As life expectancy increases and baby boomers age, many people find themselves taking on the role of caretaker for aging parents or loved ones who can’t live independently. More than 50 million Americans are caring for family members aged 18 or older, and at least another 10 million are caring for those with special needs who are younger than 18.

Many people find themselves overwhelmed by the role of primary caregiver. In addition to the emotional repercussions of assuming this challenge, the financial impact can take a hefty toll on your quality of life and finances.

By following these tips, you can lessen the burden as you care for the needs of your loved one.

Know your loved one’s financial situation

Review the care recipient’s finances. This includes bills, expenses, assets, insurance policies, investment and retirement accounts, stock certificates, and Social Security benefits and payments with an accountant or financial planner. Develop a system for paying bills and keeping records. Determine who in your family will manage these finances.

If the care recipient has a life-insurance policy and you’re confused about aspects of the policy, you can call a representative at SBLI (888-GET-SBLI.) The life-insurance representatives at SBLI (sbli.com) can help answer your policy questions.

Get affairs in order

Legal plans go hand in hand with financial plans. Make sure a will has been drawn up, finalized and signed. The will should include the durable power of attorney for finances, which gives a designated person the authority to make financial decisions when the care recipient cannot do so. Make sure the will includes a plan for a health care proxy as well as other relevant medical decrees.

Assess the current situation

* What can your loved one afford?

* Are other family members able to contribute?

* Can you afford to stop working, reduce your hours, and/or help pay for costs?

* Will you need to hire a visiting nurse or other health care provider?

Seek available information and resources to help you as the designated caregiver. Keep in mind: Every caregiver’s financial situation is different. Information can often be confusing when you try to locate the best resources to help meet your specific needs. The good news: Plenty of local and national associations specialize in caregivers’ needs, and regional, state and federal programs and services are available to provide a wide range of financial and legal assistance plus emotional support and guidance.

The financial aspects of the caregiver role are certainly important, but it’s the emotional connection that will sustain both you and the person for whom you are caring.

Holly Whittelsey Whiteside, a caregiver’s coach and advocate and author of “The Caregiver’s Compass,” offers this advice to help your loved one feel emotionally connected to you:

1. Don’t do for them what they can do for themselves. Too much help is disempowering for them.

2. Don’t let practical demands get you down, eroding your mutual connection.

3. What you resist, persists. When you find yourself resisting something or someone, change what you can and then practice acceptance of what you can’t.

4. Your thoughts can spin dramas that become emotional realities. Shifting your thoughts shifts your care giving.

5. Surround your loved one with love. Offer productive tasks. Supply entertainment that they have always enjoyed. Provide opportunities for them to feel competent.

It’s impossible to be all things to all people. Focus on doing the best job you can. Use these tips as a guideline to provide the best financial and emotional care to your loved one and lessen your own financial and emotional tolls.