NW Valley Times

A financial caregiver is an individual enlisted to assist in managing finances, particularly during times of illness or incapacity. Responsibilities can include paying bills, monitoring bank accounts, managing investments, and filing taxes. Planning ahead and selecting a trustworthy individual is crucial as life circumstances change with age.

The Centers for Disease Control and Prevention (CDC) reports that 2 out of every 5 older adults have a disability. Additionally, the Alzheimer’s Association notes that 1 in 3 seniors dies from Alzheimer's or another form of dementia. A financial caregiver can protect finances when individuals are unable to manage their own affairs due to declining health or simply need additional support.

Financial caregivers can assist with day-to-day finances, organize financial records, monitor accounts to prevent exploitation and fraud, identify eligible benefits, and plan for future financial needs. It is important for individuals to maintain control over their finances and ensure their money remains separate from the caregiver's funds.

Selecting a financial caregiver should involve choosing someone trustworthy who can carry out one's wishes efficiently. This person could be a family member, close friend, or professional money manager. The chosen individual should be detail-oriented, efficient with deadlines, able to communicate well with various groups including financial professionals and family members, reliable, in good health, and attentive to needs.

Resources for further information include:

- Thinking Ahead Roadmap

- Consumer Financial Protection Bureau

- National Council on Aging

- AARP - A Caregiver's Guide to Conservatorship

- Family Caregiver Alliance