prior to the impairment State and federal income tax returns
"Just as you do with your own financial records, as a caregiver you want to set up a system so that you can keep track of all the important documents of the individual for whom you are caring. Remember, you really are stepping into their shoes. You are responsible for making sure you know where things are and what needs to be done when," said Gada.
Create a financial profile and budget
The caregiver needs to understand the individual's financial circumstances. This means getting a handle on the resources available, or assets (e.g., home, investments, life insurance contracts, etc.) and liabilities (e.g., loans, mortgage, credit card debt, etc.).
Also, the caregiver likely will need to establish a monthly http://www.allsup.com/Financial-Matters/Financial-Planning/Budgeting.aspx [budget]. This requires understanding income (e.g., from a long-term disability insurance policy, Social Security, investments or other resources) and http://www.allsup.com/Financial-Matters/Financial-Planning/Decreasing-Expenses.aspx [expenses]. As with any budget, this will need to be adjusted as circumstances change, but it's an important roadmap for ensuring that assets are available to support the individual, or recognizing where there are shortfalls so http://www.allsup.com/Financial-Matters/Financial-Planning/Increasing-Cash-Flow.aspx [additional resources] can be sought if possible.
"Many working adults don't set up monthly budgets. So long as the money coming in is far more than the money going out or needed for savings, this l
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