Danielle Miura is the owner of Spark Financials, a fee-only financial planning firm. Danielle is passionate about helping family caregivers achieve financial happiness. As a CERTIFIED FINANCIAL PLANNER™ professional, she specializes in comprehensive financial planning, financial education and tax law research.
Among the first things for siblings to do is to gather their parents’ financial documents to figure out their financial situation, says Danielle Miura, a certified financial planner in Ripon, California. “There will often be money somewhere that you least suspect,” she says.
One sibling should oversee keeping all documents and receipts — maybe even creating spreadsheets — that highlight all costs related to long-term care, says Miura. This should be available for all siblings to see.
It might be worth meeting with an elder care attorney to discuss possible Medicaid qualifications and how to structure the financial document to make sure your parent can qualify, says Miura. That may require using up the parents’ assets first, she says.
Danielle Miura CFP, Spark Financials, focuses specifically with financial planning for the sandwich generation. Before you get involved in all the nitty-gritty of care, she says,"Understand that you are not required to selflessly throw yourself into a caregiving role. Remember that you deserve to make a choice that will protect your emotional and physical well-being. Your decision to get involved should be on your terms. Join an online support group or build a caregiving community on social media can help validate your feelings and give you a place to ask for advice. "
After that, “Create a list of people or resources that you can rely on. An emergency plan can alleviate anxiety around possible “what-if” scenarios. Make sure your roster is filled with a few people who can be there for you on short notice. As well as set up support people who can help you with your kids while you are gone. Get copies of your loved one’s essential legal and medical documents like insurance policies, advance directives, will, and a current medication list.”
Those who don’t have enough savings for assisted living may have other options to help cover costs.
“In most cases, seniors who are moving into an assisted living facility will no longer need a home,” said Danielle Miura, a certified financial planner and founder of Spark Financials. “Downsizing by selling a home can help cover the cost of the senior living home.”
Medicaid can also provide financial help for qualified seniors. Low-income seniors over 62 may also qualify for subsidized housing by applying for the HUD Section 202 program. Income limits vary based on your state and county.
“This program allows low-income elderly to live independently while providing home-care assistance,” Miura said.
Danielle Miura, CFP and founder of Spark Financials, said a money tip she plans to introduce to her daughter is not to miss the important detail of evaluating your time and money. Miura said many people think they can become wealthy by only saving and investing their money. However, those who are too stingy may stop themselves from gaining new opportunities and even financially hurt themselves in the long run. Miura uses the example of how the COVID-19 pandemic turned many individuals into DIY renovators. They likely saved themselves money by doing certain things themselves, but did they evaluate how much time and energy they had to consume to complete the renovation? “Money and time are a game of push and pull,” said Miura. “Having a balance between the two is important.”
“Healthcare is no small expense in retirement,” says financial planner Danielle Miura in Ripon, Calif., who says this is among the biggest things clients tend to overlook. According to Fidelity estimates, she says, “the average 65-year-old couple who retired in 2022 will need $315,000 to cover future healthcare costs.” And while basic Medicare is partially free, and partially reasonably modest, for most people over 65, she points out you’ll still have to handle out-of-pocket expenses, like deductibles, copayments, and coinsurance.
Rather than immediately saying yes to your child’s financial request, Danielle Miura, CFP and founder of Spark Financials, recommends parents have an honest conversation about their financial situation with their adult children.
If a parent cannot afford to financially help an adult child, they may provide nonfinancial requests. Miura said these may include helping the child create a budget or connecting them with a financial professional.
“Healthy money lending is when there is clear communication about the expectations, there are respectful boundaries and the parents are not compromising their financial situation for the sake of their child,” Miura said.
Miura said parents should have an idea of when they want to gradually limit the amount of money or the frequency they give to children.
‘He thinks all financial advisers are ripoffs.’ We retired in January with no formal financial plan — and my IRA has since dropped 30%. Even so, my husband refuses to go to an adviser. Now I’m considering going behind his back. What’s my move?
‘Are they actually doing anything to help my money grow?’ My financial adviser is mostly investing in index funds. Is there work he’s doing to make me money that maybe I don’t see, or should I ditch him?