financial empowerment for family caregivers overview · •safe program and 1:1 financial coaching...
TRANSCRIPT
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Financial Empowerment for Family Caregivers Overview
Older Adult Nest Egg andSuccessful Aging thru Financial Empowerment
(SAFE)Peter A. Lichtenberg, Ph.D, ABPPDirector, Institute of Gerontology
Wayne State [email protected]
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Overview
• Primer on Cognitive Aging and Financial Management Skills
• Challenges and Needs for Caregivers
• Older Adult Nest Egg Trainings and Scales for Caregivers https://olderadultnestegg.com
• SAFE Program and 1:1 financial coaching for caregivers
• Summary
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Figure 1: Components of Cognitive Ability
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Figure 2b: Age-Related Changes in Episodic Memory–
Adjusted
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Figure 4: Cognitive Scores Over 7-Year Period for Individuals Initially Ages 70-79
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Figure 4: Cognitive Scores Over 7-Year Period for Individuals Initially Ages 70-79
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Vol. 17, No.1, pp. 1-6
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Cognitively healthy older adults and those with cognitive decline
• Given cognitive aging why do 95% of older adults manage debt, pay bills and maintain good credit just as well as 50 year olds?
Ans: Crystallized Intelligence (for those who have been managing finances for years).
For those taking over finances—it becomes a fluid intelligence task and not as solid in managing finances.
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Now the scary part of the financial story
• Angrisani & Lee, 2019
• Health and Retirement study—longitudinal data
• Decrements in wealth linked to cognitive decline such that 10-15% decline equated to 15-18% wealth loss in 2 year period.
• 61% of sample with decrements had cognitive decline but remained untreated/diagnosed
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NEARLY ONE IN FIVE(19%) ARE PROVIDINGUNPAID CARE TO AN
ADULT WITH HEALTH ORFUNCTIONAL NEEDS.**
The number of Americans providing unpaid carehas increased over the last five years.*
Caregiving in the U.S. 2020,National Alliance for Caregiving and AARP For media inquiries, contact [email protected]
*Provided care to an adult or child with special needs. **The remainder of this data is based on the 19% or 48 million caregivers caring for an adult.URL: www.aarp.org/uscaregiving
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Who are today’s family Caregivers?
Caregiving in the U.S. 2020,National Alliance for Caregiving and AARP For media inquiries, contact [email protected]
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Caregiving in the U.S. 2020,National Alliance for Caregiving and AARP For media inquiries, contact [email protected]
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OlderAdultNestEgg.com was created to support the financial autonomyof older adults and ensure that they are protected when needed.
At the heart of this effort is Dr. Lichtenberg’s desire to empower caregiversand seniors with the information they need to advocate for themselves
and also provide access to trusted resources for support.
OlderAdultNestEgg.com
Learn, Support & Protect
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Go to:
CLICK ON: For Friends & Families
GO TO: O l d e r Ad u l t N e s t E g g . c o m
PLEASE NOTE:
This website
And its resources
are free.
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Online Learning
• Detecting Early Cognitive Impairment
• Detecting. Financial Mismanagement
• Managing Someone Else’s Money
• Difficult Conversations
Empower Caregivers with:
OlderAdul tNestEgg.com
Caregiver Resources
• Helpful Organizations
• Downloadable Guides
• Fraud Alerts
• Ask an Expert on Facebook
• Need a Professional Evaluation
(Downloadable Letter to Trusted Professional)
• News & Recommended Reading
• Free Education and Counseling
• Newsletter Sign-Up
(Free from Advertisements)
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OlderAdultNestEgg.com
ONLINE
LEARNING
Holding
Difficult
Conversations
Detecting
Early Cognitive
Impairment
Detecting
Financial
Mismanagement
Managing
Someone Else’s Money
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OlderAdultNestEgg.com
ONLINE LEARNING Link to all modules: HERE
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Go at your own pace, and
learn about:
• Common mistakes
and how to avoid
them
• Why they are
difficult
• Crucial
Conversations
• 3 conversation
dangers
• The learning
conversation
OlderAdultNestEgg.com
Holding Difficult Conversations
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DIFFICULT CONVERSATIONS• Refuse
• Deny
• Defend
• relationship damage
• cutting off all communication
• denial of a problem
RESULTING
WE NEED TO TALK
FINANCIAL
CONVERSATIONSARE HARD
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WHY ARE THESE CONVERSATIONS DIFFICULT?
• Most people consider their finances private . . .
• Most people want to control their own finances . . .
• Parents often perceive more risks than benefits from discussing their finances with their children . . .
• 36% of adult children do not even know where their parents financial resources are kept.
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WHY ARE THESE CONVERSATIONS DIFFICULT?
• Am I competent?
• Am I a good person, parent or child?
• Am I respected?
. . . BECAUSE IT HITS THE CORE OF WHO WE ARE!
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OlderAdultNestEgg.com
Detecting
Early Cognitive Impairment
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OlderAdultNestEgg.com
Detecting
Financial Mismanagement
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OlderAdultNestEgg.com
Managing
Someone Else’s Money
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MANAGING SOMEONE ELSE’S MONEY
• What is a fiduciary?
• Types of fiduciaries: • Agent Under Power Of Attorney (POA)• Court Appointed Guardians (Conservators)• Social Security Representative Payees and VA Fiduciaries
• Basic rules of fiduciaries
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New: Family and Friends Questionnaire:Checking on how vulnerable your older loved one may be
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Open a free secure account - If you’re on a computer click
“Sign Up” at the top right of the home page. Select “Family & Friends
Account” and “Next” in the pop up window and provide basic contact
information and will be up and running. If you are on an phone select
”menu” and scroll down to sign up.
Complete a brief training - Follow the prompts to help you get
maximum use from the Family & Friends Questionnaire. Certification
gives you unlimited access to use the questionnaire.
Complete a Family & Friends Questionnaire (FFQ) -
Complete an FFQ for a relative or friend you have concerns about or
to use as a baseline against future changes.
Get results - Your FFQ is immediately scored electronically. You'll
receive an easy-to-understand Risk Score with suggested next steps.
Download the report - Download your complete FFQ report
for your own records or to share with a relative, friend or trusted
professional.
OlderAdultNestEgg.com
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OlderAdultNestEgg.com
CAREGIVER
RESOURCES
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Engage with
Experts
Follow the
Institute of
Gerontology
on Facebook to
learn about
current online
events or ask
and expert a
question
Receive Alerts
View the latest
Scam Alerts and
sign up to
receive FTC
notifications.
Connect with
Organizations
Download
Resources
CAREGIVER
RESOURCES
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Sign up to Receive our
Caregiver Connection
Newsletter
• Here stories from other
caregivers
• Learn about online
events
• Get remote help with
scams, fraud, identity
theft & managing money
as a caregiver
• and more
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Successful Aging through Financial Empowerment
(SAFE)
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SAFE Program Goals
To help victims recover their financial footing after being victims of scams and identity theft.
Assist caregivers in proper financial management of their charges assets and finances
Enhance public education around scams and identity theft through public presentations
Enhance caregiver education on Managing the Finances of their charges
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All Services Virtual Due to COVID 19
Webinars
One on One Zoom/Phone Coaching
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Caregiver Case Example
• Daughter had legal guardianship over mother after sister who formerly had guardianship had been found to be stealing money from mother.
• Mother was in a nursing home
• Sister, who was formerly guardian, had mother to cosign for $8000 in student loans for granddaughter.
• Contacted the Dept of Education
• Contacted the loan servicer.
• Submitted guardianship paperwork, proving mother was not in a position to make decisions for herself.
• Blocked disbursement of student loans
• Amount saved $8000
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SAFE Coaching Services
Zoom and Telephone Coaching Services to address Caregiver Financial Issues
ContactLaToya Hall