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Becoming a family caregiver is an enormous responsibility. Caregiving can take its toll and self-care can be neglected. Danielle Miura, CFP shares her experience and insights on what you should be prepared for and planning for.

Danielle Miura joins us from California.

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Bio

Danielle is a Certified Financial Planner (CFP®), a financial educator, and a true fiduciary advisor. She is frequently featured in the press and interviews. Spark Financials is a registered fee-only RIA firm headquartered in Ripon, CA. Danielle Miura founded Spark Financials to help family caregivers organize, simplify, and empower them through every life turn.

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For More on Danielle Miura, CFP

Website

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Mentioned in This Podcast Episode

Alzheimer's Association 24 Hour Helpline

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Wise Quotes

On Planning for Caregiving



"First we have to lay the foundation for ourselves in our own financial situation. So about 65% of family caregivers have some type of health decline during their caregiving period. And so it's ensuring that you have a long-term care plan in place, because as much as we would want to admit it, we have to take care of ourselves too. And it may happen that not only you're taking care of a loved one, but you're also needing your own long-term care. So having that plan in place for yourself, having your finances in order so you understand what those financial boundaries look like. So exactly when you need to pull from savings, how much can you pull from savings? That may be the decision of whether do I pull money from my 401(k )or do I pull it from a taxable brokerage account, because those can be two different tax implications. And then it's looking at your loved one's financial situation. If you're going to be their power of attorney, you're going to have to understand what that role looks like, and you probably should know where their accounts are, how much money they have so they can afford long-term care themselves. Do they have enough money to either pay for a care worker or pay for you to take care of them? So those are the questions that I start, I'm kind of like the devil's advocate where I am [asking ] if this scenario happens, are you prepared for this situation? Because it may happen to you if just like me, I needed to take care of myself and I needed a couple weeks to do that and to get myself recuperated



On Boundaries 



"Take care of yourself and know those boundaries. It's okay to have boundaries. It's okay to have limits. Maybe you have a relationship with your loved one that's not a healthy relationship. It's okay to ask for help and find other ways so that you are not paying, you're not doing the primary role of family caregiving. It's okay to set up a support system where you're not doing all the activities when it comes to caregiving. So for example, for my loved one, we have a neighbor that comes over and walks the dog. We have another neighbor that comes over and sees my grandmother an hour a day and they chitchat. So trying to spread out the wealth of caregiving is what's going to help you in the long run. That could be an hour that you can go on a walk or an hour that you can relax. Sometimes you have to get a little bit creative. As I talked about previously. A lot of people don't know they're actually family caregivers. And the trouble with that is that there are so many great resources, but if you don't feel like that's part of your identity or...