ElderCare Planning

Ten Tips for Aging Successfully

Longevity might just be one of the most important current topics in financial planning: how long will people live and how do financial planners help make sure their clients don’t run out of money before they run out of years? Ironically, many client conversations at The Center aren’t so much about will the money run out, but what will the money be spent on. Clients are concerned that the majority of their money will be spent on health and long term care expenses, and not the travel, leisure and meaningful family spending that they would prefer. What, clients ask, can they do to make sure that they can spend their money on the things they want to spend them on, not on those “costs of care?”

Before you start to think that this is a blog about Long Term Care insurance (that may be a blog for another day), think again!  This is where I tell you that I was recently asked to read the book “Live Long, Die Short – A Guide to Authentic Health and Successful Aging,” by Roger Landry, MD, MPH, for a Long Life Planning advisory group that I am on, and it helped me answer some of these client questions. If clients were given tips on how to live their aging lives planning for being healthy for the long haul with only a short unhealthy “end,” wouldn’t that address the goal?

So how does Dr. Landry suggest we Live Long and Die Short?

Here are his Ten Tips for Successful Aging:

  1. Use it or Lose it (Your Mind, Your Body, Your abilities)

  2. Keep Moving

  3. Challenge Your Mind

  4. Stay Connected (Stay Social)

  5. Lower Your Risks

  6. Never Act Your Age!

  7. Wherever You Are…Be There (Be Present)

  8. Find Your Purpose

  9. Have Children in Your Life

  10. Laugh!

The research suggests that lifestyle, more than genetics, determines how we age. Dr. Landry suggests that the time is now to assess your lifestyle to make the necessary changes to get healthy and change your future path. You, too, can find a way to live long and die short. Find a way to direct your own aging future…and work with your financial planner to make sure your financial future is planned accordingly.

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 the foregoing material is accurate or complete. Any opinions are those of Sandra Adams and Dr. Roger Landry, and are not necessarily those of RJFS or Raymond James. Raymond James is not affiliated with nor does it endorse the services or opinions of Dr. Roger Landry.

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Why You Should Have a Roadmap for Your Aging Years

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I was asked to speak on a panel of professionals recently on the topic of “11th Hour Planning,” which is essentially planning steps that should be taken when a person nears the end-of-life. Much of the discussion revolved around the vast differences in the resulting situations when a client has planned ahead for their aging years versus when they have not. It was certainly the consensus of the professionals on the panel that those clients who plan in advance have a much more pleasant experience overall, their families are generally less stressed and panicked, and, more often, there are better financial results.

What, might you ask, is involved in “planning for your aging years?” I am referring to planning that goes beyond traditional retirement planning, where we are talking about cash flow projections and making sure your money will last as long (or longer) than you will. The financial aspect is an important piece, and as we discuss what I call the Roadmap for your Aging Years, the financial piece will focus largely on how to pay for funding during the later years of your retirement. We hope that those later years continue to be filled with travel, hobbies, and fun, but they could involve expenses focused on healthcare and long term care.

The Roadmap for your Aging Years covers the following topics:

  • Housing

  • Care (Where will you receive Care/Whowill Care for you)

  • Family

  • Legacy

  • Financials

Within the context of the above topics, you design your plan by exploring the Challenges you see yourself facing as you age, the Alternatives (i.e. solutions) you have for facing those challenges, the Resources you may have at your disposal for facing those challenges, and ultimately envisioning the Experience you would like to have as you age. We call this the C.A.R.E. planning method that was developed by Dan Taylor, author of The Parent Care Conversation. Ideally, you design your Roadmap with the guidance of a professional (your financial planner can help) and in collaboration with your family, so that everyone is on board and part of the plan from the beginning.

The 11th hour can come for any of us at any time, but for most of us comes later in life. Planning ahead can make end-of-life a less stressful experience if there is a plan in place.  If you do not yet have a Roadmap for Your Aging Years, contact your financial planner today to start the conversation.

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 opinions expressed are those of Sandra Adams and are not necessarily those of RJFS or Raymond James. 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. Raymond James is not affiliated with nor does it endorse Dan Taylor.

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Be Prepared for Life’s Hurricanes

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I was attending a conference in Orlando recently when Hurricane Matthew was heading up the coast of Florida. To say that I was completely unprepared would be an understatement. I was so busy leading up to the conference that I was only vaguely aware of the weather/hurricane status. I packed so lightly for the conference that I brought only what I needed for the days that I would be in Orlando – so that I could bring a carry-on bag only, of course!  I even, for the first time ever, pre-paid my airport parking since I knew exactly when I was arriving and when I would return, so that I could be easy in and easy out.  Why am I telling you all of this in the context of a blog about planning, you might ask?

Well, to me, it fits perfectly.  I see many clients that encounter “Hurricane” situations in their lives that they are completely unprepared for, especially when it comes to assisting older adult parents. Like the weather leading up to a hurricane, things can seem perfectly calm and sunny; moments later the storm hits and you are left completely unprepared for the chaos that comes next. For example, a simple unexpected fall and a broken hip for mom can bring months of “hurricane” aftermath if your family is unprepared.

What can you do to plan ahead so that any unexpected storms don’t find you unprepared?

  • Have a family meeting with your older adult parent (facilitated by your financial planner or other professional, if that is helpful). During this meeting, discuss current and future challenges that your parent(s) may face, what alternatives they would consider as solutions to these challenges, and what resources they have to solve these challenges.

  • As a result of the family meeting(s), have a written plan of action that includes all of the above, and, if needed, also includes what professional team members would need to be called upon (financial planner, elder law attorney, geriatric care manager, etc.).

  • Make sure all estate planning documents are up-to-date and reflect your parents’ current wishes and situation. 

  • Put a Family Care Plan in place so that everyone knows their role in advance (and family conflicts are avoided, as much as possible).

  • Help your parent(s) complete the Personal Record Keeping Document and Letter of Last Instruction (and keep it up-to-date) so that all important information is in one place and handy and a moment’s notice in a crisis.

Going back to my recent hurricane situation, I happened to luck out. I was at a very secure hotel property during the oncoming storm, and while I got delayed an extra day due to the airport being shut down, the worst thing I had to endure was wearing some dirty clothes and dealing with some restless children at the hotel because Disney was also closed for the day. If you don’t help your aging parents plan, I can assure you the results won’t be as kind. The key is to start the conversation – it is not an easy one, but it is one of the most important conversations you may have in your lifetime!  Please contact me if I can be of 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.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. 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 and not necessarily those of Raymond James. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Back to School – It’s Not Just for Kids

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So it’s that time of year again…with the end of summer brings the excitement of the new school year and new learning for the kids! As an adult, haven’t you ever been just a little bit envious of that “back to school” rush kids experience? Jealous of the excitement of new learnings and of the prospect of engaging your mind? What if you had time to do this when you retired AND found out that it might make help you age more successfully?

According to the UCLA Longevity Center (Fall/Winter 2015 Newsletter), lifelong learning for older adults can be as effective as a college education in protecting brain health as you age. Since Alzheimer’s disease is the 6th leading cause of death in the United States according to the 2016 Alzheimer’s Report, brain health is something we should probably put pretty high on our priority list!

Locally, we have a wonderful resource to find lifelong learning opportunities – SOAR (Society of Active Retirees – www.soarexlore.com).  SOAR is a community-based, lifelong learning initiative affiliated with Wayne State University and the Road Scholar Institute Network. It is a member-run and member-driven organization that offers a broad range of non-credit courses and related activities that provide multiple opportunities for social and cultural enrichment as well as personal growth. SOAR draws from volunteer faculty, largely from WSU and other area colleges and universities. In addition to SOAR, we have a vast array of wonderful community education programs and community colleges that provide programs ripe with opportunities for older adults. 

In addition to protecting brain health, lifelong learning can add to successful aging by:

  • Keeping you mentally and socially active

  • Adding joy to your active retirement years

  • Adding additional knowledge and wisdom to your life

  • Being a financial“efficient” retirement activity

Successful aging takes many forms, and it isn’t always about being financially successful. It is about staying healthy…physically, mentally, psychologically…in all ways possible. Staying active is part of the game. For more information about how you can stay active for successful aging, don’t hesitate to contact me.

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 the foregoing material is accurate or complete. Raymond James is not affiliated with the Society of Active Retirees organization, Wayne State University, or the Road Scholar Institute Network.

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Elder Care Planning for Single Older Adults

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As I have written about for many years, having a plan in place for one’s aging years is important. Making sure that there is a plan for future housing, future care, having legacy plans in place, and having the proper estate planning documents procured so that someone is set to handle things in the case of incapacity is vital. For aging couples, it is important that these plans are discussed and ready; but in a worse-case scenario, when plans haven’t been solidified, at least the spouse is in place to help provide support and clean up the pieces, even if the situation isn’t ideal.  But what happens if planning hasn’t been done for a single older person, one who might never have been married and might have no children? One who might not have any close or living relatives, then what?

I have found that many single older adults think that planning for their aging years is very simple. They believe because it is “just them,” not much planning it is involved. Quite to the contrary, because it is “just them,” more planning is actually needed. There are not any default family caregivers or family living situations to rely on. The estate planning area can be a special area of challenge.

For single older adults with possibly no family to name as durable powers of attorney or successor trustees on Trusts, what are possibilities?

  • Consider naming a close family friend that you trust.

  • An estate planning attorney can serve as a general power of attorney or executor of an estate if there is no other suitable person to name.

  • An estate planning attorney or family friend along with a corporate Trustee can be named as a successor trustee of a Trust (i.e. broker dealer of the financial advisor you work with, if that is appropriate and the fees are reasonable).

  • A Geriatric Care Manager might be considered as a power of attorney for health care/patient advocate if there is no other suitable person to name (they have the appropriate background in nursing and social work to make the health care related decisions on your behalf).

Elder Care planning is important for everyone, but especially important for older single adults. If you haven’t started planning and this applies to you, start the conversation with 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 material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Sandra Adams and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Your Early Retirement and Your Aging Parents

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Contributed by: Sandra Adams, CFP® Sandy Adams

Last month, I wrote about how caring for aging parents can be a roadblock to planning for your retirement, particularly if you don’t have an aging plan in place for your parents. Well, let’s assume you successfully make your way to retirement. You’ve made it to the promised-land and are ready to do all of those things you’ve dreamed of doing for years…travel, spend more time with the kids and grandkids, and explore those hobbies you haven’t had time to enjoy.

And then…bam! Your parents are now older and in need of your assistance, just in time! On the one hand, it is perfect – you no longer have the stress of needing to balance work with the stress of caregiving, and you can give them your undivided time and attention. But on the other hand, this is now your time…the time you’ve waited years to enjoy…not to spend tied to someone else’s schedule and needs. For many retired couples, they are the primary caregivers for not one, but multiple sets of aging parents, which only adds to the stress (not to mention the marital tension!). Many are worried that their retirement will be spent caring for aging parents; or that by the time the caregiving is done, they will need a caregiver themselves!

So what can you do to ease the family stress and give your retirement a needed boost?

  • Make sure that you and your family have planning conversations about the care for your aging parent and that you have a Family Care Agreement in place outlining everyone’s roles and responsibilities.

  • Consider having professional resources that you can use, when and if needed, to give family members breaks (i.e. Home Care Agencies, Geriatric Care Managers and Professional Physicians that can serve as advocates in your absence, paid companions and drivers, etc.).

  • Look into Respite Care Centers where your aging parent can stay for a short period of time and be safe and well cared for while you are away (if they are unable to stay alone).

Again, if possible, planning ahead is always critical. Knowing the available resources (and then actually using them) is an important part of the process. Caring for your loved ones yourself and being their personal advocate is something people take very seriously. But taking care of you, including taking some time off and tending to other personal relationships, is the key to a happy and healthy life. So, I strongly advocate for families sharing responsibilities and/or taking advantage of professional advocates like Geriatric Care Managers or Professional Physicians that serve as advocates so that they can take time off from full time caregiving. Taking advantage of such resources can allow for better quality personal lives and better quality time and caregiving with your aging parent in the long run.

If you have questions or wish to discuss this type of planning in greater detail, do not hesitate to contact me.

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 Adams and not necessarily those of Raymond James. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Are Your Aging Parents a Roadblock in Your Retirement Planning?

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Contributed by: Sandra Adams, CFP® Sandy Adams

As the meat in the so-called “sandwich generation,” the baby boomers are approaching retirement at a record pace. As we work with clients and client couples to get their financial and non-financial “ducks in a row,” it is becoming more and more common to discuss issues surrounding the assistance of one or both sets of parents and aging/long term care issues. If this sounds familiar, here are the possible roadblocks that this can cause for your retirement planning and some suggestions about what you can do to prevent them.

What are the Roadblocks?

  • Providing assistance/caregiving often limits the time you can work; you may be forced to take family leave time to provide care, go to part time work, or even take early retirement.

  • Working less reduces earnings, providing less Social Security earnings, and less in retirement savings for future retirement.

  • Stopping work prior to age 65 may mean a need to bridge a health insurance gap when that was not the original plan.

  • Caregiving can be stressful, especially if you are trying to continue to work and also have responsibilities with adult children and/or grandchildren, so your own health can become a concern.

  • With so much going on, just being able to keep your “eye on the ball” and concentrate on your own retirement goals can be a challenge.

What Can You Do to Make Sure To Stay On Track?

If you find yourself in the position of assisting aging parents, now or in the future, do not assume that all is lost. There are things that you can do to make sure that your own retirement will stay on track:

  • Have conversations with your parents and plan ahead as much as possible to make sure that their long term care is funded; have a conversation to discuss if they are willing and able to have non-family members provide care if and when the time comes (at least until you retire); have a professional moderate the planning conversation if it’s not a talk your family is comfortable having on their own.

  • If you do end up leaving work to care for an aging parent, discuss having a paid caregiver contract drafted or determine if your parent’s Long Term Care insurance policy has the ability to pay you for your services as a caregiver.

  • Make sure others take their turn and spread the responsibilities amongst others (see my recent blog on Family Care Agreements); take breaks and take care of yourself (caregiver stress is a real thing!).

  • Continue to meet with your financial planner on an annual basis to keep yourself focused on your own goals along the way—continue to save for retirement as you are able and make progress.

We all have roadblocks that slow our progress towards our goals; aging parents might be one of yours.  The love and care we have for our family—especially our parents—is not something we would ever deny, however frustrating it might be when it delays that ultimate freedom we call retirement. But if we plan ahead, and coordinate with our families and professional partners, we can hope to make the roadblock more of a speedbump.  Contact me if you have questions about how your financial planner can be of assistance.

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 contained in this blog does not purport to be a complete description of the securities, markets, or developments referred to in this material. 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 and not necessarily those of Raymond James. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Care Agreements Document for Families

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Contributed by: Sandra Adams, CFP® Sandy Adams

Last month I wrote about using a Care Agreements Document between couples as a way to communicate preferences for future care, in order to help alleviate future stress for the caregiver spouse and to make certain the ill spouse’s wishes for care and for the future quality of life of their caregiver spouse were able to be communicated and honored. The Care Agreements Document can also be used for entire families to plan for the care of a loved one (or loved ones) – usually older adult parents. Let me explain how the agreement might be used in this context.

 In the case of families, I find that anxiety and tension arises when (1) They are unclear of their parent’s wishes for their care or (2) there is conflict amongst siblings regarding division of caregiving duties and/or disagreement about the care in general.  A Family Care Agreements, especially if drafted with the parents involved in advance of a care need, would clear up both of these major sources of tension. As with the Care Agreements for Couples, the Care Agreements Document for Families is a wonderful way to begin a family conversation about future care for older adult parents; it helps to provide the older adults the opportunity to express their future desires for care and to clear up any misconceptions about their wishes. It allows adult children to hear—from the mouths of their parents—how they wish their children to be involved in their care, how they wish to be cared for and by whom, and where they wish to be cared for (as long as finances support these wishes). As siblings divide the future caregiving duties, keeping in mind those that make most sense based on location, availability and talents, they can keep in mind their parents words, wishes, and resources.  

The Care Agreements for Families can also serve as a way to provide protection to the individuals serving in caregiving roles; for example, if future stressful situations during a parent’s care may cause their position to become unpopular. The family will be able to reference the agreement to recall that the agreement to act and serve the parents as caregivers in a particular manner was agreed upon – it can help protect feelings and calm emotions in times of heightened tensions. 

Again, I propose that when we are writing all of our other estate planning documents—our Wills, Patient Advocates, and Durable Power of Attorney Documents—that we consider writing a Care Agreements Document with our older adult parents and siblings.

What would this agreement include?

  • If our older adult parents get ill and need to be cared for, how do they wish to be cared for?

  • How do they want us, as adult children, to be involved in the caregiving?

  • Do they want us to provide care or would they prefer to have professional caregivers (if they can afford to have them)?

  • Where do they wish to have care provided (home, assisted living, etc.)?

Having a Care Agreements Document amongst family members in advance of an illness does a couple of things:

  1. It helps family members/adult children make clearer decisions in times of stress if/when the time comes.

  2. It also helps take away any feelings of guilt or resentment because agreements about the plan have been made in advance; helping to preserve relationships.

A Care Agreements Document, whether for Couples or Families, is something that should be added to your future planning toolkit as you plan ahead for the future aging – for you and for your loved ones. If you have questions about how to get started, feel free to reach out to me to find out how!

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.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. 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 and not necessarily those of Raymond James. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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Care Agreements Document for Couples

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Contributed by: Sandra Adams, CFP® Sandy Adams

In the last several months I have been a part of several client conversations, many of which left me feeling a sense of great concern for at least one member of the couple. You see, these conversations all involved client couples that were dealing with one spouse having been diagnosed with some form of cognitive impairment, and the other serving as the primary care giver. In all of these cases, the caregiver expressed a multitude of emotions: responsibility, stress, worry, grief, and even a sense of being lost – as if they didn’t know where to go from here and they didn’t want to let their loved one know how they were feeling.

We all want nothing more than to love and care for our partners, to our best abilities, for the rest of our lives. At least that is what we vow when we marry on our wedding days. Little do we know what lies in our futures—chronic health issues or possible long term cognitive impairment—that may require intensive caregiving. What do we expect of our spouse in those cases? Will we want our spouse to provide personal care and will we want to remain at home, no matter the personal and financial sacrifice?  We have all heard and read that caregiver stress is a very real issue in the U.S., as many spouses and families strive to keep their loved ones cared for at home; unfortunately, this “I can do it all” approach leads to many caregivers falling ill and passing away before the “ill” spouse (or just giving up the quality of life once hoped for). So, how do we prevent this from happening?

I propose that when we are writing all of our other estate planning documents—our Wills, Patient Advocates, and Durable Power of Attorney Documents—that we consider writing a Care Agreements Document with our spouse or significant other.

What would this agreement include, you ask?

  • If I get ill, or become cognitively impaired, how do I want to be cared for?

  • If I am cognitively impaired/what do I expect of you as a caregiver and do I expect you to care for me at home (is there permission for you to make a move to a facility for safety reasons)?

  • If I get ill or become cognitively impaired, do I expect you to provide the care, or do I give you permission to hire care and do I prefer that you visit with me and spend quality time with me.

  • Any other items that seem important (i.e. whether or not it is important to keep pets, and or other items that are important to you if you become ill).

Having a Care Agreements Document between spouses/partners in advance of an illness does a couple of things:

  1. It helps both partners make clearer decisions in times of stress if/when the time comes. It also takes away any feelings of guilt because you have had the conversation advance of an illness.

  2. You have in writing what the care wishes are for your partner in the case of any disagreement from children (whether your children or from a second marriage, etc.). 

While a Care Agreement Document is not a legal document, it is something that helps express wishes for the person that is named in charge of making decisions for you (Durable Power of Attorney, etc.) and can be a great way to begin a conversation about those end of life issues that we don’t like to talk about, but need to. 

In next month’s blog, I will write about using the Care Agreements Document for family caregiving, so stay tuned!

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.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Sandy Adams and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. You should discuss any legal matters with the appropriate professional.

Solutions for Serving Seniors and Vulnerable Older Adults

Contributed by: Sandra Adams, CFP® Sandy Adams

I recently had the honor of speaking on a panel at the IA Watch Compliance Conference in Washington DC on the topic of "Solutions for Serving Seniors and Vulnerable Older Adults.” Conference attendees, who were financial firm owners, compliance officers, and financial advisors in compliance roles, attended the conference to get up-to-speed on industry hot topics such as SEC filing changes, Cyber Security, and, of course, how to best serve their aging client demographic.

The panel consisted of myself, Ronald Long, a Compliance officer from Wells Fargo Advisors, and Michael Creedon, a Gerontologist and Social Worker who writes and speaks on issues related to older adults. As the only financial planner and practitioner in attendance that works directly with clients, I was glad to be able to give practical tips for how to best help clients while continuing long term relationships with client families.

The message of the panel was clear:

No matter what our position, it is our job to best serve clients and their families, and addressing the issues of potential diminished capacity and other long term care issues head-on is the best way to do that.

I hope that presenting at this and other conferences is one more step towards spreading the word on this very important message to advisors in our industry!

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.

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