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Gainesville Florida Estate Planning & Elder Law Blog

Monday, August 8, 2016

A Caregiver’s Guide to Money

Every family finds the topic of money to be very odd, sensitive and semi-uncomfortable. There are many factors that go into the discussion of money such as, how they deal with money, how to save it, how to spend it, who’s in control of it and how decisions are made. When becoming someone’s caregiver, money plays an important role in how to approach his or her care. Money can become an even bigger issue if you become the caregiver or a parent or loved one. Here are some things you should discuss if you find yourself in this sticky situation.

Money

Starting the conversation about money and finances can be difficult, but it is crucial in order to keep everything clear. You should have a “what if” conversation with your parents and siblings to get them to start thinking about arrangements. Things that can also be spoken about when discussing money include where the caregiver should stay, if the person needing assistance should be at home or somewhere else, how can the money be spent in regards to the care, and can the caregiver, even if it’s the person’s child, be paid.

Work

Being a caregiver is a full-time job. This is the time where the caregiver has to decide if being a caregiver is their one and only responsibility or if still having a side job and enjoying their own life is necessary. Making this a full-time job can also affect the person’s finances and the finances of the person paying you. You will also have to focus on your own health insurance, life insurance, and planning your own aging plan. You can be a paid caregiver to your parent as long as your parent or other family member is willing to pay you for the help that you are providing.

 Emotional Issues

The topic of money and finances can trigger many emotions because people can compare it to love, being a favorite or trustworthiness. It may be best to have a professional deal with finances so emotions don’t have to play a factor in the decision-making and it will avoid tension. Remind your family that you are becoming a caregiver because you want your loved one to be under the best care. 


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