Southwest Florida's Health and Wellness Magazine Health and Wellness Articles
Courtesy of: Juan Ocanas, Financial Advisor at Morgan Stanley
According to the most recent statistics from the National Alliance for Caregiving and AARP, 53 million people provided unpaid care to an adult or child in 2020.1 These people may be spouses, partners, adult children, parents, other relatives, friends or even neighbors. And, many of these people may not even realize that they have taken on a new role as a caregiver.
Caregiving often starts with small tasks—taking your dad to a doctor’s appointment and doing household chores. Over time, you find yourself doing more and more and, before you know it, you have made a long-term commitment to taking care of someone else.
In some cases, the need for caregiving is triggered by a medical crisis, such as a heart attack, stroke or serious accident. In other situations, caregiving creeps up on you as the health of a loved one declines. If you were called on to be a caregiver, would you be ready to take on the responsibility?
Preparing to Be a Caregiver
None of us want to think about a time when we might not be able to take care of ourselves. But, having that conversation is critical for making sure that everyone in the family is on the same page when it comes to the goals of caregiving. Here are some questions you might want to discuss as a family:
• What are the wishes of your loved one who will require care? Where will she live when she can no longer live independently?
• Who will take on the responsibilities of care-giving? How will that affect their ability to work?
• Who will pay for the cost of caregiving?
• Does your loved one have an estate plan in place?
Remember that caregiving covers a full spectrum of responsibilities, from performing personal and household tasks to being a companion, handling financial and legal matters, and advocating for the care receiver. The learning curve may be steep, but having a plan in place helps ensure that your loved one is cared for in a manner that aligns with their wishes.
Getting Started as a Caregiver
It is easy to become overwhelmed as new caregiver, but here are some strategies for getting started:
Learn what skills you might need to care for your loved one. The skills you might need may depend on your loved one’s health condition and diagnosis.
Talk about finances and healthcare preferences. This may include legal documents such as a durable power of attorney, healthcare proxy and living will or advanced directive.
Identify resources and support, both personal and in the community. As a caregiver, you may find yourself juggling many roles—as a spouse, a parent, an employee, a member of your community. Assuming the role of caregiving requires resilience and the ability to accept help from others.
Remembering You Are Not Alone
Assembling a caregiving team—a circle of trusted advisors—can help smooth the transition to the multi-faceted responsibilities you will be taking on as a caregiver. This team may include a social worker or psychiatrist, a geriatric care manager, an attorney, an accountant, an insurance specialist, physicians, a home care aide and a Financial Advisor. The key is to start planning while you still have choices and can get your loved ones involved in the process.
Juan Ocanas, CRPC®
First Vice President
Senior Portfolio Manager
Family Wealth Advisor
Financial Planning Specialist
Financial Advisor
NMLS 641775
Morgan Stanley Naples Branch
(239) 449-7853
advisor.morganstanley.com/the-calleja-group
Disclosures
Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.
Juan Ocanas is a Financial Advisor in Naples at Morgan Stanley
Smith Barney LLC (“Morgan Stanley”). He can be reached by
email at Juan.Ocanas@MorganStanley.com or by telephone at (239) 449-7853. His website is https://advisor.morganstanley.com/the-
calleja-group
This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for legal matters.
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Juan Ocanas may only transact business, follow-up with individualized responses, or render personalized investment advice for
compensation, in states where he is registered or excluded or exempted from registration, https://advisor.morganstanley.com/the-
calleja-group
©2021 Morgan Stanley Smith Barney LLC. Member SIPC. CRC# 3650540 07/2021
1 National Alliance for Caregiving and AARP. Caregiving in the U.S. 2020. Available at https://www.caregiving.org/caregiving-in-
the-us-2020/.
