Elder Care Planning

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Holiday Financial Conversations for the Generations: Older Adult Parents

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 The holidays provide us with rare opportunities to gather with family.  This is a time to check in with older adult parents to see how things are going and to see what might be changing.   Often, we will notice that time (and/or age) are beginning to make everyday life a little more challenging for our parents.  This is the perfect time to ask your parents about their plans for their future.

Things to discuss with your parents may include:

If having these conversations makes you feel uneasy, you are not alone.   However, giving your parents the opportunity to express their desires and helping them to put an actual plan in place to make their plans a reality is an invaluable gift.  And what better time than the holidays to give that gift?

Contact your financial planner for tips on holding these conversations or to schedule a family planning meeting.

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.

Top 3 Elder Care Planning Mistakes -- #3

 So, you’ve designed a plan to address the challenges you may face as you age.  You’ve taken action to put the plan into place.  So, all of your bases are covered…right? One last step is needed to complete the Elder Care Planning process...

Mistake #3 – Failure to COMMUNICATE! 

To who, you ask?  First and foremost, you should communicate your plan to your family and/or other important people in your life who might play a part in making sure the plan is put into place as designed.  If those who might help support you in the future aren’t aware of your desires and of the legal, financial and care plans you have put into place, all might be for naught!  Additionally, you should communicate your Elder Care plan to your professional partners…your financial planner, your attorney, your CPA and/or any other important professional advisor who might play a part.  It is important for all of these team members to know the game plan to help ensure that your future Elder Care plan will be a success.

If you would like to discuss Elder Care Planning for your future, feel free to contact me at Sandy.Adams@CenterFinPlan.com.

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.

Top 3 Elder Care Planning Mistakes -- #2

 

In my previous post, I referenced the top Elder Care Planning Mistake – Failure to Plan.   Once you have remedied this mistake and have actually completed your planning, what might be your next mistake?

Mistake #2 – Failure to Implement

Failure to implement is not just an Elder Care Planning mistake – it is a mistake that comes with many types of planning.  You have put in the work to address your planning strategies and you have worked with your financial planner, attorney, care professional and others to lay out a detailed plan.  Then what?  Many find a nice place to store the written plan and documents, and set it aside, assuming that everything is set for the future.  WRONG!!

Just because the plan is in writing doesn’t necessarily mean you’re covered.  If you have drafted legal documents, there is very likely action needed to implement the legal plan. This action may involve making titling changes on property and investment accounts, updating beneficiary designations on retirement accounts and insurances, or even shifting assets from one account to another. If you have a financial plan to address future Elder Care issues, this often means acting on the plan and meeting with your financial planner at least annually to make sure that you remain on track.    Acting on the plan and implementing the plan is as important as making the plan in the first place.

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.

Top 3 Elder Care Planning Mistakes -- #1

 

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.

What is Elder Care Planning?

 What do you think of when you hear the term Elder Care?  For most, the term springs to mind thoughts of care for older adults who are in need of assistance…at home care or care in some type of assisted living or other care facility.  In reality, Elder Care encompasses a much broader spectrum of planning issues for older adults, including legal and financial planning in addition to traditional care and assistance.

Individuals work with their financial planners to plan for retirement.  To most, this means making sure that they have enough income and savings to maintain their lifestyles after their work lives are over.  This can mean traveling, pursuing hobbies and spending time with family that was not possible during working years.  What most people fail to plan for are later years of retirement that might involve health and or cognitive issues that can cause changes in lifestyle and expense. 

It is never too early to start planning for these later life issues.  It is never too early to think about the challenges you might have as you age and your preference for how to address those challenges, should they occur.  Many people, however, delay this type of planning not wishing to think about what might happen in later life.

How do you know if it is time for you to talk to your financial planner about Elder Care Planning?  Answering these few simple questions can help you decide if you need to start planning.  If you can answer YES to all of the questions on this checklist, congratulations…you’ve planned well.  If you answer NO or NOT SURE to any of the questions, it might be time to talk to your financial planner and start planning now.  

In my upcoming blogs I’ll walk you through some of the top Elder Care Planning mistakes.

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.  You should discuss any legal matters with the appropriate professional.

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