Do This, Not That: 5 Financial and Advance Care Planning Mistakes to Avoid

Share this content

If you’re like most adult children, you don’t know much about your parent’s financial situation — from what regular income they have and what expenses they pay each month to where they keep past years’ tax returns and if they have powers of attorney for finances and health care 

As your parents start to cope with declining retirement assets and rising health care costs, you can support their financial independence and avoid family conflicts down the road by planning for their long-term care needs. 

Dealing with Money is Difficult 

Dealing with money is difficult — from compound interest and inflation to Medicare and Social Security — and it’s easy to make financial and advance care planning mistakes. Here are five common financial planning mistakes and how you can avoid making them so that you can help protect your elderly parents’ finances and estate. 

Mistake 1: Skipping Out on a Financial Adviser

If your parent doesn’t already have a financial adviser, find a certified financial planner who is willing to meet with you and your parents at least once a year to review and tweak their finances.  

Ongoing planning and maintenance are important to ensure a comfortable retirement.  

Stress that you don’t want to take over your parent’s finances, but you want to ensure that the adviser fully understands your parents’ situation and family dynamics.  

Building relationships with financial and legal professionals and ensuring a will and living will are in place and up-to-date are excellent ways to help protect your parent’s financial interests. 

Mistake 2: Refusing to Acknowledge a Person with Dementia’s Declining Ability to Monitor Money 

If your loved one has been diagnosed with Alzheimer’s or other dementia, it’s likely that financial planning has been pushed aside because of the stress and fear this topic evokes.  

But people with Alzheimer’s may experience changes in judgment or decision-making. For example, they may use poor judgment when dealing with money, giving large amounts to telemarketers. 

That’s why it’s important to stay alert for signs of memory loss so you can help your loved one identify scams and avoid risky financial behavior.  

Of course, it can be tough to discuss memory loss and financial troubles with a loved one, so the best way to minimize the difficulty of this conversation is to bring it up well before memory loss becomes an issue. 

Mistake 3: Thinking Medicare and Social Security Will Cover the Cost of Assisted Living

It’s time to learn the truth about financing: Medicare won’t pay for assisted living beyond short-term rehabilitation, and, according to the Social Security Administration, the average benefit for a retired worker is about $1,230.  

To pay for long-term care, most families will use a combination of self-funding, government assistance, and long-term care insurance. So it’s a good idea to research various ways to pay for long-term care 

Mistake 4: Choosing an Assisted Living Facility Base on Cost 

Assisted living communities come in all different shapes and sizes, and pricing structures vary widely. A community with a low price tag may mean you’re compromising the quality care they receive or the amenities they are able to enjoy.  

Alternatively, communities that are steeply priced do not always offer the programming or care services your loved one will need to age in place.  

Rather than being too focused on the financial aspect of the community, make a list of “must haves” and “would be nice to haves” to compare communities, then dive into understanding the pricing structure of each community.  

 Check out our comprehensive guide How to Find the Best Assisted Living Community

Mistake 5: Not Planning for Future Care Needs

It’s important to keep in mind your loved one’s future care needs when choosing an assisted living. Right now, they may only need help with remembering to take their medications, but in the future, they may need to receive help with bathing, grooming, and cooking.  

Look for an assisted living that offers services for your loved one’s current and future care needs. Also take into consideration the financial impact of needing to increase services may have on your loved one’s finances.  

Start the process early and allow for plenty of time to do research, visit communities, and be confident in the decision your family has made. 

It’s never easy getting your parents to open up about their finances, but it’s a necessary step in the advance care planning process.  

For more tips about how to begin the conversation, download our eBook Getting Your Affairs in Order: A Guide to Advance Care Planning and Emergency Preparedness. 

 

  • Browse by Topics

  • Recent Posts

  • Have More Questions?

    Deciding to help a loved one transition to a senior living option is not an easy decision. We can help you get the clarity, answers, and support needed to lessen your worries and take the next steps.

    Click the button below to let us know how we can help you further.

  • Instant Access to the Program Overview Brochure

    Get more details about our signature Memory Care program to determine how well it will fit your loved one’s situation. Simply fill out the fields below to get access to the PDF.
    Reflections Memory Care Brochure Cover


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Have you decided that assisted living is the best option for your elderly parent, and now are feeling overwhelmed on how to begin your search for the right community?

    This guide will go over what you need to know before you make a decision.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Are you considering assisted living for yourself or a loved one but are hesitant about the cost? Assisted living costs, services and amenities vary greatly among the last and most expensive communities, and costs are higher in some states than others.

    This guide will answer questions you may have about the costs of assisted living and recommend resources to help you pay for it.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Talking to your aging parent about moving to an assisted living community isn’t easy.

    Often, many adult children avoid bringing it up because it can be a sensitive topic.

    This guide will provide you with helpful tips and insight on how to have a productive conversation with your parent and siblings regarding your parent’s future.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Difficult behaviors in elderly adults are very common. They may be an expression of frustration your loved one feels or a symptom of early stages of dementia or Alzheimer’s.

    This guide will provide you with skills and knowledge on how to handle difficult behaviors your aging parent may be experiencing.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Becoming a family caregiver can be a rewarding experience. It also has its challenges.

    There are many questions to answer before making the decision to take care of a loved one.

    This guide will provide answers to questions you may have on this topic.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Is your parent or loved one depressed, or just in a bad mood?

    What does medication and illness have to do with depression?

    How can you help? In this guide, you will be provided with answers to the difficult questions you may have about depression.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Has your aging parent recently lost interest in activities they used to enjoy? Have you noticed a change in their mood and behavior?

    This guide will provide you with resources and tools on how to identify depression, what are the common causes of depression, and how to promote mental health in your aging loved one.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Does your loved one need more support than what they are getting? Would they benefit from some assistance with daily activities?

    In this guide, you’ll find answers to the most common questions asked about assisted living.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Where do you start searching for assisted living or memory care communities?

    What qualities in a community should you look for? How do you know you made the right decision?


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Has your dad stopped getting together for lunches or outings with friends or visits with neighbors? Have you stopped enjoying time with your parents because you’re a caregiver?

    Choosing an assisted living community is a big decision. Learn how to find the right one for you and your loved one.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    No one ever plans to be sick or disabled, and disasters, man-made or natural, can happen at any time, anywhere.

    Yet older adults are among the most vulnerable during a crisis. That’s why it’s critical that seniors, and those who care for them, prepare for emergencies.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Moving to assisted living is a life-changing event.

    This guide provides tips and ideas on downsizing, what to pack and how to make the transition smooth for your senior parent.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this eBook, you’ll learn how to talk with family and friends about caregiving challenges, how to deal with a parent who is resistant to help, how to get more caregiving help from your siblings, and how to keep your job while caregiving.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Have you had to cut back your hours at work to care for your mom? Are you worried about administering medications or injections?

    Have you stopped getting together with friends, either because you don’t have the time or you’re too exhausted? Are you becoming the invisible second patient?


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    A Guide to the Most Common Family Caregiver Challenges Associated with Caring for an Aging Parent.

    You’ll learn about the true costs of being a family caregiver, common family conflicts that can occur when caring for parents, and some of the unexpected challenges of caregiving.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this guide, you’ll learn about the difference between Alzheimer’s and dementia, including the early symptoms of dementia; the seven stages of dementia and the symptoms that typically accompany each one; and the signs it’s time to start exploring your memory care options.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this guide, you’ll learn about the difference between assisted living and memory care, how health care professionals are trained in dementia care, common features of a memory care community, and questions you should ask when exploring your memory care options.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Navigating adult sibling relationships can be a challenge, but coming together for the sake of your parent is important.

    In this guide, you’ll learn about common sibling conflicts that arise when caring for parents, strategies for getting siblings on board, and where to turn to for help.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Assisted living can be a touchy subject. No matter how you approach it, your parent is likely to have objections to something.

    As you help them transition to a new stage of life, it helps to be prepared with answers to their questions and concerns.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    This checklist will help to make sure you are getting the most out of your visit to The Arbors.

    The list details what important questions to ask during your visit so you are able to make an enlightened choice and find the best assisted living community for your needs.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    If you’re unsure what Assisted Living looks like in real life, whether there is a difference with nursing homes or a desire to see how community life unfolds, then this guide is exactly what you need.

    A guide to discover the Care Team and a Typical Day in Assisted Living.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Have you decided that assisted living is the best option for your elderly parent, and now are feeling overwhelmed on how to begin your search for the right community?

    This guide will go over what you need to know before you make a decision.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Are you considering assisted living for yourself or a loved one but are hesitant about the cost? Assisted living costs, services and amenities vary greatly among the last and most expensive communities, and costs are higher in some states than others.

    This guide will answer questions you may have about the costs of assisted living and recommend resources to help you pay for it.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Talking to your aging parent about moving to an assisted living community isn’t easy.

    Often, many adult children avoid bringing it up because it can be a sensitive topic.

    This guide will provide you with helpful tips and insight on how to have a productive conversation with your parent and siblings regarding your parent’s future.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Difficult behaviors in elderly adults are very common. They may be an expression of frustration your loved one feels or a symptom of early stages of dementia or Alzheimer’s.

    This guide will provide you with skills and knowledge on how to handle difficult behaviors your aging parent may be experiencing.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Becoming a family caregiver can be a rewarding experience. It also has its challenges.

    There are many questions to answer before making the decision to take care of a loved one.

    This guide will provide answers to questions you may have on this topic.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Is your parent or loved one depressed, or just in a bad mood?

    What does medication and illness have to do with depression?

    How can you help? In this guide, you will be provided with answers to the difficult questions you may have about depression.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Has your aging parent recently lost interest in activities they used to enjoy? Have you noticed a change in their mood and behavior?

    This guide will provide you with resources and tools on how to identify depression, what are the common causes of depression, and how to promote mental health in your aging loved one.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Does your loved one need more support than what they are getting? Would they benefit from some assistance with daily activities?

    In this guide, you’ll find answers to the most common questions asked about assisted living.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Where do you start searching for assisted living or memory care communities?

    What qualities in a community should you look for? How do you know you made the right decision?


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Has your dad stopped getting together for lunches or outings with friends or visits with neighbors? Have you stopped enjoying time with your parents because you’re a caregiver?

    Choosing an assisted living community is a big decision. Learn how to find the right one for you and your loved one.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    No one ever plans to be sick or disabled, and disasters, man-made or natural, can happen at any time, anywhere.

    Yet older adults are among the most vulnerable during a crisis. That’s why it’s critical that seniors, and those who care for them, prepare for emergencies.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Moving to assisted living is a life-changing event.

    This guide provides tips and ideas on downsizing, what to pack and how to make the transition smooth for your senior parent.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this eBook, you’ll learn how to talk with family and friends about caregiving challenges, how to deal with a parent who is resistant to help, how to get more caregiving help from your siblings, and how to keep your job while caregiving.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Have you had to cut back your hours at work to care for your mom? Are you worried about administering medications or injections?

    Have you stopped getting together with friends, either because you don’t have the time or you’re too exhausted? Are you becoming the invisible second patient?


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this guide, you’ll learn about the difference between Alzheimer’s and dementia, including the early symptoms of dementia; the seven stages of dementia and the symptoms that typically accompany each one; and the signs it’s time to start exploring your memory care options.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    In this guide, you’ll learn about the difference between assisted living and memory care, how health care professionals are trained in dementia care, common features of a memory care community, and questions you should ask when exploring your memory care options.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Navigating adult sibling relationships can be a challenge, but coming together for the sake of your parent is important.

    In this guide, you’ll learn about common sibling conflicts that arise when caring for parents, strategies for getting siblings on board, and where to turn to for help.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    Assisted living can be a touchy subject. No matter how you approach it, your parent is likely to have objections to something.

    As you help them transition to a new stage of life, it helps to be prepared with answers to their questions and concerns.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    A Guide to the Most Common Family Caregiver Challenges Associated with Caring for an Aging Parent.

    You’ll learn about the true costs of being a family caregiver, common family conflicts that can occur when caring for parents, and some of the unexpected challenges of caregiving.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    This checklist will help to make sure you are getting the most out of your visit to The Arbors.

    The list details what important questions to ask during your visit so you are able to make an enlightened choice and find the best assisted living community for your needs.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Guide


    If you’re unsure what Assisted Living looks like in real life, whether there is a difference with nursing homes or a desire to see how community life unfolds, then this guide is exactly what you need.

    A guide to discover the Care Team and a Typical Day in Assisted Living.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Instant Access to Free Cost Comparison guide

    You’re probably wondering how much the different senior living options compare to your current situation.
    If you do, then this guide is exactly what you need.


    NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

    Updates on vaccine requirement and our commitment to health and safety during the COVID-19 crisisLEARN MORE
    +