

In Caregiver Financial Wellness, Lesson 3.3, we will continue the discussion on finding the next forever home for your loved one by covering key steps to help you form your personalized plan. When I was in the corporate world, we were reminded that failing to plan is planning to fail. On the outside of the corporate world, this statement is still true, but I have learned as a caregiver that we don’t plan for illness or life-altering disabilities.

In Caregiver Financial Wellness, Lesson 3.4, we will discuss potential challenges you may face as you plan and eventually move your loved one into their next forever home. As we wrap up Lesson Three, we will cover a few expectations for this stage of your caregiver journey.

TABLE OF CONTENTS

• Lesson 4.0 Intro to Caregiver Budgeting
• Lesson 4.1 Leaning In: Calming The Financial Storm & Softening The Blows
• Lesson 4.2 Explaining the Intent – Determining Affordability and Deductibility
• Lesson 4.2 Identifying the Goal – Know What Is True Disposable Income for LT Savings
• Lesson 4.3 Expressing the Plan – Build A Flexible Budget Using the Caregiver Template
• Lesson 4.4 Discussing Potential Challenges – Making Ends Meet & Planning For Future
• Lesson 4.4 Discovering Expected Results – Spending Habit Awareness & Improvements

Welcome to Module Three, Caregiver Financial Wellness, Lesson 4 of Calming the financial storm by learning how we are going to pay for such a challenging time in our lives. Especially when the industries designed to help our loved ones age are driven by complex systems through Medicare, Medicaid, and limited Social Security. Even if you qualify for those types of financial assistance, you’re still going to need to track and organize your financial status to work for you instead of against you.

Welcome to Lesson 4.1 of the Caregiver Financial Wellness, Calming The Financial Storm with Caregiver Budgeting. During Lesson 4.1, I invite you to lean in with me as I share the shocking reality of how Mom’s lack of planning affected what steps we took as a short-term plan for an unknown amount of time. Being proactive means knowing what you can afford so you can plan despite the shocking costs of living for those with a disability, dementia, or needing to do costly home repairs to keep your loved one home longer.

In Lesson 4.2 of Caregiver Financial Wellness, Calming the Financial Storm with Caregiver Budgeting, we will cover the intent behind knowing what you can afford in comparison to the costs within the caregiving industry and what you can deduct as medical expenses. The correlation between deductibility does not automatically mean affordability.

In Lesson 4.3 of the Caregiver Financial Wellness, Calming the Financial Storm with Caregiver Budgeting, we will look at building a potential plan for you by using your basic tracking Excel Workbook for your flexible budget. Your budget will most likely be revised during the year as life happens. This workbook is intended to be your anchor in the pending financial storm to keep you aware of the crashing waves ahead.

In Lesson 4.4 of Caregiver Financial Wellness, we will wrap up lesson four as we discuss potential challenges you may face with expected results as you begin to build your Caregiver Flexible Budget file. There are so many things I wish I had known before I took my leap of faith to step into Mom’s world of living with Dementia, and budgeting was a major one.