When You Can No Longer Be The Family Caretaker: 5 Steps

By Kathy Longo, CFP®, CAP®, CDFA

Tuesday, 25 June 2019

When we are young, it seems we and our parents will live forever. We don’t tend to spend much time on the harsh realities of what living a long life entails. Now, a lot of people are getting firsthand experience with the challenges of caring for elderly parents. 

10% of adults aged 60-70 are caretakers to an elderly parent and the number jumps to 12% for adults over 70.1  

Caring for a parent is straining both emotionally and financially for a lot of people. There will often be a breaking point where the current arrangement is no longer tenable and the parent may need more care than the children can provide, perhaps forcing a move to a long-term care facility or hospital. This can be a difficult and challenging conversation for family members to have, especially dealing with siblings who all have different ideas of what is best. This article will cover 5 tips to foster positive conversations and hopefully leave everyone walking away feeling like they’ve made the best choice possible. 

Intertwined: Your Social Life and Your Financial Life are Connected

While many people often look at their social life with a very different lens than their financial life, you might be surprised to know how closely connected they really are.
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 19 June 2019

Intertwined: Your Social Life and Your Financial Life are Connected

This connection applies whether you are highly social or not social at all – if you prefer meeting friends for dinner or going on a sunrise bike ride alone. Your social nature is directly related to how and what you spend money on and what your true relationship with money is. In this article, we will explore this theory and help shed light on how, perhaps, some tweaks to your social habits may have a positive impact on your financial life. 

Loneliness

Lack of social interaction can have a substantial negative impact on your physical health. According to the American Psychological Association, loneliness poses a greater threat to public health than obesity.[1] In a New York Times article, psychologists and psychological studies were reported to have found that loneliness can impair health by raising levels of stress hormones and inflammation, which in turn can increase the risk of heart disease, arthritis, Type 2 diabetes, dementia, and even suicide attempts. With any health problems comes a cost, therefore, maintaining a healthy and active social life (especially as you age) helps to maintain your physical and mental health which in turn protects you from unwanted healthcare expenses.

Kathleen Longo published in BAM Alliance | Blended Finances and Family Values

Thursday, 10 December 2015

Kathleen Longo offers advice to blended families and money conversations in her blog titled: Blended Finances and Family Values
Shared by The BAM Alliance, December 10, 2015

A couple’s money conversations can be complex, as each individual brings to the relationship their unique family history surrounding money, values, financial resources and obligations. And financial conversations take on a whole new meaning when kids are involved, as parents wrestle with spending decisions on allowances, education funding and, eventually, inheritances.

Read the full story here

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