Pooling Family Resources

If you're worried about living alone, other family members may be worried, too. Getting everyone together to talk about it sometimes makes it possible to find a solution, such as pooling assets and trading money for time. For example, if one or two siblings or family members handle most of the daily care, such as driving to medical appointments, others with less flexible work schedules might contribute money instead. If there's a family home that no one wants to sell yet, siblings with available funds might pay for assisted living with the promise of repayment when the house is sold.

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The research and paperwork associated with finding and selecting assisted living facilities and qualifying for financial support can be tedious and overwhelming. Sometimes families get stuck because no one feels qualified to take on the task. It can be a huge relief to work with a geriatric care manager or senior move manager who is familiar with the resources in your area. A care manager can work with the entire family to present options, resolve roadblocks, and help you find the perfect situations for your loved ones. Money matters can also cause family tension. If you're having trouble communicating, you might enlist the help of a mediator or care navigator.

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Disclaimer: The Parkinson Association of Alabama provides education and awareness so that you may discern your own planning. Our information is never intended to be guidance or replace that of a financial advisor or expert. We simply want to provide enough information as a conversation starter as you work with your respected financial advisors for mapping out your financial budgeting plans for community living. The PAA cannot be held liable for any financial decisions you make regarding your own planning.

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Sources:

The Davis Phinney Foundation.  Chapter 15 - Long-term Care and Financial Planning. Every Victory Counts. Page 249. "Manual." Sixth Edition, 2021.