Have you noticed Mom or Dad showing signs of decline? Are you worried about your elderly uncle living at home by himself? You're not alone.

Many of us will find ourselves making care decisions for our parents or other beloved elders.  It's not an easy place to be because it's hard to see them struggle to live independently.

While we can't make the process any easier for you, we hope to offer some guidance on your journey. Here are 7 tips.

Tip #1: Start talking about care plans as early as possible.

Many elders shy away from conversations about their future care needs.

However, gently bringing attention to the topic from a place of love and support long before urgent needs arise can help the whole family get on board with a plan.

With many desirable communities experiencing high demand, finding a placement may take longer than expected, so planning ahead helps.

Tip #2: Identify any current needs.

If you already know that your parent or elder needs help, it's useful to identify which "activities of daily living" they may no longer be able to manage.

Knowing this will help you gauge what kind of assistance they need.

An elder with physical issues may struggle with bathing or dressing but still be able to handle their finances.

An elder experiencing cognitive decline may be able to handle their personal care but need help with transportation, money management, and housekeeping.

Finding the right level of care for their needs can help them remain independent as long as possible and keep costs in check.

Tip #3: Identify their financial resources.

Care can cost quite a bit, so knowing what assets your parents have—income, investments, long-term care policies, insurance, benefits, etc.—can help determine what they can afford.

The chart below shows some nationwide care statistics, but the actual cost of a placement will be influenced by location, level of care, type of facility, pricing structures, and more.¹

Tip #4: Be clear about your own resources and expectations.

Many, many factors influence care expectations within families.

Being clear with your family about what you can and cannot contribute in terms of time, money, and caregiving is critical.

It may be a difficult conversation, especially if your family's expectations of you are outside what you can provide.

However, setting boundaries and accountability creates clarity about what services mom and dad will need.

Tip #5: Research their options.

There are a lot of ways to help your loved ones age gracefully. Learning about which services and facilities are available and within their resources can empower you to help them make good decisions.

Sometimes, home renovations and local support can be enough to support aging-in-place.

In other cases, moving to a care community can offer elders the support they need to thrive.

Tip #6: Understand the steps involved in getting into a community.

Many facilities operate with a waitlist so it may be challenging to quickly find a placement when the time comes to move.

Starting early helps. Asking for referrals, taking tours of facilities together (if they're willing), and becoming informed about how each community works can help you all understand the process.

When you’ve identified a place you may be able to place a deposit to get on the waitlist, giving them the option to accept a spot when it opens.

Tip #7: Ask for help.

You're not alone in this journey.

If you're facing a need to find care for your parents, please let us know.

We’re here to be your sounding board and an outside opinion to help your family navigate the emotions and find a good path forward.

We can also help you understand your options and connect you with any legal advice you may need.

Bottom line: We’re here to support as you help your loved ones navigate the care process.

If you ever have questions or need advice, please reach out.

Warmly,

Your Eagle Wealth Team

P.S. Helping your parents navigate care decisions can bring up a lot of thoughts about our own aging. If you’d like to discuss your own financial and logistical preparations, please let us know.
 

Maximizing the Gift of Time

This Thursday is February 29^th, an additional day granted by the leap year.

Leap years are essential to align our calendars with the Earth's orbit around the sun. Our calendar typically consists of 365 days, but it takes approximately 365.242190 days for the Earth to complete its orbit². To compensate for this fractional day, we add an extra day to the calendar, making it 366 days in a leap year.

This rare occurrence gives us a precious 24 hours that we wouldn't typically have in a year. Instead of treating it as just another day, consider using it to your advantage. Whether it's pursuing a personal goal, spending quality time with loved ones, or simply taking a moment to relax and recharge, this additional day is a unique gift.
 
In the hustle and bustle of our daily lives, it's easy to overlook the value of time. Leap year serves as a reminder to make the most of every moment.
 
Did you know that not every four years is a leap year?  Read more in this Smithsonian article.
 

The Week on Wall Street

Stocks vaulted to new heights last week on the back of an artificial intelligence (AI) semiconductor company, marking investors’ belief that AI has the potential to transform the U.S. economy.
 

Stocks Rally To Record Highs

Stocks traded in a fairly tight range for the first half of the short week, yawning at the lack of economic data while awaiting earnings results from one key company that creates chips that power the artificial intelligence operations of many firms.

A strong Q4 corporate report and long-term message from Nvidia Corp. pushed the S&P 500 and Nasdaq to new closing highs on Thursday.

Nvidia’s market cap rose by $277 billion on the news, pushing it to a $2 trillion valuation. To put that in perspective, Nvidia's market cap is now roughly the same size as Canada’s economy. Its 16% gain on Thursday was the largest one-day market cap increase by any U.S. company.^3,4

Remember, companies mentioned are for illustrative purposes only. It should not be considered a solicitation for the purchase or sale of any company connected with AI.
 

Inflection Point?

Nvidia’s seismic increase in market cap gave investors pause for reflection, wondering whether this marked an inflection point for artificial intelligence.

The main story that investors took away was that, because of its market dominance as the leading global provider of AI computer chips, Nvidia served as a proxy for AI. Some of the world’s most influential companies rely on Nvidia technology to power their own AI initiatives. Investors appear to have concluded that AI’s impact may just be starting, and anticipate it will be a driving economic force in 2024 and beyond.^5,6

Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance
Source: YCharts.com, February 24, 2024. Weekly performance is measured from Friday, February 16 to Friday, February 23.
ROC 5 = the rate of change in the index for the previous 5 trading days. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.