 TITLE: Prepare Your Finances to Care for an Elderly Family Member CONTENT: Collect More Information\n------------------------\nBefore you jump into action planning for an older family member's care, you'll need to gather more information.\n*   **Get the full financial picture.** It might be a tough conversation, but you'll want to figure out how much money your parent (or other family member) has from all sources, including retirement, Social Security, any real estate they own (like their home), savings or other types of accounts. Depending on your loved one's personal or cultural customs, you might have to determine how much cash they have and where they physically store it for safekeeping.\n*   **Get organized.** It's helpful to have documents with all your loved one's financial information in one safe place: It could mean the difference between speedy help or denial of benefits. For example, if your older loved one needs to apply for financial assistance (like Medicaid) later, they'll need to prove how much they make and why they need financial help—and that often comes with lots of paperwork. Some types of financial documents they might need to have include:\n    *   A list of all bank accounts and access to statements\n    *   A list of loans and debts, including all credit accounts\n    *   Retirement-related paperwork like pension or 401(k) information\n    *   Tax returns\n    *   Any investment records like bonds and stock certificates\n    *   Deeds to any properties they own\n*   **Ask specific questions.** Does your loved one have a will, living will or living trust? Do they have physical copies of vehicle titles or documents related to a business they own? Where can you find these documents if and when you need them? The sooner you have these conversations, the more likely you'll be prepared when the time comes to care for aging loved ones.\n*   **Get educated.** Take the time to do some research on the options available to you for eldercare support, such as Medicare and Medicaid. Getting a grasp on the differences and nuances can ensure the best outcomes. It's important to note, for example, that Medicare doesn't have income limits, while Medicaid does. Additionally, Medicaid covers many nursing home residents, but not a lot of seniors in residential care or home care have Medicaid due to long waiting lists and other challenges. Prepare for your transition into being an adult caregiver by reading books and blogs, attending workshops and connecting with others who are in similar situations. END