Financial Planning for Elders

Eldercare financial planners are individuals with a specific set of talents and qualifications that can aid families and elderly individuals in their quest to afford the unique costs associated with preparing to downsize and covering potential long term care costs. These financial planners typically offer a free consultation in order to assess exactly how they can aid families with elderly members.

If an elderly individual is planning to downsize their estate or personal finances, they will need to be wary of the individual they hire to assist them. There are many different individuals that deal with elderly persons that can aid with financial planning, but they do not necessarily have the qualifications. Some of these individuals include:

  • Estate planners
  • Geriatric care managers
  • Financial advisors

When a family is seeking financial advice, they need to first have in mind what they are expecting from their financial planner. Are they simply seeking to find a way to cover care costs? Maybe they have exorbitant medication bills that need to be handled. Does the family member need the services of medical professionals that must be paid for out of pocket? Determining why the planner is needed will streamline the process of finding the financial answers that are being sought.

The first consultation with the planner will typically entail a number of details being examined. Among these facets are:

  • Identifying care options
  • Pinpointing strategies for payment of medical needs
  • Health of client
  • Preserving family assets
  • Determining family assets

Another aspect that the family will need to address is whether or not they require or desire a financial planner in the process of setting forth a plan to cover costs and when preparing to downsize family holdings. A trained and experienced financial planner can assist with preserving assets from Medicaid spend down and estate taxes. The savings that an experienced financial can provide, can offset their costs.

Schedule a complimentary consultation to ensure that you feel comfortable with the eldercare financial planner and trust that they will have your best interests first when doing the plan.

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