On October 15, 2010, the Elder Law section of the Washington State Bar Association presented an award to Representative Jeannie Darneille (D) of the 27th District for her work to enact legislation to establish the Office of Public Guardianship. The mission of the Office is to make guardianship services available to individuals who need them and are alone (without family members or friends to serve as volunteers) and poor (without the means to pay for needed services). Many of these individuals are elderly and need a surrogate decision maker. A guardian is appointed by the court to make either personal or financial decisions.
If you are a care-giver, you should be aware of The Elder Law section. It focuses on legal issues that are pertinent to elders – including retirement issues, estate planning, powers of attorney, guardianship and other forms of substitute decision making, to private and long-term care, health care financing and elder abuse. Go to www.wsba.org for more information or to find an Elder Law attorney through the public resources directory.
We often talk about care giving without addressing a crucial question. How does the caregiver survive economically when they’re devoting both their financial and personal resources (time, energy) to personally tending to their aging parent(s)? Before someone makes a major commitment like this, they need to give careful consideration to his or her own fiscal future. If unable to work and drawing from one’s personal assets to oversee a loved one, the caregiver may discover that he/she now has less money in his/her own retirement account. They may also have problems re-entering the job market after taking a personal hiatus, especially in an already shaky economy. What should one consider financially before becoming a caregiver and what resources should they already have in place? Let us know your thoughts!
My parents can no longer handle their finances, so my husband and I have stepped in to help out. They are in their mid-80’s and reside in a retirement home in a semi-assisted living arrangement. Their cost of living averages about $90,000 a year including medical and other incidentals. Much of their money was in CD’s as they wanted something low risk.
The question that arises is CD’s versus Money Market accounts? Interest right now is minimal. Here’s how we understand it. With a CD you are committing your funds for a time period of 30 days to 10 years. The longer your money is in, the higher your interest rate will be. Money Market accounts are similar to savings accounts but usually pay higher interest. The minimum balance is greater and you are limited to 3 to 6 withdrawals per month.
We want to make a responsible choice and are leaning towards CD’s as they seem to be so much easier to oversee. Would love to have some feedback on what others in our situation are doing.