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.