Advising Elderly Clients: Asset Preservation, LTC, Medical Costs, Trusts, and Critical Documents

Description

After spending a lifetime accumulating assets, an unexpected illness, assisted living, and medical costs can significantly reduce or obliterate a senior's savings. As the population continues to age, more reliance is being placed on CPAs, financial planners, and advisers to provide advice for aging clients. Although everyone agrees that planning is essential to combat rising medical costs, and to provide peace-of-mind, misinformation abounds around elderly planning.

Medical expenses and long-term care costs for chronic illnesses can be devastating to seniors. Long-term care insurance (LTCI), life insurance, reverse mortgages, and Medicaid are available to combat these expenses. LTCI can cover costs not covered by Medicare. Borrowing against the equity in a residence or tapping life insurance policies before death can also help defray costs. Understanding how and when these options fit into lifetime planning is crucial.

Financial considerations may not be the most pressing worry for seniors. Exploitation, diminished capacity, and elder abuse are all vital concerns. A trust, living will, or general durable power of attorney (GDPOA) can mitigate some of these risks.

Listen as our panel of experts divulges strategies for aging clients, including how to secure Medicaid, plan for long-term care, document wishes, and other essential steps to ensure seniors remain financially healthy for life.