As a Child-Free Elder, Who Will Be On Your Team?
“Who will take care of you when you’re old?” someone once asked me when I told her I had no children. It seemed like an old-fashioned kind of question. Nevertheless, it caused a mini panic attack. Knowing the statistics, I had made the vague assumption that I would need to make arrangements for care, but something about her question made that statistical probability more real. About 14 percent of 40- to 44-year-old women had no children in 2018 – up from about 10 percent in 1980, U.S. Census data shows. This is and will be an issue for millions of Americans. As anyone who has served as a caregiver knows, there are four main questions to ask from the beginning. Answering these can lead to the formation of an elder care support team. The team members may come from two areas - friends and family, professionals, or both. Where will I live? Who will make medical decisions for me? Who will handle my finances? How will I get transportation? Team Member 1: Where will I live? The first part of figuring out the team is to know where you will be living. The vast majority of Americans want to age in their homes. For some people that home might be the place they have lived for several decades. If so, then the team member will likely be a home health care company. For others, home might be a place they move to - with a supportive community, but not a facility (perhaps at first). If that's you, building a network of friends and professionals in the community can be one of the best ways to reinforce your support team. Although it's not in many people's plans, sometimes aging at home isn't an option. For people aging without children, it's more important to get to know assisted living and continuing care facilities, and figure out how you would pay for them. (For myself, I purchased a traditional long-term care policy. But that doesn't mean that is the right solution for everyone.) Team Member 2: Who will make medical decisions for me if I can’t? Preferably someone close by. Ideally this person could be available at a moment's notice and will not have to travel far to attend appointments with you. Having a strong primary care physician relationship is also highly beneficial. Some doctors, especially those who specialize in concierge medicine, can and will serve as your legal health care surrogate. Team Member 3: Who will handle my financial affairs? Many attorneys recommend having a different person named for financial matters than for health care decisions. As aging progresses, it's a lot to ask of one person to handle bill paying, money management, and doctor appointments (as anyone who has served as a sole caregiver can attest). Money management involves several duties. To name a few, Paying bills and making renewal decisions (such as memberships, subscriptions, and/or insurance policies) Making gifts Making transfers between accounts, such as taking IRA withdrawals Managing investments…