December 13, 2010
Whether your senior loved one should live with you or stay in his or her own home is an emotionally charged decision. But it's important to understand both the financial and emotional impact, as well as some of the options available to you.
Home Instead Senior Care and Adriane Berg, author of more than 13 books on personal finance and a founder of the National Academy of Elder Law Attorneys, have combined their experience to create the Too Close For Comfort?® calculator. This tool uses 15 questions to walk you through basic budget items, major issues, and some often-overlooked matters that could affect your decision.
Before using this tool, it will be helpful to have the following documents in hand, for both yourself and your senior loved one: bank statements (for payroll deductions and other regular payments); mortgage or renter's monthly statements; insurance premium policy statements; utility bills; tax records; average credit card or other unsecured debt payments; recurring gifts; Social Security or Canadian Pension Plan (CPP), pension and investment income; estimated out-of-pocket cash expenditures; and any other financial documents that reflect living expenses for your household and that of your senior loved one.
Note that this calculator program is provided as a reference tool only. The information you enter into the calculator will not be stored, transmitted, or shared in any way. No guarantee or assurance is made regarding the accuracy of the results provided upon completion of the calculator program.
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