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Caring for a loved one with dementia can be overwhelming, and financial planning often gets overlooked. Have you considered how to manage finances while providing care?

Insights from Will Hoffman of emphasized the complexities involved in managing assets for loved ones and the transformative impact of estate planning, urging us to prioritize legal documentation such as powers of attorney to streamline decision-making processes.

Get your free copy of "11 Financial Tips to Make Caregiving Easier" today!

Is It Important To Plan For Dementia Care Financially

3:31 Unpacking Wealth Management and Financial Planning
7:31 The Importance of Asset Protection and Planning Ahead
20:14 The Value of Financial Planning and Estate Protection
31:15 Setting Yourself Up for Financial Success Through Caregiving
33:01 Ensuring Validity of Documents in Different States
34:11 Importance of Documenting and Communicating Important Information
36:04 The Power of Communication in Caregiving
37:30 Evolution and Validity of Long-Term Care Insurance Policies
38:40 Understanding the Evolving Market of Long-Term Care Insurance
39:44 Importance of Collaboration Among Financial Professionals
43:31 Introduction to "The Monetary Mixtape" Podcast
47:08 Importance of
Self-Care for Caregivers
51:09 The Priority of Family Relationships Over Finances

Importance of Early Conversations

One key takeaway is the importance of having financial discussions early. Waiting too long can lead to complications when cognitive abilities decline. If you’re a caregiver, start these conversations now.

Inventory of Assets

Begin by creating an inventory of all financial assets. List everything, including bank accounts, retirement funds, and insurance policies. This helps in understanding what resources are available.

Legal Preparations

Ensure you have the necessary legal documents. These include healthcare power of attorney and durable power of attorney. These documents are crucial for making decisions when your loved one can’t.

Simplify and Systemize

Organizing financial information is vital. Simplify the data so it’s easy to manage. This includes consolidating accounts and ensuring everything is easily accessible.

Trusted Contacts and Advisors

Designate trusted contacts on financial accounts. This doesn’t give them control, but allows them to access information in emergencies. Ensure you have a team of professionals, including financial advisors, attorneys, and accountants, who can work together.

Review and Update Plans

Regularly review and update financial plans. Circumstances change, and so should your plans. This ensures that the financial strategy remains effective and relevant.

Consider Long-Term Care Insurance

Long-term care insurance can be a beneficial investment. However, it’s essential to evaluate if it fits within your overall financial plan due to its cost and evolving nature.

Communicate Openly

Communication is critical. Discuss plans with family members and ensure everyone understands the arrangements. This prevents misunderstandings and ensures everyone is on the same page.

Protect Yourself

As a caregiver, it’s crucial to take care of your own financial health. Make sure your own financial future is secure to avoid additional stress.

Seek Professional Guidance

Don’t hesitate to seek help from professionals. Financial planners, elder law attorneys, and accountants can provide valuable advice and support, ensuring you make informed decisions.

Stay Informed and Connected

Keep yourself informed about financial planning for caregiving. Join support groups, attend workshops, and stay connected with other caregivers to share experiences and advice.


Financial planning is a crucial part of the caregiving journey. Start early, stay organized, and communicate openly to ensure the best care for your loved one and peace of mind for yourself

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a man with a beard and glasses featured for blogpost plan for dementia care financially

Initiating Hard Conversations on Financial Planning

[0:00] Too many of us wait way too long to have some of the hard conversations with the people that we love related to financial planning for a caregiving journey. Me. And I had a lot of takeaways from today's episode.

[0:22] One of the most important ones was that I haven't really done a good job of having these conversations at almost 54 with my own children. And so that's something we will be rectifying as I move forward so that my children will understand and be better prepared if they needed to take care of me and my husband in the future. If today's episode has resonated with you, I would love to invite you to my next free Ask the Dementor session where you will be able to come on and ask me individual questions in a group format related to your particular struggles with dementia and dementia caregiving. The link for this brand new segment is in the show notes, and I invite you today to sign up for our next one, which is May 23rd at 6 p.m. Eastern Time. So May 23rd at 6pm Eastern Time and it's called Ask the Dementor where you can learn a little bit more about your own unique dementia caregiving journey and I will help you with the first or the next steps that you need to take.

[1:51] Episode 118 and the interview with Will Hoffman related to financial planning for caregiving.

[2:03] Have you recently found out someone you love has dementia? Struggling to wrap your head around how to be a Christian caregiver? Searching for answers by joining countless Facebook groups but find them toxic. Learning how to cope with dementia feels difficult, but learning a Christian caregiving worldview can be easy. Hey, brother and sister in Christ, I'm Lizette, occupational therapist, pastor's wife, turned dementia coach, and a daughter of dementia. In this podcast, you will learn the truth that the way to make dementia care easy is your faith. Knowing that a loving God has decreed this hard providence in your life makes all the difference. Here you will gain skills. You will be challenged by what God says in his word about caregiving, and you will learn exactly what dementia is and is not. Find clarity and certainty from God's word so you have of perseverance for this journey. Use science-backed solutions and biblical principles to redeem your time. Praying this blesses you as we dive into dementia from a Christian perspective. Let's glorify God despite dementia.

Unpacking Wealth Management and Financial Planning

[3:31] Well, welcome back to today's episode of Dementia Caregiving for Families, and I am very excited to have an interview today regarding a topic that we have not talked about at all, but that is extremely important for any caregiver, never mind a dementia caregiver. But I'm even going to go further. It is actually vitally important for anybody who is over 18 years old. So we're going to talk about wealth management, and we're going to talk about financial planning or looking at how to prepare financially from a Hoffman Wealth Management Company, where we're just going to unpack a little bit today, what kind of questions, what do we need to think about for ourselves as individuals at any age related to preparing for the future? Because.

[4:28] The reality is at some point or another, and we have no idea when it could occur, we may turn into a caregiver overnight, and we might just as well admit it and start to be prepared for it. So, Will, thank you so much for taking your valuable time today to talk to us about what we need to start to think about related to financial management and considering the fact that so many people are caregivers and what we need to do to prepare for that. So welcome to today. Thank you. Thank you for having me. I'm excited to be here. So why don't we start off with tell everybody a little bit about yourself and how you maybe got into the wealth management space and then what you yourself have seen related to caregiving. I know we talked about it a little briefly off the recording that, you know, it can happen like on a dime. Yeah. We're all a breath away, right? That's kind of the message we give to our clients. And we had a great conversation a few months ago before recording. I took a lot of that to our clients and some conversations.

[5:42] So, I mean, I guess before I start, thank you for what you're doing and for folks trying to learn more about either how to to prepare to receive care or how to help give care for family and friends. So it's important work that you're doing and don't want that to get lost in this conversation. But like you said, my name is Will Hoffman, President and Founder of Hoffman Wealth Management, wealth management firm just a bit east of the city of Pittsburgh. I've been in business for 22 years now. 20 of it is an independent financial advisor. I heard this the other day and I'm going to start calling this, this is kind of a get-to job for me. It's never felt like a job or a career or while there's been struggles, it's a career that I've really enjoyed. It's a business I love to run. We have put together a fantastic team that works with clients of all ages.

[6:35] On just general wealth management, whether it's wealth accumulation, preparing for retirement. My sweet spot has been Gen X and working with Gen Xers like myself. Busy families that are trying to accumulate money, accumulate wealth, try to start to plan for either education for their kids or in between that stage where they're planning, finish taking care of their kids, finish the college portion and starting to plan for retirement. Or now they're taking care of their folks.

The Importance of Asset Protection and Planning Ahead

[7:31] B, sometimes it's just helping them organize, helping them read the mail sometimes and understand the statements that are coming in, why their folks have what they have. How they can be impacted by a long-term care situation or a caregiving scenario and, you know, help kind of point them in the right direction, whether it's, you know, pointing them in the direction of an elder law attorney or a state attorney or an accountant to help them through their situation and kind of be that quarterback on helping them navigate this. Well, I'm so glad you brought up several of those things because it kind of gave me a couple of ideas of a few questions that I wouldn't have thought to ask. But what I heard you saying is you almost have the ability to do multiple different things. So planning ahead if you're a younger adult and you're getting ready to have kids and kids in college and things like that. But if you're a Gen X or like me, your kids are grown and flown. I don't have to worry about college for them anymore, but I'm getting ready to hopefully at some point or another retire if I can feed my face.

[8:42] And, you know, planning ahead for that. But the part that I hadn't thought about was, okay, now I'm the caregiver of my parents and I've taken over their financials. Sure. I've got all of this information that I don't know what to do with related to what's best for them in their particular situation now receiving care. Right. So what I heard is that there's a strong opportunity for people to use somebody like you to take in all of this information, this data, and systemize it and simplify it. Right. And what we've noticed specifically from our generation's parents is our profession went through a big transition. It really is still going through a big transition where we have moved away from.

[9:39] Just selling financial products to being fiduciaries and overall planners but our parents were in the era where they were buying the financial product that they thought was best at that moment and the discussion was rarely around what happens to this if you need care Whether it's the product or the portfolio or the titling of the account, how does it – and so unfortunately what we see is it becomes – and when I say too late, if they're going through a caregiving situation, it's very difficult to get their input because they're either dealing with dementia or something worse. So it's difficult to get their input and we're left guessing with their kids on on what this was to be used for and how we effectively use it in this situation and and that that's the biggest challenge is you know none of us want to kind of realize our own mortality right so we um we we just neglect to consider that when planning. Because in that moment, this was the best financial product that fit, whether it was the market scenario or their current income needs.

[11:08] It doesn't fit now. So how do we help that adjust? And that's what we help most their kids and caregivers try to react to. Oh, wow. So for somebody coming into a caregiving situation, so say you're a daughter or a son of people who were wise enough to try to plan ahead. They didn't make...

[11:35] Hindsight's always 2020, right? They made the best decisions with the information they had at the moment that they made those decisions. But now you're a son or a daughter and your parents have some assets and they have some of these products. And now you're trying to help navigate this new reality with them.

[11:57] What's the first step that somebody needs to take? The biggest thing is understanding what all exists, whether it's multiple accounts, multiple portfolios or products, whether it's multiple advisors. Advisors um you know that that's often something that that happens is they have you know this portfolio this account with this advisor or this bank or this institution and in multiple places because that does become a challenge when you know daughter has to talk to two or three different advisors and you know we all have different ideas we all have different strategies it doesn't make them right or wrong. They're just different. And your daughter may get three or four different answers. So making sure that they have a team of professionals beyond the doctors and nurses and things that they're working with when it comes to an advisor and an attorney and an accountant to make sure that all of this is working together is important. But you hit the now on the head, the best thing to do is to have these conversations in advance to the point where after our conversation, my brother and sister and I have kind of tried to come up with a game when my parents are 73 and healthy and God willing, they're going to be with us for a long time.

[13:20] We're all a breath away, and we're all a breath away from needing care and having to have these conversations. So, you know, we want to make sure that, you know, everybody is at least on the same page. So when it's time to break the glass, we're all not breaking three different glasses with three different plans. So first step is just list out everything that they have. Having that inventory is important. Okay. And now we have the inventory and say we have, you know, everything in all these different places. How do we pull it together so that it's one plan? Well, the biggest thing is going to be, and I'm sure our attorney friends would agree, because while we work through these, we're not attorneys, so we can't give legal advice, but making sure that the person who is going to be coordinating all of this has the permission. Right, the durable power of attorney. Whether it's powers of attorney or medical directors or anything has that permission because that is what can sometimes be the biggest hurdle is we want to help. We know everybody's acting from a place of good intentions, but the law says otherwise. So we have to wait until those powers of attorneys are established.

[14:43] That is the biggest hurdle that we sometimes notice. Okay. So first step is pull together all the assets and then a very close second first step. Right. I would even list them as one and one A. Reverse them. Right. Is to ensure that you get the legal part of the equation pulled together. Yes. What I actually want people to hear very clearly from you in my conversation today is that that particular piece, the health care power of attorney and the durable power of attorney, sometimes they're one person, sometimes they're different, right? I'm my mom and dad's health care power of attorney. My sister is my mom and dad's financial power of attorney. So we split the duties between the two of us, but we have those pieces of paper in place. The challenge that we have often in dementia and dementia caregiving is these pieces of paper really need to be put into place before an attorney, specifically in dementia caregiving or cognitive loss, can pick up on significant cognitive impairment of the person who is signing the documents. Because if they notice and they feel that they are not competent to make the decision.

[16:05] Have the capacity to make the decision, then they may not allow the person, they may not allow those documents to actually be enacted or signed. So I know sometimes for a lot of families, these conversations get put off significantly until, you know, the shoe drops because we don't want to have those conversations. You spoke about, you know, none of us want to think about our own mortality. Well, I hate to break it to everybody, but unless the Lord comes, we're all going to die. And so we have to have these conversations early and often. And I also recognize that some families are not going to do that. And it is very hard for the kid who has an awareness that this has has to happen. But if mom or dad don't want to do that, there really isn't much that you can do other than being prepared, but recognizing that your hands are tied. Right. And even if mom and dad don't want to have the conversation, encouraging them to be as organized as possible.

[17:19] Because, I mean, like you said, we're all going to be there at some point, Mm while they're here and in a care situation or if they've deceased, neither of which is easy at that time. You know, there's a lot going on, whether it's grief or caregiving or something. So at the very least, if the conversation is a tough one and folks, you know, money's weird. People get very, very, you know, I don't want to say... Just very defensive sometimes about money. They get very, an opinionated is the wrong word because it's our money. So it's not really an opinion. Right.

[18:03] But people don't want other people to know what they make. Sure. So making sure that at the very least you encourage your parents to be organized so that if and when the time comes, it's one less step that's necessary for the folks that are helping. I have a friend in a networking group that is a elder attorney. And we went out for lunch a few weeks ago. And the way he started doing his business, which was elder care law.

[18:36] Before the iteration before the current business, it was still elder care law. But what he said is what he realized when his dad passed away and he actually became the executor and experienced all of that while dealing with the grief of losing his dad and all of those kinds of things it radically changed yeah his entire view of um estate law and how to be prepared for it. And so he significantly works with people to establish trusts and those kinds of protective mechanisms so that you don't have to go through probate and fight. And now you're fighting the legal system on top of everything else. And just putting all of your assets or We're considering putting even, and people don't necessarily think they have a lot of assets, but even life insurance is an asset. You know, it's funny you say that.

[19:49] It's amazing that you will encourage folks, hey, you need to think about powers of attorney. And you need to think about examining these, talking to an elder law attorney and professional to make sure that everything – and their first reaction is, well, I'm not a millionaire.

[20:09] You are. You just haven't realized – but they are and they haven't realized it.

The Value of Financial Planning and Estate Protection

[20:14] Just where we stand with the current market, the markets at a very near a high point right now, historically speaking. Real estate values are at all-time highs. It really just takes a healthy 401k and your personal residence at this point to be a millionaire. Correct. And to have those issues and you don't have to have accumulated what you perceive to be, you know, broad-based massive wealth to be in a situation where estate taxes get expensive, care becomes expensive. And how do we protect and deal with that? You know, it can be very, very pricey from a tax or a fee standpoint.

[21:02] And investing in the – a lot of people will say, but I don't want to spend $5,000 or $3,000 or $10,000 to do this. But the flip side of it is what you just mentioned, your house, you live outside of Pittsburgh. I've lived in Pittsburgh. I mean, houses in Pittsburgh in a decent neighborhood are easily $500,000 or $600,000 now. Now, you know, here in Greenville, where I live, Greenville, South Carolina, you can barely find a house under $500,000. Right. You know, so it's like you said, if your parents bought their house in 1950 or 70 even. Right.

[21:49] 1970, they bought their house and they've had it for 54 years. That house is now well worth significant amounts of money in a lot of parts of the world in the country so you know investing that time that money and spending the time ahead of time to plan for it means you could save literally hundreds of thousands of dollars in taxes, yeah and and that's you know folks say that all the time about um you know the price of of of doing this process when it comes to attorney's costs or accounting fees or something. But price is absent in the presence of value. And if you're getting the protection that's necessary, those fees are minimal compared to the ease of what the process can be or the savings from a tax and cost standpoint when it's too late. Yeah, for sure. Say that again, the price is... Price is absent in the presence of value. Oh, I love that. So I always make the Disney analogy. It's no secret that Disney is terribly expensive. Oh, for sure. And we've taken our kids a few times and we never leave feeling like we got ripped off.

[23:08] If the value is there, the price is irrelevant. And when it comes to going through this process and making sure that assets are protected, making sure that accounts are titled the right way, making sure that measures are taken while they still can be taken.

[23:32] That attorney's bill is minimal compared to what it can save you. Or even your. I mean, forget taxes and estate. And just in a state of mind, whenever you're going through the situation, what the attorney's fees can save you in headspace when it comes to going through this is worth the price of admission, if you ask me. So for people listening, when is the right time to start with asset protection right now? Right. Yeah. I mean, and that was the biggest thing I took from, from our conversation a few months ago was right now. Um, at the very least, if you don't know what to do right now, and you're You're sitting there saying, I need to do something. Get organized. Have statements organized.

[24:30] If you don't get paper statements, which many folks don't anymore, making sure accounts and passwords are listed and kept in a safe place so that your loved ones know what to do in the event that you can't tell them what to do. Mm-hmm.

[25:17] Pointed in the appropriate direction because, you know, the work that we do with encouraging folks to save, nobody's going to care about what the fluctuations in the market are doing. If, we're shelling out $10,000 or $20,000 a month for a nursing home when we could have protected the assets. When the average cost of skilled nursing right now is $8,700 a month, and that's a national average. So when you have that happening, and maybe it's happening to both your parents at the same time um all that hard work and saving and investing is is wiped out in the course of a year um you know the the fee like i had mentioned the fee for an attorney to find out how to protect those assets the right way is important or if you need to pay but you can't because the powers of attorney documents haven't put in place that that's the biggest thing is I need to pay for dad, but I can't tell his bank to send the money to the long-term care facility because I'm not a power of attorney yet. We're all on high alert right now for all the cybersecurity concerns we have.

[26:35] You and your father could have both had a relationship for hundreds of years with this bank and it's not going to matter. They can't take your instructions without that power of attorney document. Yeah. When my dad got super, super sick a couple of years ago, one of the strategies that we implemented, which I'm eternally grateful for since he had the beginnings of changes in his own thinking processes at that time, was we've invested, it's the best hundred bucks a year, you know in a password keeper yeah where they have their own password keeper with a master password but i have the master password as well so he still does all of their financial stuff but if something happens i can get into the password keeper to actually see what's going on yeah well i mean beyond our parents just in our own households yeah well i've got one too Yeah, I mean, parents do it for your kids. If they're off to college, your spouses, it's such a digital world. And you can call...

[27:48] You know, MasterCard tomorrow or Chase Bank tomorrow and say, hey, I need to get into my husband's account. And I say, without a power of attorney, we can't help you. Right. You know, so sharing that information now and protecting it is important. Well, you bring up a very good point that I actually haven't thought about. Like I have a married 27-year-old and an unmarried 25-year-old. Now the 27-year-old who's married, she and her husband have their documentation. But my 25 year old, I know she has, I don't know that she has will, I'm going to have to follow up with her. And we need to make sure that there is that she has a written power of attorney and healthcare power of attorney, and at least have that enacted because she's independent, she has her own assets. And, you know, these are not conversations that we think to have with our 22 year old, 25 year old kids. But, but this reminds me that, yes, even though she's not 76 and 78, like my folks, whose power of attorney I have, my husband and I have one, but my daughter, Estelle, who's 25 also needs one. Yeah. And, and, you know, so some of the most important stuff we've done for our clients, regardless of health, is asking if they want to list a trusted contact on their accounts.

[29:16] And that goes as far as making life easy for them to get their documents to their accountant at tax time. If they name their accountant a trusted contact, that's easy for us to share for them and makes life easier for them with their attorneys, with their kids or their parents, So that if something happens, at the very least, their parents are listed as a trusted contact. It doesn't give them the ability to take distributions or to make trades, but it does allow us to share information that can be helpful in a pinch, in an emergency. So that's something that folks can immediately ask their advisors if it's available. How do I do that?

[29:56] And when can I do that? I have never heard of that, a trusted contact. Yeah, it's something that we can include on our account opening documents that we ask them if you would want us to share information with anybody in an emergency, who would it be? And that way we can send statements, we can send, we just can't take instructions. So we're just saying, you know, here's a statement, but that's it. Right. So they cannot make decisions, but they can see what's going on. Correct. So they can be informed. Right. In order to be able to, when they in the future maybe need to help them take over, they're already in a better position and not trying to figure it all out on the fly. Right. Right. That would be a really helpful way to think about doing things. Yes. And at the very least, it's a good start. It's by no means going to solve any tax issues or solve any power of attorney issues, but it's at least a good place to start because like you had alluded to at the beginning of the conversation, these conversations can be uncomfortable. I mean, I don't know that we've ever been in a comfortable caregiving situation where our client didn't have the right documents though. So it's a great place to start.

Setting Yourself Up for Financial Success Through Caregiving

[31:16] So once we get organized and we get our documents together and we've got the healthcare power of attorney and the financial power of attorney in place, what are some next steps that people could take if they were already more proactive than a lot of people to actually set themselves up for success through a caregiving journey financially? This is going to sound counterintuitive because it's our job to ask, but let your advisors know. Now, like I said, it's our job to ask. We should be asking our clients if they have these documents, can we at least know they're in place? If you have a go-to kid or somebody that you're putting in charge, it'd be great to meet them at some point so that the first time we're meeting them is not in a high stress crisis situation.

[32:08] But that's our job to ask. But if your advisors aren't asking, make sure they know. Make sure they know who it is. Make sure they know where the documents are. Make sure the person you're putting in charge knows. That's probably just as important as making sure your advisors know. And then after that, reviewing the situation is important. Whether it's every year, every six months, it's important to review. And one thing folks don't think about is if you've done this before you've retired, and then you plan on retiring to a new state, whether it's to live by the beach or whether it's to follow your kids to a different state to be near your grandchildren, children, make sure those plans are valid in the state where you're going to live.

Ensuring Validity of Documents in Different States

[33:01] Every state has its own set of laws when it comes to power of attorney. Every state has its own set of laws when it comes to estate taxes and probate. So making sure your current documents still fit where you're living is important, especially that medical directive. And if you, east of Pittsburgh, We get folks that snowboard a lot. So they'll go to Florida for six months and stay in our area for a few months. Making sure that powers of attorney, especially with medical, are valid in both states is very, very important so that the caregiving doesn't get disrupted. But reviewing that is important. You know, family situations change. Beneficiaries change. age, all of that thing, anytime there's a change, making sure your documents and things are still written the way you want them to be is important.

[33:58] We're viewing them with your family so the kids know, hey, if something were to happen, we moved our safe. Don't start busting up the floorboards because we told you it was over here

Importance of Documenting and Communicating Important Information

[34:08] when we've moved the safe. All of that becomes very important. Yeah, for sure. Like my mom and dad, they have two safes in their house. And I have the combination to both of them, not because I'm going to do anything, but because that's where the documents are. And that way, when something does happen, I can go, I can step in and help. Yeah. But, but the reviewing is, is important just as much as putting them in place. All of that is, is vital to success whenever it's time to, to use those plans.

[34:46] So to recap real quick, I have four steps now in my mind, legal and financial power and medical power of attorney, get organized. And I totally lost the other two. Reviewing was number four. What was the third one? Reviewing and letting the folks know that they are in charge, letting your advisors know where these documents are, all of those things. You know, those are all very, very important steps. And again, it's hard to prioritize, but all four of those steps are important. They all really have to happen kind of at the same time, but people shouldn't delay just because they are stressed because of a caregiving situation, because it's going to get more stressful as it goes on. Right. And especially if, you know, when you're talking about specifically dementia, if you want to have a say-so before those cognitive abilities start to diminish, it's important to communicate that beforehand. If you want to have an opinion about where you're receiving care or the type of situation you want to be in, it's just, it's so important.

The Power of Communication in Caregiving

[36:05] Sure. Communication, I mean, we could have avoided wars if we would have communicated better. So, you know, communication solves so much. You know, over-communication, I don't think there's such a term, but communicating.

[36:23] My wife may disagree that there's no such thing as over-communication. but over communicating is is not um is not going to be or it can be your over communicating to be your friend given this absolutely for sure so if if gen xers if they happen to be listening so both you and i are gen xers if they happen to be listening if they wanted to.

[36:49] Prepare for themselves for the future like they're not contending with they may be helping a parent or somebody with cognitive loss but they're now because they've had that in their in their life and they're more aware oh you know these kinds of things happen or they've seen the consequences and they're still at that age where they have some time to pre-plan and so on if i wanted to protect myself financially for 20 or 30 years from now, if I were to have dementia.

Evolution and Validity of Long-Term Care Insurance Policies

[37:24] What is the current, and you know, things change, right? Sure. Products change. We talked about that a little bit before we came on, you know, what is the current sense or feel about the usefulness or the validity of long-term care insurance? And the reason I ask this question is because decades ago, some of the long-term care insurance policies were very well written and provided a lot of support and help to people. But I have also heard over the last several years that those policies are no longer available, obviously, because more people are using and needing long-term care. Or is a long-term care insurance policy, like a policy set up for me if something happened to be able to be paid to go to a facility, are they still worth it for people to invest in? That's a tricky question because Because while the older types of policies may not be available, that market has evolved.

Understanding the Evolving Market of Long-Term Care Insurance

[38:41] And it's evolved to fit the demands of what the demands that currently exist.

[38:52] But in that evolution, the prices have also evolved. So, a lot of folks get sticker shock when it comes to insuring.

[39:11] While I don't know what, you know, everybody's situation is so different. If a product is going to solve that or not, it really depends on how it fits into their financial plan. The overall financial plan. It may be necessary. It may be too expensive. It may be something that doesn't become valuable given somebody's assets. It really, they really are tricky, tricky conversations and tricky products to, to navigate.

Importance of Collaboration Among Financial Professionals

[39:45] But what I, what I will say is, you know, for Gen X, all four of those steps that we mentioned are important. Even now, considering, you know, I know we don't want to think about this, but Adam Sandler was just on the cover of AARP. pee. So we are getting there. We are getting there. While I'm still celebrating the fact that just this week we made our last.

[40:14] Daycare payment. So my youngest is finally out of daycare. I'm a 78 baby. So I'm on the tail end of Gen X and celebrating milestones that I don't have to pay for daycare anymore. So that's, we're still very Very early in the process of planning, all four of those steps that we mentioned are important.

[40:37] And part of getting organized, in my opinion, is getting a good, solid financial plan, reviewing that plan all the time for changes, communicating that plan as often as possible with our clients. So that when changes happen, when it's time to examine different types of products or services that we are leading rather than following our clients at that point.

[41:04] But, you know, there's no secret that the landscape for long-term care products has changed. You know, the products that my grandparents bought to help them are not the products that my parents are going to use. And we know they're not going to be the products that we use or that but our kids use. No, for sure. So what I really, the essence of what I'm taking from our conversation today is that all of us actually really need a team. We tend, most people tend to think in silos. Yes. My attorney over here, my accountant over here, my financial guy over here, my doctor over here, you know, all of these different silos. But related to planning ahead to navigate a caregiving journey, we really need a core team of an accountant, a financial planner, and an attorney who will work together. Sure. Yeah, that's….

[42:07] Our best relationships with our clients are when we're working with all of those professionals together, making sure, because the good ones all have their clients' best interests in mind, the good attorneys, the good accountants, you know. So it's easy to work with them. You know, we want the accountant's advice because we know that the better advice they're giving us, the better job we can do for our clients. We need the attorney's input because if we don't have it don't open the account the right way everything that he's written goes out the window could be you know potentially lost so so we want their opinion um we need their opinion you know they they need our input to understand you know how things can be used when it's time to either spend them or protect them given given what they're putting in place. So of course, to obtain all three of those disciplines, I'd still be in school instead of having 22 years of experience and a lot of heavier student loan debt or tuition payments to make. But it's important for folks to work together and understand that.

[43:18] And there's a lot of resources that are emerging as well to get a head start on those things, things like podcasts like this that you can listen to and understand

Introduction to "The Monetary Mixtape" Podcast

[43:28] a little bit more on how to navigate those things. Now, you also have a podcast, correct? I do. The Monetary Mixtape.

[43:39] We're getting ready to start our second season where we just talk about Gen X wealth management topics. We mix in a little bit of Gen X pop culture into the conversation. We have some fun with it. We had a pretty cool inflation conversation when we talked about Gen X toys and things from our childhood. Music, movies, pop culture, sports all fit into the conversation. Who, you know, we have a little bit of fun with it, but we do want to have, you know, the serious conversations because, you know, I, with 22 years of experience, I've watched, the first generation to be funding their retirement retire.

[44:24] And, you know, pensions are gone and it's up to our generation where, you know, we're funding our own lifestyles after retirement and I don't want my generation and my peers to have the confusion or make the mistakes we've watched baby boomers have to to go through because we get our financial habits from our parents and baby boomers parents did not have to fund their retirements Social Security and pensions were about it it's all that were needed and and baby boomers um justifiably you know had some confusion when it came time to retire because they didn't know how the 401k was going to work without a pension. They didn't understand how, okay, I've accumulated. Now it's time to spend. What do I do? How does the portfolio change? So we're trying to lead our generation to not make the mistakes and endure the confusion that baby boomers had to. I love that. I really, really do. Now, your company has the capacity to work with people all over the United States. Yes. It's not very specific. Right. And we...

[45:35] All age demographics. While I am sensitive to my demographic and Gen X, start to finish from somebody that left college yesterday and is ready to start their professional lives to somebody who is working through the inheritance process and the estate process we work with. That is awesome. So if people wanted to connect with you, Will, what is going to be the best way for them to do that? Sure. is our website. There is a scheduling button right there. If you have questions and wanted to schedule a call, you can click there. I'm very active on LinkedIn. I'm just listed under Will Hoffman, AIF and Hoffman Wealth Management on LinkedIn. Those are the two easiest.

[46:22] You can always email me at Will at if you do have questions or something immediate, even just one point in the right direction. Like I said, that we're trying to lead here. So we want our generation to get through this a lot smoother than other generations have had to. And we know that there's a lot that goes into these conversations. We want to be partnering with folks like you that can help them when it comes to caring for their kids. That sandwich generation is tough, watching my friends take care of their parents and make sure their kids are getting to Little League on time. And, oh, by the way, first tuition payments do. And, you know, navigate that is a challenge.

Importance of Self-Care for Caregivers

[47:05] And, you know, we still have our lives to live. We're still very ambitious and goal-oriented and don't want that to fall by the wayside. Well, that's speaking to my heart, because I believe that we need to protect ourselves as caregivers. You cannot take care of your kids and your folks and not take care of yourself. Creating a problem, you're just kicking the can down the line and truly making things worse for everybody when we don't take the time to actually take care of ourselves. Now, I also know that you put together like a report or something for people to point them in the right direction.

[47:48] Yep. We're going to have for you to share a document, 11 financial tips to make caregiving easier. So kind of some of the things we talked about, some things we didn't talk about, just steps that folks can take.

[48:02] If they need a place to start on how to get organized on documents that are important, on team members that are important to have, on how to start those conversations with the folks that you need to start them with. Yeah, that'll be, we'll have that ready for you to share. share uh yep it'll be in the in the show notes and then it'll go out in the email as well for people if they okay when they're ready to you know if they if they're on my email list they'll get it by email as well but i just i think this is something that we're not talking about enough right and and it can it can have a greater impact than the return on your investments than the taxes that you pay on your assets than the fees that you pay to attorneys and accountants and to advisors.

[48:56] All of this stuff can have a bigger impact than any of those things can. And while we worry about the return on our statements every month, these are conversations that need to be had. And the more they're being had, the more folks are communicating the better health, better care we're taking of all of us and each other. And one of my biggest takeaways for everybody is have these conversations early and often. And even if your family member who you are getting, you see as the family caregiver.

[49:34] The oncoming train, you know, this thing coming, you know, it's coming. I mean, you see some changes in the people that you are helping and love.

[49:45] Don't be the ostrich and stick your head in the sand and say, mom and dad don't want to talk about it because what you're in essence doing is, yes, you're not right at that moment necessarily, you know, taking the bull by the horn and sitting down and saying, hey, let's hash this out. But when they get to that point when now they cannot make those decisions, now you're frantically scrambling. Yeah. And trying to figure it out. And, you know, my thankfulness for you doing what you're doing is, you know, we've sat at the table with families after the caregiving is done and it's time to disperse assets and nobody's talking to one another.

[50:33] Everybody's angry at one another. The family has been divided. And I'm pretty confident in that nobody wants that. And by having these discussions early, you avoid that. You keep families together. You keep everybody on the same page. You keep everybody happy. And that's ultimately what we want. When it comes to the stuff we do every day, while it's important, it's just money.

The Priority of Family Relationships Over Finances

[51:05] And all of those other things are so much more important. And the way to keep that table cohesive is to have this communication because I've seen the alternative and it's heartbreaking to watch, especially when you knew their parents, you know, how good of parents they were, how good of people they were, you know, how good would everybody at the table is but there there's angst there's animosity there and it's always always always from a lack of communication right so those can be solved first yeah everything else just gets so much easier and so much of that is preventable yeah if those discussions had been held earlier on yes you know so if anybody's listening to this episode for the first time.

[52:00] Listen to the rest of Lizette's episodes because it solves all of that stuff. This stuff will figure itself out when it comes to markets go up, money goes up, all of that stuff. Money comes and money goes, but our relationships. Yes. So understanding everything that goes into this caregiving process is so important from a communication standpoint. And what we are doing is helping at that point. But.

[52:28] Lizette, what you're doing is vital to keeping those families together and keeping everybody happy and making sure Christmas still goes forward whenever mom and dad are gone and the family dinners and traditions and legacy continue because that becomes more important than the money a lot of the time. I totally agree. I really agree. I think our relationships, that's one of the big things that, like there are two things that I'm really working on changing. Number one is starting with the end in mind. And I don't mean that necessarily from a financial perspective, but that plays a role in it. But what I mean is like beginning with the end in mind is what do I, as a caregiver, want to look like when I'm done with this journey? Yeah. Because at some point or another, I'm going to be done with this journey, right? And I can choose, is my health in the toilet? Are my financial assets in the toilet? Are all my relationships in the toilet? How do I want to look on the other end? And then just being proactive about putting into place strategies and things so that I don't end up that person who... Did you know about 30% of family caregivers die before the person that they're taking care of? I did not know that. That's a very troubling stat. Yeah.

[53:52] So I don't want to be one of those 30%. I've actually even heard it as high as 62%, but I think it's probably to the 30, 40%. Yeah, that's startling.

[54:05] And you're a number of times. Yeah. Well, and that gives us more motivation to make sure we're doing a better job because, like you said, this process will end. Yeah. At some point or another. Yeah. Beyond the dollar, what's left? So much for being here. I'm so excited about this. I, I, I feel like there's so much more that we could have said, but there's so much more that I just want, you know, I just want people to start to think like, don't be the ostrich. Don't stick your head in the sand. I don't have any plans on going anywhere soon. So hey, we'll be back. We'll be back. If, if, if there's questions that your listeners have, you know, put them in a list and let's get back together and yeah, for sure. Maybe put them in a list and we'll have you on a monetary mixtape here soon. Oh, for sure. Well, you know, I was on Michelle's podcast. I don't know when it actually comes out recently. Michelle is a mutual friend of ours. And just for people who are listening and it was about Gen X and I had a blast. Yes, she's doing incredible work. She really is just on goal setting and on headspace and everything. She's she's, I was also on her episode on her one of her episodes. And.

[55:25] You could just talk for hours with her and about whether it's money, whether it's about, you know, ambition, whether it's about, you know, you know, your values, which is an important part of something that goes into our plans is, you know, the values. I don't mean dollar signs. I mean, you know, your personal values, your personal values when it comes to your money. It just is. Yeah. Michelle's another one that is doing great work for our generation and for for folks to listen to. So when folks are hitting the road for their summer vacations, we can fill their podcast queues with all kinds of things, right? For sure. And then they'll hear the monetary mixtape and be ready to go listen to some Gen X music for a little bit too. Awesome. Well, I'm definitely looking forward to being on yours and I thank you for your time today. Thank you. I really, really am looking forward word to those 11 tips, financial tips for caregivers to have that, because I'm going to read through it myself. Thank you. All right. Well, thank you so much for being here.

Offering Support and Community for Caregivers in Need

[56:33] Do you feel alone and isolated and need a little bit more help and support in this journey? Journey sign up for our next ask the dementor monthly meetup where we will come together less than 10 people are allowed to sign up at a time so we can have fellowship where we can answer questions where you can get some christian guidance and just an awareness that you are not alone on this journey. I really want you to be able to connect with me. I want to be able to answer your specific questions. So if you're struggling, if you're tired, if you're overwhelmed, if you're stressed, if you just need a little bit of help, sign up for the next Ask the Dementor monthly meetup. The link is in the show notes below.

[57:34] Thanks for joining me today, Success Seeker. I pour my heart and soul into this program to serve you. You can serve me by leaving a review on Apple Podcasts and join our free Facebook group, Dementia Caregiving for Families. It's a positive and proactive space to navigate dementia caregiving together. Get practical tools and find support, but without the verbal vomit. Be a part of our community where we seek to find peace of mind and ease, despite the dementia diagnosis. So join today and see you next time as our flight takes off.

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About the author

“Think Different” Dementia’s owner, Lizette Cloete, OTR/L graduated as an Occupational Therapist from the University of Pretoria in South Africa in 1992. Lizette has almost 30 years of experience as an Occupational Therapist in a variety of settings, the latest being in the home health environment. She enjoys teaching on the topic of dementia, most recently presenting at a national conference on the topic “Dementia Made Simple”.

Disclaimer: These blogs, videos and any work done by Lizette Cloete OT, as a Member of Think Different Dementia, LLC, is given only as educational content and consulting work. This does not create an Occupational Therapist-Patient Relationship. The educational content and consulting work performed should not be considered medical treatment as an Occupational Therapist. The consulting work does not take the place of medical work normally performed by a licensed Occupational Therapist. Please consult a licensed Occupational Therapist for medical advice.

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