Your Partner Was Diagnosed with Dementia: What Now?

Contributed by: Sandra Adams, CFP®

Maybe you knew there was a possibility that it could happen. Maybe your partner's mother or father had dementia, and perhaps even their siblings, so you were watching for the signs. Or, maybe, it came out of the blue, and you never thought that dementia would ever impact you or your family. 

When you start to notice changes in memory, behavior, and judgment that are not normal with your partner, it gives you a sinking feeling, whether you may have been expecting it or not.

Warning Signs of Dementia

According to the Alzheimer's Association, there are ten early warning signs of Alzheimer's and Dementia that you can be watching for:

1. Memory Loss That Disrupts Daily Life

Forgetting recently learned information, forgetting important dates or events, asking the same questions repeatedly, and increasingly needing to rely on memory aids or family and friends for things they used to handle on their own are all signs.

2. Challenges in Planning or Solving Problems

This may involve changes in the ability to follow a plan or work with numbers. For instance, they may have trouble following a familiar recipe or keeping track of monthly bills. They may have difficulty concentrating and/or taking longer to do things than they did before.

3. Difficulty Completing Familiar Tasks

Examples include having trouble driving to a familiar location, organizing a grocery list, or remembering the rules of a favorite game.

4. Confusion With Time or Place

This may involve losing track of dates, seasons, or the passage of time, trouble understanding something if it is not happening immediately, and possibly forgetting where they are or how they got there.

5. Trouble Understanding Visual Images and Spatial Relationships

Some people experience vision changes that may lead to difficulty with balance or trouble reading. This may also lead to difficulty judging distance and determining color or contrast, causing issues with driving.

6. New Problems With Words in Speaking or Writing

This often presents as difficulty following or joining a conversation. They may stop during a conversation and have no idea how to continue or repeat themselves. Moreover, they may struggle to find the right words.

7. Misplacing Things and Losing the Ability To Retrace Steps

They may put things in unusual places, lose things, and be unable to go back over their steps to find them again or accuse others of stealing, especially as the disease progresses.

8. Decreased or Poor Judgment

Experience in changes in judgment or decision-making. For example, when dealing with money or keeping themselves clean.

9. Withdrawal From Work or Social Activities

Because of the changes in the ability to hold or follow a conversation, many people experiencing changes due to dementia may withdraw from hobbies, social activities, or other engagements.

10. Changes in Mood and Personality

This shows up as being confused, suspicious, depressed, fearful, or anxious. They may be easily upset at home, with friends, or when out of their comfort zone.

If You Suspect Your Partner Has Dementia...

Don't ignore the signs. Schedule an appointment with your partner's primary care physician immediately to seek a diagnosis and take the next steps.

If there is a dementia diagnosis, you are likely completely overwhelmed. Your world has been turned upside down, and it is likely hard to think beyond each day at a time, let alone the next month or year. However, taking steps to plan ahead can help things go more smoothly for you and your entire family. 

As the disease progresses, things are likely only to become more hectic, making it even more difficult to think clearly. Getting your legal, financial, and end-of-life planning finalized early on will make it easier for you to make the necessary decisions and communicate those decisions to the right people before things get even harder.

Legal

Ensure your partner has updated legal documents in place (if they don't already) before they are designated as unable to make those designations/decisions for themselves due to their new diagnosis.

• Patient Advocate/Health Care Durable Power of Attorney: This names someone as a "proxy" to make medical decisions for someone when they are not able to.

• Living Will: This informs medical professionals of how one wants to be treated at the end of life (dying, permanently unconscious, etc.) and cannot make decisions on their own.

• A Do Not Intubate, or DNI, order: This lets medical staff know someone does not want to be put on a breathing machine.

• A Do Not Resuscitate, or DNR, order: This lets medical staff know not to perform CPR or other life-saving procedures in case the heart or breathing stops.

• General Durable Power of Attorney: This names someone as a "proxy" to make financial decisions and handle financial transactions for someone when they are not able to.

• Will: This names someone to be the executor to handle their estate after they are deceased.

• Trust: For some, a Revocable or Irrevocable Trust naming someone to handle assets on their behalf and for their benefit either during their lifetime or after death is appropriate.

Financial Planning

It is important to work with your financial adviser to make sure fiscal affairs are for several reasons:

• Make sure that all your financial records are accounted for using a Personal Recording Keeping document. Keep it in a safe place before that information is lost or forgotten by either or both partners.

• Work with your financial adviser to make sure you have planned well to provide for your financial future, including your now more certain long-term care needs, including dementia care.

• Ensure assets are positioned and titled properly to assist with future long-term care needs and any future resources and assistance that may be needed.

• Research any insurances you may currently hold to make sure you understand how they may be used for future long-term care needs.

• Talk about how you might want to handle future care needs for your partner with dementia. If that includes you, as the healthy spouse, taking time from work (if you are not yet retired), plan for how you will handle that financially. Planning ahead for how care will be funded is a key piece of future planning.

• Research community and professional resources in your area. Put together a team to help you when needed.

• Communicate your future plan to your family so that they can help you execute it when things are more hectic, and the disease is more difficult to deal with.

End-Of-Life

There is currently no cure for Alzheimer's disease or any other dementia. Some treatments, though, can manage some of the symptoms for a time. 

However, a person who has been diagnosed will gradually decline, and the condition itself (or combined with additional health problems) will eventually result in death. For that reason, it is also important to plan ahead and make decisions for end-of-life early on. 

Making sure the important legal documents are in place is the first step. Communicating preferences for end-of-life to important family members is the second step. If there are any preferences for end-of-life services, that should be documented. Using a Letter of Last instruction document is a good idea.

When your partner is diagnosed with dementia, it can be a shock. For many, it can be so overwhelming that it can be hard to breathe, let alone get your head around doing anything. But once the numbness wears off, lean on your financial adviser and professional team of advisers to get a plan in place so that the legal, financial, and end-of-life pieces are in order so that you can concentrate on caring for your partner and their ongoing needs.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.

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

When to Use Your Emergency Fund

Contributed by: Sandra Adams, CFP®

Who actually has an emergency fund? “For those age 50 and up, it’s typically those who work with a financial advisor”, says Sandy Adams, CFP®. “The general population is bad at this. It’s particularly important to have an emergency fund as you get closer to retirement”, she says.

Read the full AARP article HERE!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc.

Raymond James is not affiliated with AARP.

Family Experiences Can Trigger Planning for Long Term Caregivers

Contributed by: Sandra Adams, CFP®

My grandmother died recently. She was 96 (almost 97) years old. The leading cause of death listed on her death certificate was Alzheimer’s disease. The last years of her life were not what I would call the best of “quality” – she had not been able to get out of bed to walk for several years, and while she did recognize her children until the end of her life, she would forget they had been there to see her within minutes. She outlived all of her siblings and most of my grandfather’s siblings (and my grandfather by almost three decades) and had been saying she was “ready to go” for quite some time.

Most of us familiar with Alzheimer’s and related dementias know that there are many types, and it is often hard to diagnose, especially if there are other health concerns. For many, it is more a result of older age than genetics; for those where early onset can be an issue, the symptoms can be masked by stress or other mental health issues, and the dementia can go untreated for years. Alzheimer’s and dementia causes and treatments are making some real progress but remain more of a mystery than they should for the more than 5.5 million Americans living with the disease.

While we are still being told that only a small fraction of those developing the disease are those that are not inherited (1 in 100 according to the Alzheimer’s Association), witnessing my grandmother spend her last several years in a nursing home floor of a hospital prompted me to make sure I had my Long Term Care plans covered.

When my grandparents were my age, Long Term Care insurance was unavailable. And because of that, my grandmother ended up spending down the assets my grandfather worked so hard for during his working life and living out her last years in a hospital nursing home on the memory care floor. She was fortunate to have ended up where she did — she was so well taken care of in a small town hospital. Some people don’t have it so well.

I want to make sure to have more control if this happens to me — and want to make sure that I can afford for care to be provided for me (rather than to have my kids have to do it), so I recently took steps to make sure I have a long term care policy in place that suits my needs. I am taking care of this now to have a plan in place for later.

As I tell clients all of the time, many of us don’t feel it is important to take action until we have had a personal experience with something. For me, watching my grandmother experience Alzheimer’s and Alzheimer’s care for the last several years has prompted me to put a Long Term Care plan into place for myself. If you have had a personal experience prompting you into action and would like our help, please do not hesitate to reach out — we are always happy to help!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

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

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance and policies are subject to exclusions and limitations. Guarantees are based on the claims paying ability of the insurance company.

Have You Prepared Your Advocates?

Contributed by: Sandra Adams, CFP®

Going through the process of completing your estate planning documents is not an easy process. Working with an attorney to determine what documents you need, how you want the language written so that your assets are handled and decisions are made the way YOU want them, and choosing the best advocates to carry out those instructions can be very involved. No wonder it is a task that many people put off doing – it can be overwhelming!

Common Documents With Named Advocates

The most common estate planning documents that individuals have drafted (and that will require advocates to be named) are the following:

Most clients are so relieved when their documents have been drafted; it is a huge weight off their shoulders to have so many important decisions made and in place. It feels satisfying to have the binder of documents drafted by the attorney in hand and completed. 

Perhaps if you are even more “on the ball,” you follow through and get copies of your documents to your financial advisor and update your asset titling and beneficiaries according to the funding instructions provided by the attorney. If you have done that, you are ahead of the majority of clients, most of whom take the big binder home and file it away in a safe place and consider their estate planning completed! But is it?

Have you taken the final step and communicated to those you have chosen as your advocates that you have named them in your documents? 

The Importance of Communicating With Your Advocates

It is not uncommon for people to name others as future advocates for them in their legal documents, but not to communicate to them that they have been named. If you’ve ever been in the shoes of being that named advocate, and getting that “surprise” call that you suddenly need to make a life and death decision about someone’s health treatment when you had no idea you were named as their health care advocate and had not had conversations with them regarding their wishes around end of life treatment, you might think differently about having those proactive conversations.

It is extremely important to take this last step, and not only communicate with your advocates that they have been named in your documents but also give them the key information that they will need to fulfill your wishes.

Here is the key information you need to share:

Patient Advocate/Health Care Advocate:

• Drug allergies

• Current medications (or where to find your medications list)

• Your primary providers, your wishes on Code Status (i.e. DNR or full Code), and where your estate planning documents are located

• Your past surgical history

• Whether or not there is metal anywhere on your body

• What your wishes are for end-of-life care and treatments (i.e. aggressive vs. comfort treatment)

• Plans for future care and any professional relationships and resources that can be used to assist the advocate in their role (social workers, Geriatric Care Managers, etc.)

Durable Power of Attorney/Successor Trustee:

• Contact information for your professional advisors and, if possible, an introduction to those professionals.

• Instructions on where to find an “open me first” document (ex. Personal Financial Record System) that details your financial life (bank accounts, investment accounts, insurance policies, government benefits, employer benefits, etc.)

• Where to find your estate planning documents and a review of your Trust (especially for your successor Trustee, so they have a heads-up on how they might be managing your assets)

• An overview/general conversation about your wishes regarding handling your assets for future care and your values around money.

Executor/Advocate:

• Contact information for your professional advisors and, if possible, an introduction to those professionals.

• Instructions on where to find an “open me first” document (ex. Personal Financial Record System) that details your financial life (bank accounts, investment accounts, insurance policies, government benefits, employer benefits, etc.)

• Instructions on where to find your Letter of Last Instruction document outlining your wishes for after death.

• Where to find your estate planning documents, especially your Last Will & Testament, which will be the guiding document for your Executor.

• An overview/general conversation about your wishes regarding after-death arrangements, about your Will, and how you would like your assets handled post-death, especially if there is no Trust for assets to flow to.

The more information you can share with your future advocates, the better prepared they will be to make the decisions you would want them to make on your behalf should they ever need to serve. An advocate’s job is to be your fiduciary, which means to make decisions in your best interest; without the benefit of having full information on you and your situation, you make it almost impossible for them to do their job to the best of their ability.

If you have taken the time to draft your estate planning documents, our best advice is to complete the process by fully preparing your advocates to serve in your best interest – they’ll be glad you did!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Opinions expressed in the attached article are those of Sandra D. Adams, CFP® and are not necessarily those of Raymond James. Securities Offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc., is not a registered broker/dealer and is independent of Raymond James Financial Services.

Most Americans Want To ‘Age in Place’ At Home. Here’s How to Plan Your Support Systems

“None of us knows when that event might happen that will cause us to suddenly need help.” - Sandy Adams, CFP®

Read the full CNBC article HERE!

Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc.

Raymond James is not affiliated with CNBC.

Plan Now for Your 100+ Life

Contributed by: Sandra Adams, CFP®

Between 1900 and 2020, the average life expectancy in the United States rose by more than 30 years. This was due, in part, to improvements in multiple health measures and medical advances such as vaccines and antibiotics. As of 2021, there were 89,739 centenarians living in the U.S., nearly twice as many as there were 20 years ago, according to data from the Population Division of the United Nations. According to research by Dr. Michael Roizen, emeritus chief wellness officer at the Cleveland Clinic and Al Ratner, former CEO and chairman of Forest City Enterprises, as published in their book: “The Great Age Reboot: Cracking the Longevity Code to Be Younger Today and Even Tomorrow,” there are promising medical breakthroughs happening now that could prolong life even more in the near future. According to Dr. Roizen, there is a point in the near future when “90 will be the new 40” in which people will live to be 150 and retire at age 75!

Whether you WANT to live to 100+ may be irrelevant — it may be happening whether you desire to live that long or not. If we will truly be living to age 100+, how should we begin to plan for this? Not only from a financial perspective, but from a personal, psychological and emotional standpoint so that we can have meaningful and valuable long lives? Most of us need to make some changes to prepare for a longer life.

Change Your Mindset About Work

We need to start by changing our mindset about working. Retirement needs to be thought of as more than just the end of your first career/working life at the age of 65 and moving into a life of leisure. If we plan to live to 100+, most of us will need to work past age 65 in some capacity. But can that allow us to work in the same career with a more flexible schedule, or start a business, or do something completely different — something we have always wanted to do, but didn’t feel we could take the risk when we were younger? This is the time to make our next phase of life your best phase of life, starting with making your work meaningful and challenging. For some, this may be by finding our purpose and passion and putting it to work first by finding a way to continue to support us financially a little longer than we originally planned; by doing this, we put ourselves in a better position to be financially independent for the full extent of our long lifespan. For others, this may mean putting our time and talent to work volunteering for causes that mean the most to us and giving back to our communities.

Change Your Mindset About Health

Making a priority of health and well-being is another change we must make if we are to thrive in our quest to live the 100+ life. In order to maintain overall well-being, the following are important steps you need to follow:

• See your doctor(s) regularly for check-ups and proactive testing and vaccinations.

• Maintain a healthy diet (learn to cook or purchase healthy meals if you don’t now).

• Drink plenty of water.

• Avoid unhealthy habits (smoking, drinking too heavily, etc.)

• Maintain a healthy weight.

• Maintain a regular sleep schedule (6 – 8 hours of sleep nightly is recommended).

• Maintain social engagement; avoid social isolation.

• Keep your mind active (continuous learning).

• Maintain a safe living environment.

• Get regular exercise, including cardio, weight training and stretching.

• Get fresh air as much as possible.

• Use stress reduction exercises, including meditation.

• Maintain good mental health; seek a therapist, if needed.

• Seek resources for care assistance, when/if needed.

Change Your Routine and Pursue Your Passions

Determine now what you will do in your next phase of life. When and if you do stop working (some of us will work in some capacity forever), what will you do that means something to you? What are the goals you want to accomplish during your lifetime that are meaningful, personally satisfying, and psychologically rich? All of these components need to exist in your mix of goals and it is important to have a good balance. To fill your life of 30+ years of retirement, you will need to come up with a long list of goals and activities to fill your years. Start now to think of the things you might want to accomplish and the timeframes in which you might want to accomplish them. List anything that you’d like to make happen - getting these wishes down on paper makes them that much more likely to happen! Your “wish list” may include:

• Travel to a particular destination.

• Writing that novel that you always said you’d write.

• Starting a non-profit or working for one that supports a cause that matters to you.

• Taking a mission trip.

• Taking a ride in a hot air balloon.

• Going back to school and getting your college degree.

• Visiting the town where your great grandmother was born in another country and starting to put together your family history.

There are so many possibilities! And the goals that are meaningful to you will be different than those that are meaningful to someone else. The sooner you get started, the better. None of us know our future health trajectory — so get working on those goals and make them happen while you can. The good news is, for many of us, the longer we stay mentally engaged, healthy, and active, the better chance we have to keep going strong!

Change Your Social Engagement

It seems that who we engage with as we age is important. First, stay engaged — with SOMEONE! Staying engaged with people from different generations is a key to staying active and healthy in your next phase of life. This engagement may come in the way of activities with the many generations of your family. Or it may come by being intentionally engaged with other generations — by where you choose to live, how and where you choose to volunteer, engage socially, etc.

Start now!

The 100+ life is truly something most of us should be thinking about, anticipating and planning for. How can we start planning now in order to have to have the most engaging, meaningful and healthy long life possible? One in which we thrive during our entire life, give back to ourselves and our communities in a meaningful way, and are able to support ourselves financially for our entire lifespans? Only by starting the planning process now and anticipating a long life can we be prepared. Work with your professional planning team to start designing your Longevity Plan now. Be prepared for your 100+ Life!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc., is not a registered broker/dealer and is independent of Raymond James Financial Services.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

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

The Challenges of Living Alone in Retirement

Contributed by: Sandra Adams, CFP®

Recently, an article in The New York Times titled "As Gen X and Boomers Age, They Confront Living Alone" has gained widespread attention. As a financial adviser, I have noticed a trend of more clients entering and living in retirement alone over the past five to ten years. This is a topic worth considering, as the number of people living alone in retirement is increasing.

The statistics speak for themselves. According to the U.S. Census Bureau, 36% of American households are currently occupied by single individuals aged 50 and older, a total of nearly 26 million people. This group has traditionally been more likely to live alone, and now that age group, including baby boomers and Gen Xers, makes up a larger share of the population than ever before. Additionally, changing attitudes towards gender and marriage have caused individuals aged 50 and older to be more likely to be divorced, separated, or never married. One in six Americans aged 55 and older do not have children, and because women tend to live longer than men, over 60% of older adults living alone are female.

The challenges of living alone in retirement are real. Here are the top 5 challenges and how to plan for them:

1. Living alone can lead to social isolation

According to the Census Bureau, a higher proportion of older women live alone in retirement. However, men are more vulnerable to the negative effects of solitary living, such as social isolation, which can increase the risk of health issues and a higher mortality rate. Those living alone and not engaging socially may be at risk for general, mental, and cognitive health problems. 

To combat the challenges of social isolation that come with living alone, it is important to make intentional plans. This is especially crucial for those who may not have children or many family members. Finding social groups to be a part of, whether in the community, through hobbies or volunteering, or with current or former colleagues, can keep you connected and engaged with the outside world.

2. Managing the home can become a challenge over time

According to a 2021 AARP study, over 90% of older adults want to continue living in their own homes during retirement. While this desire for comfort and privacy is entirely understandable, managing a home can be financially and physically overwhelming for single individuals as they age. If the home is not designed for "aging in place," it may become difficult to manage if the individual experiences health or mobility issues. To address these challenges, many single individuals may choose to:·

• Pay off their home before retirement. 

• Make home modifications in advance to accommodate future needs. 

• Build flexibility into their financial plan to pay for help with managing their home once they are unable to do so themselves.

3. Single retirees living alone have no built-in partner to be their advocate for estate planning purposes

Deciding on a power of attorney for financial affairs, patient advocate, successor trustee for a trust, and executor for a will can be difficult for single older adults, especially those with no children or family. Those with no family or close friends to ask for these roles may struggle with the decision. 

There are now professional advocates who can fill these roles, such as attorneys for financial power of attorney and successor trustee (or third-party financial and bank Trust departments that can serve as successor trustees), attorneys or geriatric care managers/social workers as patient advocates, and attorneys as executors. However, it is important to note that hiring professionals to serve in these roles requires advanced planning and incurs a cost.

4. Single retirees living alone have no built-in partner to care for them

According to the Department of Health and Human Services, someone turning 65 today has nearly a 70% chance of needing such long-term care in their remaining years. On average, women need care longer (3.7 years) than men (2.2 years). 

For those older adults who are part of a couple, they can avoid paying for professional care longer by caring for each other for some time. Single individuals living alone will likely need to pay for care needs from day one of their needs. One way to address this challenge is to prepare well in advance for this potential need by planning for long-term care needs. 

While you are still working, make sure that you have long-term disability insurance that covers the expense of potential care needs. For the costs that may occur in your retirement years, consider long-term care insurance and/or carve out a portion of your retirement savings earmarked for long-term care expenses. Have a plan for what you will do if you ever have a long-term care event, and have your plan in written form for your advocates. If you aren't able to live in your own home due to your future health, have a plan for where you might consider going and how that will be paid for.

5. From a financial aspect, single retirees rely only on one set of resources and assets

Single individuals living alone are in a unique financial situation. They have only themselves to rely on for the remainder of their lives. There is no spousal Social Security or pension to be a backstop on the income side. It is only their savings and assets that they have to rely on — no one else has anything to leave them. 

Financial planning needs to be very intentional to ensure they can support themselves for the remainder of their lives first and foremost. Planning for the goals of what they want to do and accomplish during their retirement years and for their potential long-term care needs is crucial.

Living single and alone in retirement is a choice, not without challenges. It is especially important for single individuals approaching retirement to work with the appropriate professionals to plan for their second stage in life. With proper planning, living alone and single and alone in retirement can be done successfully.

---

A rising number of senior citizens live alone. Sandra Adams, CFP® offers ways to cope with the social and financial aspects of solo living. Watch the video version of the blog HERE!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Raymond James is not affiliated with and does not endorse the opinions or services of Karen Kurson or Retirement Daily.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.

Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc.® Center for Financial Planning, Inc.® is not a registered broker/dealer and is independent of Raymond James Financial Services. 24800 Denso Drive, Ste 300 // Southfield, MI 48033 // (248) 948-7900

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

The Results Are In…The Top Five Blogs of 2022

Contributed by: Center for Financial Planning, Inc.®

Over the course of 2022, Center team members have written an astounding 59 blogs on topics including retirement planning, market volatility, eldercare, and investment planning - just to name a few. The results are in, and here are our Five Most Popular Blogs to close out the year. Check out our list below to see how many you have read!

1. Is My Pension Subject to Michigan Income Tax?

In 2012, Michigan joined the majority of states in taxing pension and retirement account income. Nick Defenthaler, CFP®, RICP® reviews how these taxes can play a role in one's overall retirement income planning strategy.

---

2. The “10-Year Rule” Update You Need to Know About

One of the details of the SECURE Act that many of us call the "10-year rule" may be changing slightly. Jeanette LoPiccolo, CFP® shares what you need to know.

---

3. Strategies for Retirees: Understanding Your Tax Bracket

Michael Brocavich, CFP® describes the two simple strategies that could potentially help reduce the amount of tax due in retirement.

---

4. The Basics of Series I Savings Bonds

With the inflation increase, Series I savings bonds have become an attractive investment. Kelsey Arvai, MBA shares what to consider before adding them to your portfolio.

---

5. What is Retirees’ Biggest Fear?

It's not the fear of running out of money. Not the stock market either. Nor loneliness. Sandy Adams, CFP® tells you what it truly is.

Are You Prepared to Handle Your Parents’ Estate?

Contributed by: Sandra Adams, CFP®

Clients are increasingly facing the grueling task of handling their parents' financial affairs after their deaths. If their parents worked with professional advisors over their lifetimes, it's very likely that the task of handling the financial affairs and settling the estate can be a relatively straightforward process. However, many clients come to me asking for help with situations in which their parents didn't have things in order and don't know where to start.

What kinds of things are they finding?

Accounts at multiple institutions, sometimes cash accounts, sometimes investment accounts and/or direct stock accounts. We call this "diversification by location" — it did nothing to diversify the actual investment portfolio; it only spread the assets to different providers and custodians, making it that much more difficult for the executor after death to get a handle on the assets.

Accounts with registrations and beneficiaries that haven't been updated. Perhaps Dad passed away ten years ago and your parents had a joint account. Now, Mom has passed away and as you go to settle her estate, you find that there are accounts with both names still on them (Joint accounts that now have two deceased persons on them) or accounts in your Mom's name that still have your Dad listed as the beneficiary. This is not impossible to unravel but can certainly take some time (and paperwork) to get sorted out!

Physical stock and bond certificates. Huh!?! Yes, there are still clients, mostly older, holding physical stock and bond certificates. In many cases, the actual shares had been deposited in an account at a broker-dealer or with a stock transfer agent in a dividend reinvestment program in the past. The trick here is now trying to determine whether the stock certificate is representative of actual shares, if the shares are held elsewhere, or if they were sold at some time in the past and no longer exist. If there are no notes or records that are attached to the certificate, and you cannot track the stock in any of the other investment account holdings, you now need to become somewhat of a detective.

Stock certificates for companies that no longer exist. The same goes for stock certificates showing up for companies that you no longer recognize. Likely, these companies have changed names, merged, or been bought out by other companies. Again, it takes some detective work to find out what happened to the company and whether the "new" company is still something your parent's estate may hold or if it's something that was sold throughout the years.

Collectibles. Signed baseballs. Gold and silver coins. Jewelry. Novelty Collectibles. Rare guns. China. Any and all of these items and so many more are things that clients find in their parents' homes when they're cleaning them out to sell. The difficult part here is that many family members no longer want to keep these things as family heirlooms to pass on from generation to generation. So, there's a need to sell them and pass on the cash. Given that, as the executor, finding the right people and places to provide an accurate value for these types of items can sometimes be a challenge.

Parents' Home. This can often be a challenging situation. Many issues often surround the issue of the home — financial, emotional, and otherwise. If there was no kind of deed (Quit Claim Deed or Lady Bird Deed) in place to provide who the home was to go to or it was not named in a Trust, ownership is likely directed by the Will and the probate court system. One of the biggest processes is going through the home to make sure to find any important documents and valuable family heirlooms. Once those items are removed, there's a process of determining what other items should be kept to be given to family members, what should be donated, what should be recycled, and what should be thrown out. There's another category for families interested — what can be sold in an estate sale — if you feel that there are items of value and are willing to go through the process. The good news is that there are companies willing to be hired to help you do all of that — and they're well worth their price in gold! And once that's done, there's still the process of selling the house, which can be a process of its own.

Are you overwhelmed yet with what you could be facing? We haven't even talked about all of the paperwork there could be. For every account held at every provider, broker-dealer, bank, and insurance company, there's a different set of paperwork that likely requires either a copy or an original death certificate and other documentation. This can include documentation proving your authority to sign and the capacity in which you're serving to represent your parents' estate. And if you're still working (not retired, when this could be your full-time job for the next several months), it could even be more challenging to find the time to get all of this done without the help of professional assistance.

So, what can you do to prevent being in this situation if you're not already there?

Have difficult conversations with your parents about their current financial and legal affairs. Let them know that it would be helpful to understand how their estate is set up and how their financial affairs are structured to ensure that things will be simple and easy to handle as they age. (You can always tell a story about a friend who had to handle things for their parents and struggled because they weren't in order, and you don't want your family to struggle in the same way).

Bring in the help of professionals if and when needed. An estate planning attorney to update documents. A financial advisor to help simplify, organize and put a comprehensive financial and aging plan in place. And both are excellent resources when it comes time to handle your parents' estate —both can provide guidance with steps, help with paperwork, and provide resources as you go through the process.

If you or someone you know is expecting to need to handle their parents' estate in the near future and wants assistance in getting things in order proactively, guiding them to work with professional advisors can be your best advice.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. ® Center for Financial Planning, Inc. ® is not a registered broker/dealer and is independent of Raymond James Financial Services.

Caregivers Try to Balance it All

Contributed by: Sandra Adams, CFP®

The month of September is host to a slew of recognition for caregivers: World Alzheimer’s Day, National Daughter’s Day, Intergeneration Month, and Self-Care Awareness Month.

According to the National Institute on Aging, there are an estimated 11 million unpaid family caregivers in the United States for patients with dementia, including the most prominent form of the disease, which is Alzheimer’s disease. More than one in four Alzheimer’s and dementia caregivers are “sandwich generation” caregivers —they are caring for someone with dementia AND caring for a child or grandchild at the same time. And according to the Alzheimer’s Association, over two-thirds of caregivers are women with nearly 50% looking after at least one parent or parent-in-law. The need for self-care for these family caregivers – often women and often working – is real.

We would all love to believe that, given the opportunity, we would embrace serving as a caregiver for our loved ones — that we would treat the opportunity as “a gift.” In the book Working Daughter: A Guide to Caring for Your Aging Parents While Making a Living, by Liz O’Donnell, the author says:,

Caregiving didn’t feel like a gift to me. It felt like a burden—a burden I didn’t want and one that I wasn’t prepared to handle. I had no warning, no training, and no support. I didn’t realize how many other people I knew were also caring for sick and/or elderly parents. No one in my circle of friends or coworkers was talking about it. As a working mother, I had so many people and resources to draw on for help and advice about everything from how to get a child to sleep to how to balance parenting and career. As a working daughter, I felt alone. And among the few people I knew who were family caregivers, no one was complaining about it. Just me. They must all agree it’s a gift, I thought to myself. I am a horrible, selfish person for thinking it’s a burden.

The reality is that what Liz expresses is not unique. According to a 2017 CNBC report, of the millions of family caregivers out there, almost 60% (58% to be exact), classified the burden of caregiving to be high or moderate. For those caregivers also working and/or raising young families, the percentage is likely to be higher. That feeling of “burden” is likely to lead to stress and feelings of guilt (guilt for feeling the job is a burden and guilt that you are not doing your best at any of your jobs).

Caregivers, for the most part, keep their feelings isolated. They don’t want others to see that they don’t appreciate the opportunity they have to spend this time caring for their loved ones. As a result, they suffer in silence and don’t reach out for help — for themselves or for the resources they need. They may miss out on resources available in the community to provide relief (adult day programs, volunteer programs through local senior programs, Area Agency on Aging programs, Meal Programs, transportation programs, caregiver support programs, etc.). If the caregiver is afraid to admit they need help, they may never know of the programs available to provide relief and assistance.

In addition to bringing awareness to caregiver-specific emotional and psychological struggles, September is the perfect time to bring attention to the financial planning issues that surround caregivers and how these can be addressed.

According to AARP, family caregivers spend an average of 24.4 hours caring for their loved ones in addition to their other responsibilities. For working caregivers, especially women, this means making accommodations to their work to meet the demands of their caregiving roles:

• Requesting a less demanding job 

• Taking unpaid leave 

• Giving up working entirely 

• Taking early retirement

As a result of work accommodations, the result of future wages, according to the AARP Policy Institute (2018) is $324,044 in future wages for women and $283,716 in future wages for men. In addition to wages, health insurance, retirement savings, pension benefits, and Social Security benefits are lost to those who cut back or stop work due to caregiving duties. For those who were on an advanced career track, losing upward momentum by having to slow down or stop work can have a significant impact on future advancement AND wages. And for women, who are typically already behind men in earnings, slowing down or stopping work due to a caregiving role can put them even farther behind their male counterparts. Compound that with the fact that women will potentially live longer, and live longer alone (be widowed), and they’re in a “no win” situation.

Action steps for working women who are also caregivers:

•  Plan ahead as much as possible before the caregiving duties begin. Make sure those you will be caring for have a solid financial and care plan and that as many resources as possible are put in place in advance. 

• Work with your employer to see what arrangements can be made for flexible schedules, paid leave, etc., in order to keep you employed while being able to accommodate your caregiving duties with the least disruption to all areas of your life.

• Make sure you utilize all of your resources, including other family members, caregiver support, and self-care.

• Work with your own financial adviser to plan for the possibility of caregiver duties and consider what different scenarios might look like for your own plan. Look out for your own financial security, as well as for your loved one’s caregiving needs.

Caregivers have a big challenge. They try to do it all and do it all flawlessly — which might not be possible. Create a balanced life where everyone is safe and futures are secure. Planning ahead as much as possible is key to making this happen. Don’t try to do it alone!

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

Securities are offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Center for Financial Planning, Inc. Center for Financial Planning, Inc., is not a registered broker/dealer and is independent of Raymond James Financial Services.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Any opinions are those of Sandra D. Adams, and not necessarily those of Raymond James.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.