There often comes a time when elderly parents, especially those who experience strokes or develop Alzheimer’s, need help with their finances.  Eventually someone may have to take over their finances entirely.

This generally is a difficult time for both parents and children or whomever becomes in charge.  I found helping my mother make out checks, decide which bills to pay, and go over accounts was no problem.  It was when she began to lose the ability to understand and made unrational decisions.  There is a reluctance within many of us to take financial matters out of our parents’ hands, even when we know they are no longer capable.

This also becomes the time when unscrupulous people also can take advantage of the elderly.  The frustrating part occurs when the parent desires to take the advice of outsiders rather than family members. Also, various family members may have differing views of what’s best for the parent.  Occasionally, a family member is the unscrupulous person.

Acquiring power of attorney, conservatorship and guardianship are some methods of legally being able to handle a parent’s affairs.  You’ll find a great deal of information to help you in making decisions at How can I help my parent manage her financial information.

How have you gone about finding solutions?

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Helping Parents and Alzheimer’s Patients with Finances

Caregivers sometimes take care of Alzheimer’s patients other than family, do housekeeping for them, provide shopping services for them or their families.  Whenever they receive payment, they’re considered as conducting a business, unless they’re working as an employee for an agency that does this type of work. 

Often they think because it’s a “little” business, they don’t have to worry about taxes.  However, under most circumstances, the IRS generally looks at it differently, and caregivers still do have to pay taxes and Social Security and develop a system of keeping track of income and expenses.

Jean Murray, at Home Biz Notes, has a great post with some initial tax information.  Check out 5 Myths About Work At Home Business Taxes.

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Tax Tips for a Caregiver’s Business

Jim’s mother, Mary, died from Alzheimer’s disease.

The generous donation will allow support research in the following areas…

• Investigation of the molecular structure of the toxic protein that accumulates in the brain in Alzheimer’s disease.
• Studies of the molecular interactions that make the protein involved in Alzheimer’s toxic.
• Characterization of and intervention for Alzheimer’s in genetically engineered mouse models.
• Studies involving familial Alzheimer’s patients.
• Genetic studies and serial imaging of patients with Alzheimer’s.

(source)

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$10 million donation given to UCLA to find a cure for Alzheimer’s.

Have you considered a home business so you can afford to stay home to care for your Alzheimer’s family member?  Perhaps you already have one.  Are you knowledgeable about home business taxes?

Jean Murray, at Small Business Boomers, has a great post with information and resources concerning what the IRS (Internal Revenue Service in the US) considers a true business. You might like to check out her, Boomers Retiring to “Fun” Businesses: Is birdwatching a business?

She mentions some of the criteria the IRS uses to determine whether you’re entitled to deduct your losses from the business you’re operating or starting up.

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(c)2008 Mary Emma Allen

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Are You Considering a Home Business to Afford Caregiving? Here are tax tips.

 In the post, For Alzheimer’s Caregivers Considering an At-Home or eBay Income, I mention Suzanne Wells and her new blog at b5media, eShopOwner.com.

Suzanne has offered some additional insights for Alzheimer’s Notes’ readers:

 eBay is becoming more and more popular for the “sandwich” generation who are looking for additional means to bring extra income into the home, whether to save for retirement or to care for a parent or spouse.

eBay works great for caregivers or the homebound because sellers can interact with their customers and this helps with the isolation factor, and it gives the caregiver another focus, a hobby, and something fun to do to combat “caregiver’s syndrome.”

Whether the caregiver develops an e-business for a major income or as a hobby to interact with others and have contact with the “outside world,” Suzanne’s comments give us something to think about.

What do you do for diversion, for inspiration, for contact with others?  Have you developed an e-business or e-hobby that enables you to be more satisfied as a caregiver or homebound individual?

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(c)2008 Mary Emma Allen

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eBay Coach, Suzanne Wells, with Suggestions for Alzheimer’s Caregivers

 Your Alzheimer’s parent or spouse requires more and more care, so you find it difficult to juggle caregiving and your job.  Or you simply need extra income to pay the additional bills caregiving entails.

If you’re considering online or eBay businesses, check out the helpful information at the new blog at b5media’s Business Channel, eShopOwner.com, by Suzanne Wells.

Suzanne has a number of posts concerning the in’s and out’s about setting up an eBay store. She does this in the FAQ (Frequently Asked Questions) format.

For instance, in FAQ#1, Suzanne discusses, What Should I Sell?, and differentiates between the hobby and serious eBay business owner. She also touches upon her experience as an eBay business owner.

Keep tuned to eShopOwner and you’ll discover a great deal of information about operating an “e” business in today’s Internet world.Incidentally, there  is an introduction to Suzanne and her blog by Business Channel CE, Kelly Erb, b5media Goes Online Shopping.

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(c)2008 Mary Emma Allen

Tags: eBay, eBay business, eBay business owner, eBay shopping, Emma, eShopOwner, home-+-biz-+-notes, home-business, Mary Allen, Mary-+-Emma-+-Allen, online business, online sales

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(c)2008 Mary Emma Allen

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For Alzheimer’s Caregivers Considering an At-Home or eBay Income

Here’s what’s been said about it..

Pat Cadigan has started a campaign to get 500,000 Terry Pratchett fans to donate £1 each to Alzheimer’s research, matching the funds put up by Pratchett himself, who was recently diagnosed with rare, early-onset Alzheimer’s — he calls the campaign “Match it for Pratchett!” (Boing Boing)

Guide to Giving which points out the various ways you can give a donation – through the site’s Donation Jar or through the Alzheimer’s Associations in different countries.

You can purchase a Match It for Prachett T-shirt.

You can spread the word.

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Terry Prachett Fan Sets up ‘Match it For Prachett’ Alzheimer’s Fundraising Site.

 I’m running a drawing for a copy of The 3 Secret Pillars of Wealth by James Burns, Esq. at Home Biz Notes, my blog at the b5Business Channel. I also hosted James Burns as he toured the blogosphere.

Although this book touches upon operating a business, it’s not solely for business owners.  Anyone who is interested in acquiring wealth will find information of interest. 

Have you developed your vision goal for your future?

This is something I found really fascinating about his book, along with other information Burns provides about How to Crack Your Wealth Code Using the Tools of Self-made Billionaires.

Click here, or above, for details of the drawing.

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(c)2008 Mary Emma Allen

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Random Drawing for The 3 Secret Pillars of Wealth

 The higher price of gas/petrol unquestionably affects all of us, caregivers included.  Doing the usual shopping, doctor visits, pharmacy, church can add up, especially if you live some distance from most of these destinations.  When caring for an Alzheimer’s patient, the amount you spend for gasoline can add up, especially in these times of high gas prices.

At the b5media Business Channel, where I co-blog on Home Biz Notes, we featured a round-up of posts with various opinions on this newsworthy aspect of our ecomomy. My co-blogger, Yvonne Russell, mentions the effect of $6.40 per gallon for fuel in her country… Australia.

For an interesting read on various slants to this topic, check out, “Not So Fun” Outloook on Gas/Petrol Prices from the Business Channel.

How has the higher price of gasoline/fuel oil affected your life?

Do you have some fuel saving techniques you can share with us?

(c)2008 Mary Emma Allen

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The High Price of Fuel Affects Alzheimer’s Caregivers, too