Cars are a big part of American culture. For many, learning how to drive was a sort of rite of passage. You likely remember getting your first vehicle and some of the adventures you took with it. We love our cars, and we take them everywhere. Our homes, neighborhoods, and even cities are built around cars as a primary method of transportation. However, as we get older, we might begin to realize we need our car less and less. Alternative methods of transportation might even be safer and more convenient.
Posts about Finances:
As you approach the end of your career, it is important to actively think about financial planning. One of the most critical aspects of planning for retirement is deciding who will help manage your finances. When looking for a financial advisor, many factors should be considered. You might know several financial advisors personally, but your neighbor's cousin isn't always going to be the best fit for your needs. This article will cover ten tips for finding the right financial advisor towards the end of your career!
Finding the Right Financial Advisor for You
The majority of American adults have not taken legal planning steps to organize and store their personal and financial information. In fact, only 68% of people over the age of 65 have a finalized will. Although taking these planning steps can be difficult, it is essential to have this information available to the family at the time of death.
Older adults find themselves increasingly faced with a bewildering universe of new situations about health, finances, housing, legal, and many other issues. Trying to keep up with all these moving targets is a daunting task for even the healthiest and most knowledgeable among us. However, when physical or mental health (or both) start to decline, dealing with these complex concerns can become overwhelming.
Even if family or friends try to help, they often lack the knowledge to deal with these subject areas confidently. Additionally, for loved ones trying to help from distant geographies, the frustration level can build to boil for all concerned.
Elder law focuses on the needs of older adults from a variety of angles. This specialty emerged because legal requirements in the later part of life and after death are numerous and complex. This blog explains some of the major areas covered in elder law.
In our last blog, Talking to Your Aging Parents About Money – Part 1, we explored ways adult children could start the conversation about money with their parents. Once the ice is broken, an opportunity to deepen the conversation presents itself.
UNDER THE SURFACE
The "money" subject is the first of several layers of important issues aging adults need to address. The following are major ones adult children need to discuss with their parents.
Most adults with aging parents rarely look forward to raising the subject of their elders' money. It's a scary topic because it involves a role reversal. Parents are supposed to teach their young children about money, not the other way around. Years later, adult children and their parents sometimes find it challenging to break out of this family dynamic. Yet, there comes a time when children need to talk to aging parents about plans for their money and other end-of-life planning topics.
PLAN OR WAIT FOR A CRISIS
Ideally, the time to talk to parents should happen before any crisis. Injury or illness can happen fast. If plans are not in place, decisions may be made quickly without sufficient information. This risk of causing irreversible mistakes is high. Even if plans have been made, failure to share them with adult children may put an effective plan at risk. Talking when parents can physically and mentally hold their own in the conversation provides a better foundation for good planning. In other words, the sooner, the better.
Nearly half of Americans 65 or older will eventually require some form of long-term care, according to a 2016 study by the U.S. Department of Health and Human Services (HHS).
|Length of Time in Long-Term Care Age 65 or Older|
Of those needing long-term care, roughly half need it for less than a year. However, women are more likely to stay longer one year or longer.
Benjamin Franklin famously said, "…in this world nothing can be said to be certain, except death and taxes." A corollary to this could be, "It's a certainty that families hate to talk about death and money."
Discussing money seems to be a challenging subject for even the most talkative families. A study showed that 44% of respondents found money the most challenging topic to talk about, more than religion or politics or even death. Yet, talking about money with others, especially family members, could help avoid significant financial problems.
Parents of adult children face two crucial money conversations – your money and their money.
Moving out of a family home after many decades seems akin to moving a mountain. If the move is to Assisted Living, the mountain can feel even bigger.
First, consider the situation. Often, such a move does not have a long planning runway. A sudden trigger event can start the process. Incidents like an accident (e.g., a fall in the home) or illness can put an abrupt stop to independent living and kickstart a frantic effort to move a loved one into an Assisted Living or Skilled Nursing setting.