Resource Center

Planning for financial affairs through the aging journey requires a thoughtful approach that addresses the unique needs of aging adults. As your loved one continues to age in place, creating a comprehensive financial strategy becomes essential—one that balances everyday expenses with potential long-term care costs. Navigating Medicare, Social Security benefits, and retirement accounts can feel overwhelming when you're already managing daily caregiving responsibilities. Many families benefit from organizing financial documents, tracking healthcare expenses, and identifying potential benefits or assistance programs that might ease the financial burden. Consider consulting with a financial advisor who specializes in elder care to review insurance policies, explore long-term care options, and in coordination with legal advice, discuss estate planning documents like wills, trusts, and advance directives. It's also important to address potential scenarios such as cognitive decline by establishing durable powers of attorney for finances. Also bear in mind that some financial advisors are motivated and compensated for selling products. For instance, many that purport to be experts on aging are highly compensated for selling Medicare Advantage plans versus giving objective advice. If your aging loved one already has a financial planner, they may already have the needed relationship. Similarly, their current adviser may have access to colleagues who specialize in elder-focused matters. If there isn't already an appropriate advisor in place, you can always do an internet search for "elder-focused financial planner" in your area. If you don't explicitly specify in your area in the search, you are likely to get a long list of firms that do online planning. Alternatively, you can also check with your Area Agency on Aging to see if they have financial advisors they recommend. By developing a clear financial roadmap, you can help ensure your loved one maintains dignity and choice in their care while protecting the assets they've worked a lifetime to build. Remember, proactive financial planning isn't just about managing money—it's about creating peace of mind for both you and your aging family member during this important life transition.

During the aging journey, managing day-to-day finances can become increasingly challenging. Financial management services provide essential support by handling routine tasks such as bill payment, account monitoring, budgeting, and financial organization. These services can be tailored to your family's specific needs—from basic assistance with monthly bills to comprehensive oversight of all financial matters. Professional financial management can help prevent common issues like missed payments, financial exploitation, or disorganized records that often emerge as cognitive abilities naturally change with age. KareTeam's tracking features help families maintain appropriate oversight while respecting your loved one's independence and dignity. Given that many of these tasks can be done online, you may want to have a remote member of your KareTeam take on some of the tasks of financial management. After all, bill paying and account monitoring can be done from a distance once everything gets transferred to online. Or you could take a blended approach, and have a family member handle some tasks, as well as giving oversight to a financial management service provider for other tasks. Of course, you can use KareTeam to keep track of these tasks and assign responsibilities to specific family members. However, given the sensitive nature of handling money and the potential perception issues among family members, it will be important to maintain transparency and appropriate visibility into financial management activities. If you decide to get the assistance of an outside firm, finding the right financial management solution requires careful consideration of your loved one's unique circumstances. Some families benefit from working with daily money managers who specialize in elder finances and can visit the home regularly to organize paperwork, pay bills, and reconcile accounts. Others may prefer services offered through banks or trust companies that provide professional fiduciary oversight. For those with more complex estates, elder law attorneys or financial advisors with geriatric expertise can help establish comprehensive systems that address both immediate needs and long-term planning. KareTeam allows you to securely store contact information and notes from these professional relationships in one centralized location. Whatever approach you choose, implementing appropriate financial management services can significantly reduce caregiver stress while protecting your loved one's financial well-being and preserving their hard-earned assets for essential care needs. KareTeam's organizational tools help families coordinate these services efficiently, ensuring nothing falls through the cracks and providing peace of mind for everyone involved in your loved one's care.

Navigating the legal landscape of aging can be complex and overwhelming for families supporting a loved one who wishes to age in place. Elder law attorneys specialize in the unique legal needs of older adults, offering expertise in areas such as estate planning, advance directives, powers of attorney, guardianship, Medicare and Medicaid planning, and protection against elder abuse. These specialized legal professionals can help your family create comprehensive legal documents that protect your loved one's wishes and assets while ensuring proper care. As mentioned at the beginning of this section, addressing financial and legal matters early in your loved one's aging journey isn't merely convenient—it's essential for preserving their autonomy and protecting their future security. Early planning allows your aging loved one to participate in crucial decisions about their assets, care preferences, and legal protections while they possess the cognitive capacity to understand complex choices and express their wishes. There exists a critical legal threshold that many families don't recognize until they've crossed it—the point at which an aging adult no longer possesses the legal capacity to execute documents or make binding decisions about their own affairs. Without properly executed powers of attorney for finances and healthcare completed while your loved one retains decision-making capacity, families may face the costly, time-consuming, and emotionally draining process of seeking guardianship or conservatorship through the courts. Even with family members appointed as guardians, court oversight typically requires ongoing reporting, approvals for certain decisions, and limitations that wouldn't exist with properly executed advance planning documents. Additionally, without clear legal authority, financial institutions may freeze accounts, healthcare providers may be unable to share information, and government benefit programs may become inaccessible precisely when they're most needed.  Another key is legal document storage. Of course, you can print and keep all the documents in a safe place. Or you can maintain digital copies of these important legal papers, making them easily accessible to authorized family members when needed and ensuring everyone on your caregiving team understands your loved one's legal preferences. Finding the right elder law attorney is a crucial step in creating a solid foundation for your aging loved one's care plan. Look for attorneys who are members of the National Academy of Elder Law Attorneys (NAELA) or who hold Certified Elder Law Attorney (CELA) credentials, as these qualifications indicate specialized training in senior-focused legal matters. Many elder law practices offer initial consultations to discuss your specific situation and needs. KareTeam can help you coordinate these legal consultations by allowing you to share relevant information with family members, track appointment schedules, and assign follow-up tasks to specific caregivers. By integrating elder law services into your KareTeam care plan, you create a powerful safety net that protects your loved one's rights, honors their wishes, and provides your family with clear guidance during challenging transitions or medical emergencies.

Estate planning is a crucial component of comprehensive care for your aging loved one, providing essential legal protection for their assets and ensuring their wishes are honored throughout their later years and beyond. More than just creating a will, effective estate planning encompasses establishing powers of attorney for healthcare and finances, developing advance directives, considering trusts to protect assets, and planning for potential long-term care needs. These legal tools work together to provide a framework that guides decision-making during health crises, minimizes tax burdens, and creates a clear roadmap for asset distribution. Many turn to an estate planning attorney to work through all of these issues. Your aging loved ones may already have a relationship with a lawyer who can either do the work or refer to an appropriate lawyer. But of course, that means a significant cost in attorney's fees, and generally, it also means getting all the necessary people into the same room at the same time to create an efficient process. A simple internet search will create a long list of estate lawyers. The challenge is picking the right one. Today, there are also a number of useful online solutions. These include products such as LegalZoom, Rocket Lawyer, or Quicken WillMaker from Intuit. If you have a relatively simple situation, these may be a good option. There are other options that blend a whole range of online and lawyer services such as Trust & Will. Even if you have a more involved estate situation—particularly if you are already knowledgeable on wills, trusts, and legal documents—these online products may be a good option. But know that all these products will also advise you to consult a lawyer. Even if you decide to consult a lawyer after using one of them, it should help educate you and streamline the process. Initiating estate planning conversations early allows your loved one to actively participate in these important decisions while they're able to clearly express their wishes. Consider working with an attorney who specializes in elder law and estate planning to create a comprehensive strategy tailored to your family's unique circumstances. KareTeam's calendar and task management features help coordinate these important conversations and appointments, ensuring that all family members stay informed and involved in the process.

Older adults are disproportionately targeted by scammers and fraudsters, making fraud protection an essential component of comprehensive elder care. Seniors lose billions of dollars annually to various schemes including phone scams, email phishing, investment fraud, Medicare fraud, and even exploitation by caregivers or family members. These crimes not only cause financial devastation but also create significant emotional distress and can seriously impact your loved one's quality of life and ability to age in place. As a family, you’ll want to implement protective measures by allowing caregivers to document suspicious contacts, share potential warning signs, and coordinate responses when concerns arise. Of course, you can use KareTeam to share this information among your team of family and friends to help. Several specialized products and services can significantly enhance fraud protection for your aging loved one. Call-blocking devices and services like Nomorobo, Hiya, or Truecaller can filter out known scam phone numbers before they ever reach your loved one's phone. Many major phone carriers also offer free scam-blocking services that can be activated on your elder's account. For financial protection, consider services like EverSafe or True Link Financial, which monitor accounts for unusual activity and send alerts to both the account holder and designated family members when suspicious transactions occur. Digital security products are equally important in today's connected world. Password managers like LastPass or 1Password can help your loved one maintain strong, unique passwords without having to remember them all. Identity theft protection services such as LifeLock, Identity Guard, or Aura provide comprehensive monitoring of personal information, credit reports, and the dark web, alerting users to potential compromises before significant damage occurs. For those with cognitive impairments, consider specialized credit cards with spending limits or prepaid cards that can be monitored and reloaded as needed. Creating a robust fraud protection plan involves multiple strategies working together. Consider setting up financial safeguards such as transaction alerts, account monitoring, and spending limits on credit cards and bank accounts. Educate your loved one about common scams and establish clear protocols for handling unsolicited calls, emails, or visitors. For those with cognitive decline, more comprehensive oversight may be necessary. KareTeam's task management features allow you to assign regular account monitoring responsibilities to specific family members and track completion of these important security checks. By incorporating fraud protection into your KareTeam age-in-place plan, you create an additional layer of security that helps preserve both your loved one's financial resources and their dignity.

Navigating the complex landscape of insurance options becomes increasingly important as your loved one ages in place. Insurance counseling services specifically designed for seniors can provide invaluable guidance through the maze of Medicare plans, Medicare Advantage options, Medigap policies, long-term care insurance, and other specialized coverage needs. These counselors help identify coverage gaps, explain benefits in plain language, and find plans that balance comprehensive protection with affordability. Many states offer free insurance counseling through their State Health Insurance Assistance Program (SHIP), providing objective advice without sales pressure. Insurance needs often change as health conditions evolve, making regular policy reviews an essential part of ongoing care planning. A qualified insurance counselor can help evaluate whether existing coverage remains adequate or if adjustments are needed to address new medications, treatments, or care requirements. They can also identify potential cost-saving opportunities through subsidies, assistance programs, or plan switches during annual enrollment periods. Also see the section in this Resource Center on Medicare and Medicaid for a bit more in-depth information.

Tax preparation can become increasingly challenging for aging adults due to changing tax laws, potential cognitive decline, and the complex tax situations that often accompany retirement and healthcare expenses. Fortunately, several specialized resources exist to help seniors navigate tax season with confidence. The IRS-sponsored Tax Counseling for the Elderly (TCE) program offers free tax assistance specifically for those 60 and older, with volunteers who specialize in retirement-related tax issues. Similarly, the AARP Foundation Tax-Aide program provides no-cost tax preparation services at thousands of locations nationwide. Most Area Agency on Aging offices also can point you to tax assistance services. These services can help your loved one identify important deductions for medical expenses, ensure proper reporting of retirement income, and determine eligibility for age-related tax benefits. For seniors with more complex financial situations, working with a professional tax preparer who specializes in elder tax issues may be worthwhile. These specialists understand the unique tax considerations that affect older adults, such as required minimum distributions from retirement accounts, taxation of Social Security benefits, and potential deductions for long-term care expenses. When selecting a tax professional, look for credentials such as Enrolled Agent (EA), Certified Public Accountant (CPA), or tax attorneys with elder care experience. By incorporating tax assistance into your KareTeam plan, you help ensure your loved one remains compliant with tax obligations while maximizing potential refunds and minimizing unnecessary tax burdens.

As your loved one ages, managing complex financial affairs may become increasingly challenging, creating the need for professional fiduciary services. Fiduciaries are legally bound to act in your loved one's best financial interest, providing objective management of assets, bill payment, tax planning, and other financial matters. These professionals—who may be certified financial planners, trust officers, or licensed fiduciary specialists—can serve in various capacities, from providing limited assistance with specific tasks to assuming comprehensive responsibility through legal arrangements like conservatorships or trusteeships. For families concerned about potential conflicts of interest or those separated by distance, professional fiduciaries offer peace of mind through their ethical obligation to protect your loved one's financial wellbeing. Courts typically appoint fiduciaries when an aging adult can no longer manage their financial affairs independently and no appropriate advance planning documents (such as durable powers of attorney) are in place. This judicial intervention, often called conservatorship or guardianship of the estate, becomes necessary when there's substantial evidence that the individual lacks capacity to make sound financial decisions due to cognitive decline, severe illness, or other significant impairments. The court process usually begins when a family member, healthcare provider, or social services agency files a petition expressing concerns about the individual's financial vulnerability or demonstrating that financial mismanagement is already occurring. A judge then evaluates medical assessments, witness testimony, and other evidence before determining whether court intervention is warranted. Court-appointed fiduciaries may also become necessary in situations involving family conflict, potential financial exploitation, or when no suitable family member is available to serve in this role. In contested cases where family members disagree about an elder's capacity or the appropriate person to manage finances, courts may appoint a neutral professional fiduciary to protect the elder's interests. Similarly, if evidence suggests that someone has been taking financial advantage of the elder, courts may remove that person's access and appoint an independent fiduciary. The court maintains oversight of these appointed fiduciaries, typically requiring regular accountings and reports to ensure proper management of the elder's assets. In the event you are seeking a fiduciary without the intervention of the courts, finding the right fiduciary requires careful consideration of your loved one's specific needs and circumstances. Begin by assessing which financial tasks require assistance and whether family members can handle some responsibilities while professionals manage others. Look for fiduciaries with relevant credentials such as Certified Financial Planner (CFP), Professional Fiduciary Association certification, or National Certified Guardian status. Interview potential candidates about their experience with similar clients, fee structures, communication practices, and how they handle emergencies. Once you've selected a fiduciary, KareTeam's calendar and task management features help coordinate regular reviews of financial statements, schedule periodic meetings with the fiduciary, and ensure that all family members remain appropriately informed about your loved one's financial situation. This coordinated approach helps maintain the perfect balance between professional oversight and family involvement in financial matters.

Navigating Medicare's complexities can be overwhelming for aging adults and their caregivers. Medicare advisory services provide personalized guidance through the maze of options, including Original Medicare, Medicare Advantage plans, prescription drug coverage, and supplemental Medigap policies. These advisors help identify suitable coverage based on health needs, preferred providers, medications, and budget constraints while explaining enrollment periods, potential penalties, and coverage gaps. Many states offer free counseling through their State Health Insurance Assistance Program (SHIP), while independent Medicare brokers provide hands-on assistance with selection and enrollment. Given the complexity and challenges of this entire topic, we’ve created an entire section in this Resource Center of Medicare and Medicaid. Click the link here to go to this section: