Protect Your Finances: Essential Tips for Family Caregiving With Danielle Miura

November 8, 2023 | ,

Check out Jeremy’s latest podcast on retirement planning by listening on “Apple Podcasts” or “Google Podcasts” or read below for How to Financially Prepare for Family Caregiving.

Summary:

[162] – As our loved ones age, conversations about medical care and finance can become difficult. How can you financially prepare to become a caregiver?

In this episode, Jeremy Keil speaks with Danielle Miura, an advice-only financial planner, family caregiver, and founder of Spark Financials, about the financial aspects of aging care and becoming a caregiver. Danielle shares her personal experience and emphasizes the expanded definition of caregiving since the Covid-19 pandemic. She also talks about her role as a financial advisor and her commitment to helping other caregivers, covering topics such as payment options for family caregivers, setting up caregiving contracts, managing caregiving responsibilities within the family, and how to talk to parents about money.

Danielle discusses:

  • The unexpected expenses of becoming a family caregiver
  • How you can financially prepare for and manage suddenly becoming a caregiver
  • How being a family caregiver can affect relationships
  • How to approach the conversation about money with your parents
  • And more

How to Financially Prepare for Family Caregiving

What unanticipated challenges are there with long-term care?

Unanticipated financial challenges often arise when dealing with long-term care, much like the unpredictability of expenses during certain life transitions. 

Just as in the case of preparing for parenthood, long-term care planning can encounter unexpected financial burdens. Caregivers may find that the estimated costs for supplies and equipment exceed their initial projections, as the specific needs of their loved ones become clearer.

Adjusting to these evolving requirements can result in added expenses, such as trying different brands of products to ensure the comfort and well-being of the individual in care.

To mitigate costs and reduce environmental impact, caregivers often explore options like Mibladder.com to get free samples of necessary supplies.

Additionally, they should consider that some simple, low-cost gadgets can serve as effective alternatives to pricier equipment, improving the quality of care while minimizing expenses. 

In this way,financial planning for long-term care must be flexible and adaptable, much like the decision-making involved in preparing for parenthood.

How can you prepare yourself financially for going into the family caregiving role?

Preparing yourself financially for the family caregiving role is an important step, whether you’re anticipating it or suddenly thrust into this responsibility. One important aspect to consider is the potential for payment as a family caregiver. 

To assess the benefits you can receive, Aidaly.com offers a survey tailored for family caregivers, helping you explore opportunities for financial support. However, eligibility for these benefits is often income and asset-based, so not everyone may qualify. 

In cases where formal benefits are not accessible, creating a caregiving contract becomes essential. This can be done in collaboration with an attorney and is akin to an employment agreement, outlining specific caregiver duties, hourly rates, and setting clear financial boundaries. It’s necessary to establish and maintain transparency regarding financial expectations to prevent unexpected or unmanageable expenses. 

In family caregiving situations, financial fairness can become a delicate issue, particularly when one caregiver receives payment and others do not, or when family dynamics change. Therefore, initiating open discussions within the family becomes crucial for understanding and potentially navigating shifting relationships during this caregiving journey.

How can caregiving affect your relationships?

Your role as a caregiver can influence the dynamics within your family, as well as your relationship with your spouse. Not everyone experiences the same level of understanding and cooperation of a supportive and caring partner. 

If you’re an only child, this may prompt open conversations about taking on this duty as a caregiver to your parents.

It’s important to note that for those with siblings, these discussions might not have occurred previously. As a result, it’s sometimes assumed that the closest family member will shoulder the majority of the caregiving tasks, which can be unfair and burdensome for that individual.

In many cases, these responsibilities may be shouldered out of duty rather than desire, potentially leading to strained relationships. Therefore, fostering open and honest communication with family members becomes necessary to navigate the caregiving journey while preserving strong and healthy relationships.

How do you approach the subject of caregiving and finance with your parents?

Approaching the topic of caregiving and finances with your parents can be a sensitive and challenging task. Yet, opening up this conversation is crucial for everyone’s financial well-being and peace of mind.

One approach is to create a nonchalant, welcoming atmosphere by planting seeds for the conversation. An effective method is to share experiences or stories that relate to financial planning.

You might discuss a news article you’ve read or a friend’s situation, like a parent in an assisted living facility. You can then ask your parents what they think about such situations or seek their advice.

By beginning with these smaller, more manageable discussions, you pave the way for more challenging conversations down the line, like wills, trusts, and power of attorneys. It can also lead to learning about your parents’ financial preparations and possibly inspire them to take action.

Starting these conversations early sets the stage for better financial situations for both you and your parents as you navigate the intricacies of caregiving together.

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To learn more about financial planning for aging care, check out the resources below!

If you have any questions, feel free to contact us or our guest, Danielle Miura, using the contact information provided below!

Resources:

Connect With Danielle Miura:

Connect With Jeremy Keil:

About Our Guest:

Danielle Miura is a financial planner and family caregiver. Her mission is to help family caregivers on their journey and inspire them to take care of their financial well-being while providing the best care for their families. Danielle Miura’s life was transformed when her loved one’s health declined. Even though she was honored to be a family caregiver, being a family caregiver wasn’t usually something you wish for; it was more like something you stumble upon. With no formal caregiving training, she used her financial planning background to help solve complex financial questions, help make decisions about care, share tips about financial management, and estate legal coordination. When she’s not working or being a family caregiver, she enjoys traveling, gardening, and going on hikes.

Disclosures:

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Investment Risk

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General Disclosure

Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.

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