Episode 205: Preparing for the Financial Side of Caregiving

In this episode of Retire With Style, Wade and Alex talk with Beth Pinsker, author of My Mother’s Money, about the realities of financial caregiving. Beth shares her experience managing her mother’s finances during a health crisis, underscoring the value of preparation and clear legal documentation. The discussion covers the importance of establishing power of attorney, the practical challenges of budgeting for someone else, and the emotional strain that arises when court involvement becomes necessary. The episode offers listeners a straightforward look at why financial caregiving matters and what steps can help families prepare before a crisis hits.

 

Takeaways

• Preparation is crucial; having legal documents in place can save time and money later.
• Power of attorney is essential for anyone over 18 to ensure decisions can be made on their behalf.
• Financial institutions have varying requirements for accepting power of attorney documents.
• Navigating a loved one's finances can be complicated without access to their accounts.
• Budgeting for someone else requires understanding their entire financial picture, including bills and accounts.
• The court experience for those without power of attorney can be lengthy and emotionally taxing.
• Many people underestimate the importance of estate planning, regardless of their financial status.
• It's important to normalize discussions about power of attorney and healthcare proxies among families.
• Planning ahead can prevent significant stress and financial burden during a crisis.

Chapters

00:00 Introduction to Financial Caregiving 01:45 The Journey Begins: Beth's Personal Experience 04:11 Preparing for the Inevitable: Legal and Financial Steps 10:21 The Importance of Power of Attorney 16:20 Navigating Financial Institutions 25:32 Reverse Engineering the Budget 30:34 The Court Experience and Its Implications

 

Links

Find links to order Beth Pinkser's book, "My Mother's Money," at www.bethpinsker.com

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This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”