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By Susan Craig
Contributing Writer 

Taking on the Role of Caregiver

 

Last updated 4/2/2019 at 5:21pm

Susan Craig, Financial Advisor

According to the most recent statistics from the National Alliance for Caregiving and AARP, more than 43 million people have provided unpaid care to an adult or child in the last 12 months.1 These people may be spouses, partners, adult children, parents, other relatives, friends or even neighbors. And, many of these people may not even realize that they have taken on a new role as a caregiver.

Caregiving often starts with small tasks-taking your dad to a doctor's appointment or doing household chores. Over time, you find yourself doing more and more and, before you know it, you have made a long-term commitment to taking care of someone else.

In some cases, the need for caregiving is triggered by a medical crisis, such as a heart attack, stroke or serious accident. In other situations, caregiving creeps up on you as the health of a loved one declines. If you were called on to be a caregiver, would you be ready to take on the responsibility?

Preparing to Provide Care for a Loved One

None of us want to think about a time when we might not be able to take care of ourselves. But, having that conversation is critical for making sure that everyone in the family is on the same page when it comes to the goals of caregiving. Here are some questions you might want to discuss as a family:

• What are the wishes of your loved one who will require care? Where will she live when she can no longer live independently?

• Who will take on the responsibilities of caregiving? How will that affect their ability to work?

• Who will pay for the cost of caregiving?

• Does your loved one have an estate plan in place?

Remember that caregiving covers a full spectrum of responsibilities, from performing personal and household tasks to being a companion, handling financial and legal matters, and advocating for the care receiver. The learning curve may be steep, but having a plan in place helps ensure that your loved one is cared for in a manner that aligns with their wishes.

Getting Started as a Caregiver

It is easy to become overwhelmed as new caregiver, but here are some strategies for getting started:

Learn what skills you might need to care for your loved one. The skills you might need may depend on your loved one's health condition and diagnosis.

Talk about finances and health care preferences. This may include legal documents such as a durable power of attorney, health care proxy and living will or advanced directive.

Identify resources and support, both personal and in the community. As a caregiver, you may find yourself juggling many roles-as a spouse, a parent, an employee, a member of your community. Assuming the role of caregiving requires resilience and the ability to accept help from others.

Remembering You Are Not Alone

Assembling a caregiving team-a circle of trusted advisors-can help smooth the transition to the multi-faceted responsibilities you will be taking on as a caregiver. This team may include a social worker or psychiatrist, a geriatric care manager, an attorney, an accountant, an insurance specialist, physicians, a home care aide and a Financial Advisor.

Footnotes

1 Family Caregiver Alliance®. Caregiver Statistics: Demographics. Available at https://www.caregiver.org/caregiver-statistics-demographics.

Disclosures

Disclosures

Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.

Susan S. Craig is a Financial Advisor in Tampa Office of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). She can be reached by email at [email protected] or by telephone 813-227-2182. Her website is: http://www.morganstanleyFA.com/Susan.Craig

This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

Morgan Stanley Smith Barney LLC ("Morgan Stanley"), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.

Insurance products are offered in conjunction with Morgan Stanley Smith Barney LLC's licensed insurance agency affiliates.

Susan S. Craig may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where she is registered or excluded or exempted from registration, http://www.morganstanleyFA.com/Susan.Craig

© 2018 Morgan Stanley Smith Barney LLC. Member SIPC. CRC 2298114 11/2018

 

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