In my previous post, I explained Elder Care planning – what it is and when you should consider this planning. Those tips helped you prepare, but there are also some pitfalls in planning you need to avoid. Here is the first of a 3-part series on the top Elder Care Planning mistakes.
Mistake #1 – Failure to Plan
Most people like to envision leading a healthy, happy retirement and doing all of the things they enjoy until the day they pass away. In reality, later years of retirement are often clouded with the need for changes in lifestyle as physical and cognitive abilities slow down. The fact that we are living longer makes these future changes even more possible.
The biggest mistake you can make is failing to plan for Elder Care. To avoid this mistake, first tackle this questionnaire that will help you to identify areas of planning that need to be addressed. Elder Care planning is much more than planning for the actual care for future ailments.
Elder Care planning encompasses a full range of topics including:
- Your future life – how you envision living it, with or without physical or cognitive challenges
- Your money – how you plan to use it in the future
- Your home – your current home or something different
- Your property – your stuff and how you want it handled and disbursed
- Your care – who will provide it, when and where
- Your legacy – your financial legacy, as well as your values-oriented legacy
Click HERE for specific things to consider and questions to answer when planning for each facet of your life.
3 key areas to address as you consider how to plan for each of these topics:
- Challenges you may face
- Alternatives that you might consider if you can’t live your ideal life
- Resources that you will have available to you, now and in the future
Planning for your future is the best way for you to remain in control and have the future life you desire, no matter what the circumstances might be. Is now the right time for you or someone you love to start planning? Contact your financial planner and start today!
Click here for Elder Care Planning Mistake #2.
Click here for Elder Care Planning Mistake #3.
Sandra Adams, CFP® is a Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.
Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.
Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.