By Jessica Solomon
When aging takes an unexpected turn, it’s often a care manager who quietly steps in and becomes the bridge between crisis and clarity. That’s exactly what happened when Alejandra Aparicio, a dedicated geriatric care manager with The Key, was introduced to Margaret, an elderly woman recovering from a serious fall.
Margaret, in her late 80s, had been discharged from a hospital to a skilled nursing facility and eventually returned home—mostly bedbound and requiring a two-person assist. She lives with her sister, Laura, in the same Santa Barbara home they grew up in. Built in 1915, the home had seen over a century of family history, and the sisters had never considered leaving it.
The Initial Crisis
With no children of their own, and limited physical help from Laura—who is elderly herself—the sisters faced the overwhelming task of managing Margaret’s complex care needs. Home care was necessary immediately after discharge and came at a steep cost: roughly $8,000 per week due to the fact that she initially required a two person assist.
Over time, with Alejandra’s oversight and a tapering of services, costs were reduced. Laura pitched in where she could, and a niece who lived 35 minutes away visited about every two weeks and stayed engaged in the care plan.
Yet a year after discharge, things began to shift again. Laura could no longer physically help, and Margaret’s condition required 24hour care, totaling about $6,000 per week. Even with savings and a paid-off home, they were burning through resources. At this rate, Margaret had only six months of care affordability left.
Alejandra’s Role: More Than Just Coordination
Alejandra’s involvement extended far beyond traditional care management. As part of The Key, she not only supervised the care plans and caregivers but also worked closely with the family to explore safe and sustainable alternatives to private duty care. She always discusses the risks of hiring caregivers independently—no worker’s comp, no backup, no oversight—but also understands that affordability often drives those decisions.
Recognizing the family had no durable powers of attorney, no formal legal documentation, and limited family support, Alejandra sought to pull together the right team.
Enter Financial Advocacy: A Lifeline for the Family
That’s when Alejandra connected with Mark Maimon and Jessica Solomon from Luminate Bank, who specialize in financial solutions for seniors aging at home. Together, they explored a line of credit secured by the home the sisters had inherited—a financial product that turned out to be a lifeline.
Mark was able to secure up to $500,000 in funding. The line of credit allowed the family to:
- Draw funds only as needed
- Pay interest only on the amount drawn
- Use the line to make monthly payments, preserving their cash flow
This flexibility gave the sisters breathing room—relief from the ticking clock of diminishing savings.
The Overlooked Risk: Capital Gains and Tax Planning
Mark also advised the family to speak with a tax professional. Because the sisters inherited the property, there could be substantial capital gains taxes if they ever decided to sell. However, he emphasized a critical opportunity: if the home is sold after both sisters pass, the step-up in basis could allow them to avoid capital gains taxes altogether. This kind of forward-thinking tax planning is often missed by families and even some advisors.
The Unsung Hero of Aging in Place
Alejandra’s story isn’t just about Margaret and Laura—it’s about the thousands of families facing similar situations without a guide. By bringing together clinical insight, care coordination, and financial strategy, Alejandra became the quiet force holding the pieces together.
This is what geriatric care managers do best. They aren’t just advocates for better care; they’re architects of possibility—making it feasible for people to remain in the homes they love, with dignity, and without financial ruin.
In a world where aging in place is a dream for many, care managers like Alejandra Aparicio make it a reality.
If you would like to connect with Alejandra or The Key, click here The Key – Santa Barbara
Please note – we changed client names to remain compliant with HIPAA
