Building Wealth in 2018

November: Understanding the Role of a Financial Caregiver

According to the Caregiver Action Network, over 90 million Americans care for a loved one living with a disability, disease, or experiencing financial hardship due to aging. Family caregivers play a very important role in caring for a loved one. They also can play a critical role in ensuring the financial needs of their loved one are handled with great care.

In honor of National Family Caregivers Month, we are going to share some useful tips to help you better understand the role of a family caregiver and financial caregiver.

  • Learn the rights & restrictions of your role as a Financial Caregiver. Financial caregivers are fiduciaries with a duty to act and make decisions on their loved one’s behalf. They can also act as a Power of Attorney, trustee, and federal benefits fiduciary.
  • Manage money & other assets wisely. Financial caregivers are also in charge of the daily, unexpected and future expenses their loved one may incur. Therefore, it’s important to limit any unnecessary costs and budget accordingly to ensure money is available when needed.
  • Recognize danger signs. Sadly, seniors are often vulnerable to financial abuse and fraud. Stay alert to signs of scams or identity theft, which may put a loved one’s assets at risk.
  • Keep detailed records. Be sure to maintain proper documentation of a loved one’s finances. This will be helpful come tax season.
  • Stay informed. Remain vigilant to changes in the financial status of a loved one and seek appropriate action, if needed. You may also want to remain up-to-date on laws affecting seniors.
  • Seek professional advice. Consult your banker or speak with a wealth management advisor for additional guidance, if you need assistance at any time.

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Written by Dawn Beers

Dawn Beers

Dawn heads up our marketing department where she is responsible for the general oversight and management of the Bank’s marketing and public relations initiatives. This involves managing the planning, organizing and directing of our advertising, public relations, product development, sales promotion and research efforts.

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