FINANCIAL PLANNING FOR THE LATER YEARS IN LIFE, POST #3

Aging and the changes it brings are often regarded with apprehension. We know in many ways it can be good to get older, and enjoy the fruits of a life well lived.  However, we often fear the changes to our body and mind that may cause us to lose independence and control. Discussing these possibilities is not always comfortable for the aging person or the people who may have to care for them.

When to delegate financial decision-making, change living situations, quit driving, and seek assistance with health care decisions are difficult topics. They can be emotionally and financially very costly if plans are not put in place. People are forced to make decisions under duress, elders may often be neglected or abused, and family fights ensue.

I am excited to announce that I am now able to provide planning services that address many of the financial and related concerns that people often have around aging.  I am using tools developed to prepare families for the challenges associated with aging.  My approach is to help plan for aging-related transitions well in advance. This will reduce the likelihood of reactive decisions and the subsequent unnecessary costs that result from lack of preparation. My goal is to provide people with peace of mind at all stages of the aging process.

I pleased to be able to offer this service to both new and existing financial planning clients. The approach starts with three online questionnaires.  Each one takes about 15-20 minutes to complete.

  • The “Financial Caretaking Plan” outlines steps you may have taken to prepare for transferring bill paying, investment management, and estate planning, and the tasks you need to complete to get ready for the day you can no longer manage finances on your own. This module collects trusted contact information specific to the person answering the questions, and generates a customized financial decision-making transition plan
  • The “Risk Profile” is designed to identify traits that could place a person at risk for bad financial decision-making and financial exploitation. The questionnaire is based on a study conducted by geriatric psychiatrists.
  • The “Proactive Aging Plan” addresses a person’s living situation, transportation needs, and health care preferences. The program generates health care and long-term care cost estimates based on a person’s own situation, and provides a customized plan for managing life transitions.  Recommendations include ways to reduce unnecessary costs and age successfully in the living situation a person desires.

After a client fills out each questionnaire, the software will provide me as planner with a report indicating what the client is doing now and what they need to do to optimize their situation. It will contain a personalized list of to-do items, and information a client can give to their family to inform them of the client’s desires as they age. The reports also include links to a wealth of educational materials to help clients complete the recommended tasks. I send the reports to clients, answer any questions and provide any additional clarification, and I assist in implementing the tasks where appropriate.

Please contact me if you would any additional information about this valuable service.  I hope to have the opportunity to work with many of you to build a successful aging plan!

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