Caring for Your Aging Parents

Episode 044: Where Care Meets Money: What to Do When Mom Can’t Live Alone Anymore

You get the call. Mom fell, or she left the stove on again, and now she can’t safely live alone. Lynn and Janet walk through that scenario step by step. Lynn covers the signs families notice first, the ones they miss, and how to start the hard conversation. Janet covers the money: how to build a financial snapshot of your parent’s situation, what in-home care, assisted living, and nursing homes cost, why Medicare doesn’t pay for long-term custodial care, and when to call an elder law attorney. They also cover power of attorney, protecting your own retirement, and the emotional cost of caregiving. You leave with one action for this week.

Show notes:

Show notes may include affiliate links. If you sign up through my link, I may earn a small commission at no extra cost to you. I only recommend tools I actually use and point clients toward.

In this episode:

• The signs a parent can no longer live safely alone
• The financial snapshot: income, savings and investments (including home equity), insurance, VA benefits, and key documents
• What care costs: 2025 national median costs per year (Your local costs may run higher or lower).
• Medicare vs. Medicaid, and why Medicaid spend-down and look-back rules call for an elder law attorney
• Long-term care insurance, and life insurance with a long-term care rider
• Why a power of attorney and healthcare directive need to be in place before a crisis
• How to help your parent without sacrificing your own retirement
• Caregiver burnout

Your action step this week: Find out whether your parent has a financial power of attorney, a healthcare power of attorney, and a healthcare directive. If they do, find the originals. If they don’t, schedule time with an attorney to draft them.

Resources: Estate Plan Bundle