ElderCare Planning

Guidance on How to Care for Your Aging Parent

Contributed by: Sandra Adams, CFP® Sandy Adams

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More and more often as we meet with clients, one of the major topics that comes up is the responsibility of caring for an aging parent.  The topic is one that causes a great deal of stress and anxiety, as most clients that find themselves in this role have no idea where to start.  I am always looking for tools and resources that might be helpful for both clients and planners in assisting our clients in this area, and recently read a book called “The Bittersweet Season” by Jane Gross that I consider a must read for anyone who is a caregiver now or might be in the near future.

Jane Gross, the author of “The Bittersweet Season” and creator of the New York Times New Old Age blog, shares her personal journey becoming a caregiver for her aging mother.   Jane and her brother are suddenly thrust into the world of advocacy and planning for their aging mother as her health suddenly declines in her 80’s.  Jane tells of their trials, tribulations, errors and successes as they navigate the unknown worlds of healthcare, Medicare and Medicaid, senior housing, caregiving and elder law.  She shares her best tips based on lessons learned – both through personal experience and through others based on her New Old Age blog.  Two of her greatest lessons learned were not to act before checking in with experts and to ask for help – there is no need to try to do everything on your own.

In the book, Jane also discussed the successes and failures of the roles of caregiving between siblings; determining whose strengths matched which roles best and how to best manage emotions so as not to let the stress of caregiving destroy the relationship between her and her brother.  She also tells a wonderful story about the ups and downs of the relationship between she and her mother during the caregiving relationship, and how, ultimately, the experience brought she and her mother closer together. And how she wished she’d had just a little more time to get to know her mother – the end of her life was the end of their bittersweet season.

For recommendations on additional resources and tools for caregiving, or to discuss how caregiving for an aging parent might impact your own financial plan, contact your financial planner at The Center.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

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Military Veteran’s – Are you Entitled to Benefits?

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Contributed by: Sandra Adams, CFP® Sandy Adams

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As we honor our servicemen and women, it is a good time to be mindful of valuable financial benefits that military veterans may be eligible for, but not aware of – namely Service Related Disability Compensation and Veteran’s Pensions (and Aid and Attendance Benefits for Long Term Care needs).

Disability Compensation:

Disability Compensation is a tax free financial benefit paid to Veterans with disabilities that are the result of a disease or injury incurred during active military service.  Compensation may also be paid for post-service disabilities that are considered related or secondary to disabilities occurring in service and for disabilities presumed to be related to military service.  Compensation is tied to the degree of disability and is designed to compensate for considerable loss of working time.  There is also a tax free Dependency and Indemnity Compensation (DIC) benefit payable to a surviving spouse, child or dependent parents of Service members who died while in active duty or training, or survivors of Veterans who died from their service-connected disabilities.

Pension Benefits:

Veteran’s Pension benefits may be available for Veterans or dependent family members who need to pay for health care expense and certain other living expenses.  The pension benefit is a needs based program and is based on income and asset requirements set by Congress. 

General Eligibility Requirements:

  • Must have served at least 90 days active duty service, at least one day during a wartime period, AND

  • Must be 65 or older, OR

  • Must be totally and permanently disabled, OR

  • A patient in a nursing home receiving skilled nursing care, OR

  • Receiving Social Security Disability Insurance, OR

  • Receiving Supplementary Security Income

Veterans or surviving spouses who are eligible for VA pensions and are housebound or require the aid and attendance of another persona may be eligible for an additional monetary payment.  Applying may require the counsel of a VA counselor or an Elder Law attorney knowledgeable about Veteran’s Benefits.

In addition to these two major financial benefits, the VA provides assistance for Veteran’s with housing, education, insurance and other areas of concern and interest for Veteran’s.  If you are a military Veteran and are not aware of the benefits you might be eligible for, contact your local Veteran’s Service Agency today.  And remember to mention to your financial planner that you are a military Veteran – the benefits you might be eligible for could be an important piece in your overall planning puzzle!

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Sandra Adams, CFP® and not necessarily those of RJFS or Raymond James. You should discuss any tax or legal matters with the appropriate professional.

BrainStorm: A Workout for the Mind

Contributed by: Sandra Adams, CFP® Sandy Adams

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According to the Alzheimer’s Association, mental decline as we age appears to be largely due to altered connections among brain cells.  But research has found that keeping the brain active seems to increase its vitality and may build its reserves of brains cells and connections – maybe even enough to generate new brain cells!  You don’t have to turn your life upside down or make extreme changes to see the results.  Just ask the folks at Wayne State University’s Institute of Gerontology who recently presented their Brainstorm! Program for nearly 100 Center clients and guests! 

Brainstorm! is a research-based wellness program developed by the Institute that addresses multiple facets of brain health, as well as physical, emotional and spiritual health.  The presentations were filled with hands-on activities, humor, and social interaction designed to target key cognitive skills. 

Four Key Tips from BrainStorm:

  1. No Strain, No Train. Activities must be challenging if you want the brain to grow new cells and make new connections. Concentrate, focus and pay attention. If crossword puzzles are easy for you, try math problems or vice versa. Force your brain to stay awake with daily surprises like brushing your teeth or eating dinner with your non-dominant hand or placing framed photos upside down. The brain responds to novelty, but will get lazy and fall into ruts if you let it.

  2. Gather with Others. Socializing is a major brain stimulant. We talk, listen, interpret social cues and sometimes share an activity - all at the same time -- quite a positive brain challenge! Regular social activity also deepens friendships, calms anxiety and lifts our mood. Depression and loneliness take a tough toll on memory, so open your door (and heart) to others for a healthier, happier brain.

  3. Sleep Deep. At least four consecutive hours of deep sleep a night lets us organize the thousands of thoughts and experiences we have every day. Without deep sleep, our brains start to look like a hoarder's house with clutter piled everywhere. When this happens, we can't find the mental information we're looking for (like the name of the neighbor who is now at the door). Sleep well and let your brain get organized. Aim for seven to eight hours a night and make four of those uninterrupted.

  4. Move. A healthy brain needs a strong oxygen supply for all its cells - it uses 20% of all the oxygen we breathe in. Keep arteries open and flowing freely with 30 minutes of aerobic exercise three times a week. Aerobic means you're breathing more heavily and your heart is beating a little faster. Aim for 30 minutes of aerobic exercise three times a week. Your physician can tell you what's safe, but most folks are fine with a brisk walk. A healthy brain needs a healthy body to sustain it.

Our job is to make sure that financial resources support you for your lifetime and that you have a strong financial partner to guide you along the way.  Helping you to achieve an excellent quality of life (including great brain health) to allow you to enjoy those years and meet all of your life goals is something else we would like to accomplish.  All it takes is a little help from you! 

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

Raymond James is not affiliated with Wayne State University Institute of Gerontology.

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The Importance of Friendships as We Age

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As a younger planner, I remember hearing planners older and wiser than I counseling clients to think twice before making the decision to leave their lifelong homes and communities upon retirement to move near children in a distant state (or country).  Despite that advice, many clients still think the best move as they age is to be nearest children (and grandchildren). 

However, they often regret that decision for a number of reasons:

  • They find their families have their own lives to live and just don’t have the time to spend with them that they thought they would (spending time with “Mom and Dad” is not a priority);

  • They may find that their children decide to relocate again, and then they are left in a location that they are unfamiliar with and have no family or community to call their own;

  • Most importantly, they find that they truly miss the friends and community they spent years building.

Several conversations in client meetings recently have confirmed to me the importance of longtime friendships in the lives of older adult clients.  Friendships are especially important to those who have been widowed; it seems that family members provide support immediately after a death, but once they have a need to go back to their normal routines, it is friends that provide the emotional and social support that help widows get through the next months and years that are most difficult.  And for many older adults who have attempted to move away and start friendships in unknown communities, they realize that it is their longtime friendships that they truly value and miss (and sometimes find themselves wanting to come back to in older age).

Studies by the National Institutes of Health show that maintaining friendships and staying socially active are key components to a happy, healthy longer life.  Making the right decisions about where to live and near who are key decisions for quality of life and part of your retirement planning.  If you have not yet had these conversations about YOUR future retirement plan, contact your financial planner today.

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

This information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Opinions expressed are those of Sandra Adams and are not necessarily those of Raymond James.

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Managing our Minds as We Age

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Contributed by: Matthew E. Chope, CFP® Matt Chope

I recently read an article about cognitive decline as we age.  The article shocked me and made me realize why a strong partnership with a good financial planner can be absolutely vital as we get older.  The research article by Michael Finke, John Howe, and Sandra Huston called “Old Age and the Decline in Financial Literacy” describes the situation well. The authors provided a financial literacy test to older populations and found that while financial literacy tends to decline by about 1% per year after age sixty, financial confidence remains the same.  The chart below illustrates this dangerous paradox:

Source: retriementresearcher.com, August 4, 2017

Source: retriementresearcher.com, August 4, 2017

One of our most important responsibilities as financial planners is to make sure that our clients are thoughtful about their financial decisions.  We consider ourselves managers of risk even more than managers of return, especially for our older clients.  This is paramount in what we do because many clients are focused more on matters of living – health, family, etc. – than on diving into the details of their investments or retirement cash flow in order to know their best path forward. 

As I was reading the article about the average confidence vs. literacy I was stunned at the widening differential gap between financial literacy and financial confidence. The gap at age 70 was 15% but widened to over 40% by age 80! This gap is where people become permanently financially damaged by poor decisions.  Most of the work we do is focused on helping reduce the probability of poor decisions.  It’s akin to the doctors Hippocratic Oath, “first do no harm”.  Our goal is not to make people rich, but to structure a solid foundation to ensure our clients never become destitute.

Here are some questions to consider:

  • Do you have the time, energy, interest, knowledge, and desire to implement all kinds of financial decisions on your own? Do you enjoy financial planning?

  • Will you overcome the inertia of inaction to put together all the various pieces needed to create and implement an effective and coherent overall plan?

  • Will you continue to periodically update your plan?

  • Have you determined how to make sure your planning will be maintained properly if other family members need to take control of it?

  • Are you working with a financial planner who does more than just manage investment portfolios – who helps you with all aspects of your financial picture -- and helps you to implement suitable financial planning decisions?

If the answer to any of these questions is “I’m not sure” or “no,” please reach out to a Certified Financial Planner™ professional to discuss how they can help.

Matthew E. Chope, CFP ® is a Partner and Financial Planner at Center for Financial Planning, Inc.® Matt has been quoted in various investment professional newspapers and magazines. He is active in the community and his profession and helps local corporations and nonprofits in the areas of strategic planning and money and business management decisions.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Matt Chope and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Prior to making an investment decision, please consult with your financial advisor about your individual situation.
Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1948627

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The Importance of Being Involved In Your Parents’ Financial Planning in Later Life

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There are a million reasons why we don’t talk to our parents about their financial situation…

  • “I don’t want to be nosy.  What if I offend them by asking them about something so personal?”

  • “What if they think I am asking because I don’t think they can handle their finances any longer?”

  • “I have my own problems to deal with. I am not going to bother trying to handle my parents’ issues, too.”

  • “I don’t need to know anything until they tell me, or until they’re gone.”

  • And, the list goes on and on. 

And some of our parents may have their own hesitations about offering information to their adult children:  fear of loss of control, not wanting their children to be aware of all of their financial resources for fear that they will want/need more from them before they are able to give it, or simply discomfort with the conversations that may be involved about their own longevity and/or mortality.  However, in my experience, the majority of older adult clients are more than willing to begin to invite adult children, (at least those that are will be in charge of assisting with financial affairs in the case of incapacity or after death), into meetings to help them get a better understanding of the overall financial and estate planning picture.  We strongly encourage this with our clients and their adult children!

Some of the strongest and most successful family relationships we have are with generations of families that take advantage of these kinds of meetings.  Not only do they give us an opportunity to meet the family members that we will be working with if and when anything ever happens to mom and dad, but a number of additional items are uncovered during the annual meetings that can be extremely beneficial for the families:

  • They can develop a strong understanding of the overall financial status and financial plan

  • They have conversations about long term care planning, and reveal mom and dad’s preferences on how the finances fit into the plan

  • They have conversations about the overall estate plan and structure (who will be in charge, the flow of the estate, etc.)

  • They have conversations about charitable giving and its importance during life and after death

  • They have conversations about how they wish their assets to be passed on to future generations (how, why, etc.)

It has been an amazing experience for many of our families, some of whom have grown so much closer through the experience.  If you have older adult parents and have hesitated to get involved or been afraid to approach the subject and need help getting started, please reach out.  We are happy to help!  We promise it will be worth the effort.

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James. Every investor's situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Financial Scams Target Social Security and Medicare

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According to the Federal Trade Commission, of the 65 and older population, over 33% are victims of financial frauds and scams on an annual basis. It is not surprising, then, that the latest scams to come out are related to Social Security and Medicare – two of the most widely used social support programs by the 65 and older population. Here is what you need to know about the newest scams:

Social Security:

There are two Social Security scams on the current watch list:

  • The first one is where you will receive an official-looking e-mail from the Social Security Administration with an invitation to create a Social Security account so that you can receive your benefits. You land on a webpage where the scammers hope you will fill out your confidential information. DO NOT FALL FOR THIS. Never click on links in any of these e-mails. If you want to sign up for a Social Security Account, go directly to https://ssa.gov/myaccount/ (see our blog with detailed instructions about how to set up your Social Security account here).

  • The second one is where the scammers actually create an account for someone and redirect their payments to a bank account controlled by them, not by the victim. To prevent this from happening, create your own MySSA account with a strong username and password. This is similar to filing your tax return early before the scammers file a fake return and steal your refund. In addition, a recommended and increased security measure is that when you create your MySSA account, go to the settings and choose the option that any changes to the bank account into which your check is electronically deposited can only be done in person at a Social Security brank office and not done using your online account.

Medicare:

This scam is related to Congress’ passage of the Medicare Access and CHIP Reauthorization ACT (MACRA) in 2015 which is requiring the Centers for Medicare and Medicaid Services to remove Social Security numbers from all Medicare cards. Thus, they will begin reissuing Medicare cards in 2018. The current scam has scammers calling Medicare beneficiaries claiming to be Medicare and saying that they must confirm their current Medicare numbers before sending them a new card. Others call saying there is a charge for the new card and are collecting beneficiaries’ personal information. Please note that there is no charge for your new card and Medicare will never call you for your information. They already have it. 

As an additional note, there are still tax scams continuing to occur. We wrote a blog about tax season scams earlier this year -- please take a moment to review this information to protect yourself and your loved ones.

Always Remember:

  • A government agency will not contact you by phone or e-mail to request personal information or to demand money/payment from you.

  • You will always be contacted by mail or registered letter by government agencies and if money is owed, you will be given an opportunity to dispute charges.

If you suspect fraud related to these examples or any other type of financial scams or fraud, please contact the U.S. Senate Special Committee on Aging Fraud Hotline at 1-855-303-9470 or contact your financial planner for assistance.

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

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Guidance for Caregivers

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Our experience with clients at The Center has shown us that caregivers come in all shapes, sizes, ages, and circumstances...no one is like another. What we do know, however, is that being a caregiver to someone needing assistance for a physical or mental incapacity of some kind is no “walk in the park,” as they say. According to AARP and the National Alliance for Caregiving, there are some 40 million Americans acting as unpaid caregivers in the United States – helping parents, grandparents, spouses, relatives and neighbors with basic needs – often while working, parenting, or both. Suffice it to say, caregivers themselves experience advances levels of physical, emotional, and often financial stress as a result of their caregiving responsibilities.

What can caregivers do to help those their caring for AND help themselves?

  1. Understand the financial and legal situation of the person you are caring for. Understand what the financial resources are, what legal documents are in place (and where they are), and who the powers of attorney, Trustees, and important advisors are in the relationship. Knowing who is involved in helping make important decisions will be key going forward, and knowing where important documents are is invaluable (to help get this organized, find our Personal Record Keeping Document and Letter of Last Instruction document here).

  2. Have conversations in advance about how the person wants to be cared for. Knowing (before it’s too late) what kind of care is desired, where that care should take place, and who should perform that care, as well as other end-of-life conversations, are important talks to have. These conversations, if had earlier rather than later, can help you avoid conflicts with the person your caring for and with others (particularly if you document the results!).

  3. Ask for help! There is absolutely no shame in calling uncle if you feel like you need assistance for any number of reasons:

    • Maybe you feel like you need training for some kind of caregiving you are providing that you don’t feel prepared to give

    • Maybe you are just overwhelmed and need additional help – from another family member or friend, a community resource, or from a paid resource – there is help out there – ASK FOR IT!

    • Maybe you just need a break – there are respite services available to take your loved one for a few days to care for them to give you a few days off, even if you have no one else to take over the caregiving duties; this might be just what you need to rejuvenate you and to help get you back on your feet!

We understand that being a caregiver for someone you love can pause your personal goals and plans. Our job is to help you prevent the caregiving role from permanently halting your goals and plans due to overwhelming stress. Let me be a resource when it comes to planning for and managing your caregiving role – if there is anything I can do to help, contact me at Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Sandy Adams, CFP®, and not necessarily those of Raymond James.

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What Help Do Aging Parents Want from Their Adult Children?

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The topic comes up often with our baby boomer clients: “Mom and Dad are getting older and they seem to need more help. We’re not sure how much is too much to get involved.” Adult children have the best of intentions of providing assistance to their adult parents without invading their privacy, but it is fine line to walk. A study conducted by public-health professor Mary Gallant and sociologist Glenna Spitze from the State University of New York at Albany in 2004 explored the very issue of what aging parents really want from their adult children. Their research team conducted actual interviews with focus groups of older adults and this is what they found:

  • Aging parents who live independently wish for both connection and autonomy in relation to their adult children; most did not feel a need for assistance from their children.

  • Most seniors desire control over their lives; at the same time, they want their children to intervene and offer help, if they express a need for assistance.

  • Aging parents, while they may express some resistance to help offered by their adult children, do appreciate the help they are providing.

  • Aging parents want to be treated as normal adults, not as incompetent individuals.

  • Adult children need to understand that their aging parents my use a variety of strategies to deal with their ambivalent feelings toward receiving help; such as minimizing the help, or ignoring or resisting their children’s attempts to control situations.

It is important to remember that as your parents may need more assistance over time, it is still most important to let them lead the decisions that guide their lives as they age for as long as possible. So, unless there is an immediate threat to your parent’s health or wellness, it is best to allow them to be in control of their own decisions, while providing support as needed.

Here are just a few helpful hints when it comes to communicating with your older adult parent:

  • Show respect. Always speak to your parent with respect; it will go a long way toward getting your point across.

  • Don’t sweat the small stuff.  Let your parents do as much as they can and don’t make a big deal over small issues. Unless it is a threat to their health, safety or finances…let it go!

  • Make suggestions instead of giving orders. Just like with your teenagers, asking questions about how they feel about something and about what they might need and allowing them to come to their own conclusions often work better than giving orders. Giving orders makes your parents feel like they are the children and like they are no longer in control.

  • If you think your parents can still do something, let them do it: It is like the old adage – if you don’t use it, you’ll lose it. However, if you think they are not capable or could be harmed by doing something on their own, don’t feel guilty by stepping in and stopping them!

  • Stop and think before you respond. If your aging parent spouts off and says something hurtful, stop and think before you respond; saying something mean in return will only make both of you feel worse!

  • Think about how you would want to be treated. After all…you will be the aging parent one day!

Maintaining strong family relationships is something we all strive for, and it becomes more challenging when we are put in a position of needing to provide assistance for our aging parents. If you or anyone you know needs assistance in this area, please let us know.  We are always happy to help!

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

This information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete. Opinions expressed are those of Sandra Adams and are not necessarily those of Raymond James.

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The Responsibility of Handling Other People’s Money

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More and more often as we meet with clients, a recurring topic of conversation is the responsibility of handling the financial affairs of others. Whether that’s for an older adult parent or relative, or whether it’s the handing off of that responsibility to a son, daughter, friend, or other trusted party that concerns our older adult client. As the population continues to age, there is a growing need for older adults to plan for the shift of the responsibility of handling their financial affairs, either now or in the future, to someone else for a variety of reasons—medical, dementia or other incapacity issue, or simply the desire not to have to handle one’s own day-to-day financial affairs.

It is important to be aware that there are a number of roles that you might be assigned to in order to handle the financial life of an older adult; and it is important that these be planned for in advance to avoid potential conflicts in the future:

  • Social Security Representative Payee – The Social Security Administration allows for a representative payee to be assigned in the case that there is an incapacitated recipient of Social Security (family or friends of the recipient that must be 18 years or older).

  • Long Term Care Insurance Lapse Provision Designee – Someone assigned to receive notices in the case that long term care insurance premiums are not paid on a long term care insurance policy. The designee has the responsibility of making sure the premiums get paid until the insured needs to go on claim.

  • Agent for Funeral Decisions – Some states (now including Michigan) permit the appointment of an agent to manage the funeral arrangements for a person, which can be separate from the Executor of the Will.

  • Power of Attorney – General Power of Attorney for General/Financial Decisions allows the power to handle bill paying, banking, investments, IRA and other distributions, and any other financial decisions on the person’s behalf, serving as their financial fiduciary (and making decisions based on their best interests).

As the Power of Attorney, use the resources you have available to you:

  • The professional team – the client’s Financial Planner, CPA, attorney, physician, etc.

  • The client’s Personal Record Keeping Document and Letter of Last Instruction, if they have one.

  • The client’s Financial Plan and history with their planner – this will tell a story about how they have lived their financial life and their historical patterns (especially helpful if you are assisting someone who has developed dementia or cognitive impairment). It’s helpful to begin to attend meetings with the client and their financial adviser, if the client is comfortable, as soon as you know there is an issue and if you know you will be involved in assisting the client now or in the future.

Planning ahead for your involvement in handling money for an older adult is always suggested, so that you can get familiar with the client’s situation, the team members involved, and the resources available. Being a financial fiduciary is a big responsibility, one that you don’t want to take lightly or push off until the last minute to tackle. Contact your planner or myself, at Sandy.Adams@CenterFinPlan, if we can be of assistance in handling these or other Long Life Planning matters.

Sandra Adams, CFP® , CeFT™ is a Partner and Financial Planner at Center for Financial Planning, Inc.® Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. 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.

Raymond James Financial Services, Inc. and its advisors do not provide advice on tax or legal issues, these matters should be discussed with the appropriate professional.

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