Work/Life Trends
Elder Caregiving Tips: Organizing Legal and Financial Affairs

If you're caring for an older loved one—especially one who has been diagnosed with Alzheimer's disease or dementia—it's important to address legal and financial issues as soon as possible, ideally with a professional who has experience in both legal and financial matters, such as an elder law attorney or an estate attorney.

A wise first step is to determine what types of insurance your loved one carries, if any; be sure to write down life and health insurance policy numbers. Next, establish whether key legal documents have been executed and are up-to-date; the most critical documents are wills, trusts and advance directives, all of which must be executed while a person is still mentally competent. Have this information with you when you consult an advisor.

Motivations of Caregivers Fully half of those who provide care to an older family member or loved one do so out of a sense of obligation, while just nine percent say that there's no one else around to provide care, found a recent LifeCare online poll. The poll asked participants, “If you care for an older loved one, what motivated you to take on this role?” Here are their responses: 50% — Sense of obligation 19% — I'm the only one who can provide the level of quality my loved one deserves 9% — No one else to do it 4% — My loved one asked me 2% — Siblings wouldn't do it 16% — Other

Here are other key documents to have on hand during your consultation:

	Bankbook, bank statements and canceled checks (dating back three years, if possible)
	Homeowner's and auto insurance policies
	Federal and state income tax returns from the past three years
	Information about safe deposit boxes and keys
	Information about pension plans, IRAs, Keogh plans or other employee benefit plans
	Stock certificates, bonds, mutual funds, etc.
	The names of accountants, lawyers, doctors, etc.
	Information on property owned, mortgages held (and coupon booklets), and payment of property taxes
	Credit cards (or account numbers) and information on other outstanding debts

If your loved one is no longer mentally capable of executing any of the important documents mentioned above, guardianship proceedings are brought into state courts—usually a probate court or surrogate's court. A judge then appoints a person (known as a guardian or conservator) to make decisions concerning personal or financial affairs. For more information about guardianships, you should speak to an attorney.