Ep 166: "The Care Dilemma: Love, Legacy and Finances"

This podcast episode features guest Nicole J. Smith, a daughter faced with her mother’s Alzheimer’s diagnosis. Nicole J. Smith intertwines heartfelt memoir with practical advice, a vital roadmap for caregivers navigating dementia care. Nicole was blindsided by her mother’s post-pandemic cognitive decline and took a deep dive into dementia education after her mother’s Alzheimer’s diagnosis. Nicole is sandwiched between caring for three aging parents and five children. She wrote the book she could not find in managing the legal, financial, medical, and emotional aspects of becoming a caregiver. Her book Diagnosis Dementia: Your Guide for Eldercare Planning and Crisis Management, shares her story and helpful resources in navigating the terms and turmoil of eldercare. End of life planning conversations are critical to have before a crisis occurs. www.njsmithbooks.comMichelle and Nicole discuss the challenges of managing aging parents' care and finances. The conversation highlighted the importance of having legal documents like powers of attorney in place for both parents and adult children, especially as many people face unexpected health issues, such as Alzheimer's disease. The speakers shared personal stories about their experiences with caregiving, emphasizing the emotional, financial and logistical complexities involved that you might be surprised by.They addressed the broader implications of an aging population, noting that 10,000 baby boomers turn 65 daily, which places significant pressure on the healthcare system. The speakers stressed the need for proactive planning in retirement discussions, as caregiving costs can deplete savings. They provided resources for families navigating these issues, including support groups and websites focused on end-of-life conversations. This episode is important as it raises awareness about the realities of caregiving and the necessity of preparation, encouraging listeners to engage in difficult but essential conversations about aging and care.00:05 - Starting the caregiving journey 10:18 - Importance of powers of attorney 20:51 - Facing caregiving realities 29:50 - Navigating family dynamics 39:18 - Essential resources for caregiving 45:33 - Organizing conversations on aging Key TakeawaysProactive Planning: It is crucial to have conversations about health, finances, and caregiving preferences with family members before a crisis occurs.- Education and Organization: Caregiving requires not only emotional support but also a structured approach to managing medical, legal, and financial aspects.- Community Support: Caregivers are not alone; there are numerous resources and support networks available to assist them in their journey.Resources mentioned in the Podcast:Introduction to various resources such as aging life care managers, financial planners, and elder law attorneys.Recommendations for support groups and educational resources, including:Conversations:https://deathoverdinner.org/https://theconversationproject.org/https://www.fivewishes.org/Caregiver Support:https://daughterhood.org/https://leezascareconnection.org/homehttps://wearehfc.org/For much more on ALL things money mindset, money management, how to earn a great living...