 TITLE: Prepare Your Finances to Care for an Elderly Family Member CONTENT: Don't Forget About You\n----------------------\nAs you consider what the future could look like for your loved one, don't forget that you're a critical part of it too. This means you'll need to take a close look at your own financial situation as well.\nWill you need to be completely financially responsible for their care? If so, you'll need to factor that into your budget and long-term financial goals. For example, you might need to focus on paying down debt first or adjusting your budget to include a monthly allowance for caregiving costs. You might also need to start or boost your emergency fund in the event you need to take time off work or pay extra expenses. Researchers estimate that out-of-pocket costs to care for an aging parent can be upwards of $100,000, so it's never too early to start saving.\nThis could also be a good time to start researching ways you can get financial support for your loved one if needed. For example, try to get familiar with benefits they might qualify for, like Medicare or Medicaid. Research caregiver tax breaks you might be able to take advantage of too. If times really get tough, you may need to explore financial assistance options for yourself or for your loved one. END