Financial Caregivers

Many of us anticipate caregiving in our future as our loved one’s age, but do we think about becoming a financial caregiver? I am pleased to share the expertise of Mr. Zack Lewis, Director of Community Outreach at Family Legacy Financial Solutions, LLC.  In this interview Zack shares critical financial information for caregivers,

Zack, why is it important to learn about the financial side of caring for a loved one?

Caring for a loved one involves more than just providing emotional and physical support—it often requires taking on significant financial responsibilities as well. Managing a household budget, ensuring bills are paid, navigating government benefits, and protecting against fraud can quickly become overwhelming, especially when balancing caregiving with work and personal obligations.

This is where a financial caregiver steps in. A financial caregiver is someone—often a trusted family member, friend, or professional—who helps manage financial affairs on behalf of someone who is unable to do so independently. Whether due to aging, illness, or cognitive decline, many individuals need financial oversight to ensure their resources are used wisely, their bills are paid on time, and their assets are protected.

What is the role of a financial caregiver?

Unlike traditional financial planning, financial caregiving is about day-to-day financial management—handling the practical details that keep a household running smoothly while ensuring long-term financial security. These responsibilities can include:

Monitoring Accounts & Payments

• Tracking income, expenses, and due dates to prevent missed bills or financial penalties.
• Managing multiple accounts, including checking, savings, and credit cards.
• Setting up autopay where possible and keeping records organized.

Navigating Government Benefits & Healthcare Costs

• Understanding and applying for Social Security, Medicaid, veterans’ benefits, and other assistance programs.
• Reviewing medical bills and insurance claims to ensure accuracy and prevent overcharges.
• Helping coordinate long-term care funding and coverage options.

Protecting Against Fraud & Financial Exploitation

• Monitoring accounts for unusual transactions or signs of elder financial abuse.
• Setting up trusted financial contacts to provide oversight.
• Educating caregivers and family members on common scams targeting seniors.

Managing Investments & Cash Flow

• Ensuring a financial plan is in place to cover caregiving costs without depleting savings.
• Reviewing investment portfolios and reallocating assets if necessary to meet changing needs.
• Planning for future expenses, including long-term care and medical costs.

Tax & Estate Planning Coordination

• Ensuring tax returns are filed correctly and on time to avoid penalties.
• Reviewing estate documents, such as wills, trusts, and power of attorney designations.
• Helping facilitate family discussions to ensure clarity on financial and legal matters.

How important is a Comprehensive Financial Plan for caregivers and their loved ones?

Caregiving can place significant financial strain on both the caregiver and the person receiving care. Without a clear financial plan in place, families may find themselves facing unexpected expenses, cash flow shortages, or even long-term financial hardship. A well-designed financial plan serves as a roadmap for both the caregiver and the care recipient, helping to:

• Ensure financial stability by outlining current assets, income, and anticipated caregiving costs.
  Defend against financial hardship by implementing strategies for managing debt, maintaining liquidity, and optimizing available resources.
• Identify potential gaps in coverage for long-term care, health insurance, and government benefits.
• Reduce financial stress by providing a clear plan for how caregiving expenses will be managed over time.
• Protect the caregiver’s financial future by preventing common pitfalls, such as draining personal savings or delaying retirement contributions.

In conclusion, could you sum up why financial caregiving is essential?

When someone becomes unable to fully manage their own finances, having a trusted person step in can make all the difference in their financial stability and well-being. Without proper financial oversight, missed bills, investment mismanagement, or financial fraud can create significant hardships.

At the same time, family caregivers often find themselves struggling to balance caregiving with their own financial obligations. Many caregivers face lost wages, increased personal expenses, and financial stress—all while managing another person’s financial affairs.

By having a structured financial plan in place and seeking financial caregiving support when needed, families can ensure that both the caregiver and the care recipient remain financially secure. Whether it’s organizing finances, applying for benefits, or protecting against fraud, financial caregiving is a crucial part of ensuring a loved one’s well-being—both now and in the future.

Thank you to Zack Lewis, I appreciate you sharing your knowledge with us. You can learn more, and reach Zack and other experts in his company, at www.familylegacync.com.