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Rayna Neises, ACC, host, and Karen Weaver, PCC, co-host, reflect on last week’s interview with Victoria Lowell. Victoria shared information regarding finances and their impact during the caregiving season. Additional thoughts:
- When retiring early to care for a loved one, you need to consider lost wages. Also, the lost opportunity to contribute to social security and personal retirement plans.
- Finding a side hustle can help with income, but also can provide stress relief helping you feel like you are adding value and that you have something of your own.
- Understand the difference between health insurance, long-term care insurance, and Medicare/Medicaid.
- Power of Attorney is only good while the person is living. Once they pass, then the will dictates the handling of the estate.
- Medical Power of Attorney and Financial Power of Attorney can be separate documents or can be one comprehensive document.
- It is important to have cash available and accessible at the time of the person’s passing as it can take time to liquidate funds and obtain a copy of the death certificate.
- Check out Podcast #32 with Kira Reginaldo for additional tips.
