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Senior Finances

Getting a General Power of Attorney

Geting a power of attorney can be important, especially as relatives and loved ones fall ill or become unable to make decisions for themselves.  So how do you go about getting a power of attorney?

A general power of attorney authorizes you to legally take on the affairs of someone else indefinitely, but it can be easily confused with other types of POA's.

1- What Type of Power of Attorney Do You Need?
* A durable power of attorney is commonly used to allow the holder to make healthcare or financial decisions when a person lacks capacity to make their own decisions.

Finding the Right Caregiver

As your loved one gets older, you may find that they are staring to need more help with things like grocery shopping, meal preparation, bathing, transportation to appointments, medication management, etc.  It is something that family members can assist with in the beginning, but sometimes your loved one's needs may exceed what family and friends can provide.

A caregiver may be the right fit for someone that needs extra help in the home.  It may be the difference between someone being able to "age in place", or stay in their current home, versus having to move into an assisted living facility or nursing home.

Social Security

Social Security:  What Family Caregivers of Seniors Should Know

Retirement!  The mere word conjures fond thoughts in many of us who aren't there yet but close enough to dream.  Dream, that is, until thoughts of the money we need jolts us to reality.  When it comes to retirement finances, many of us not yet there treat Social Security as only a secondary piece of our retirement finances and are planning other strategies now to be ready when the time does finally arrive.  Some assume it won't be there at all so all the money for their senior years will have to come from elsewhere.

Who is Eligible for Medicaid in N.C.

Medicaid serves low-income parents, children, seniors, and people with disabilities.  There are different types of coverage for people with different needs.  Income and resource limits for each of these groups vary:
 
Aged, Blind and Disabled
Infants, Children and Families
Long-Term Care
Medicare Recipients
 
To be eligible for Medicaid, you must also:
 
Be a US citizen or provide proof of eligible immigration status.
Live in N.C., and provide proof of residency.
Have a Social Security number or have applied for one.

Senior Options

Thinking about future housing arrangements can be a stressful topic for both you and your family.  However, the earlier you assess your current needs and how those needs may evolve over time, the more control and choices you will have.  These guidelines can help you learn about the different types of senior housing available, which choices are best for you, and how to navigate the emotional roadblocks that come with selecting senior housing.
 
Planning for your future.....
Aging is a time adaptation and change, and planning for the future will make sure your needs, or the needs of a loved one, are fully met.

A Great article from USA Today

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Here is another great article from the USA Today about financial planning for family members. Atlantic Life Transitions can assist you in planning care for your parents and help relieve your stress!

Great Article from USA Today about Senior Financial Planning

This is a great article that was posted in the USA Today. It talks about planning finances for aging parents and gives tips and strategies on how to save money now. Enjoy!