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Aging Parents1


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Questions to Ask Aging Parents

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Aging Parents1

  1. 1. ? Questions to Ask Aging Parents While You Can Presented by Michael L. Schwartz, RFC, CWS, CFS Michael L. Schwartz, RFC, CWS, CFS offers securities & advisory services through First Allied Securities Inc . Member FINRA-SIPC
  2. 2. <ul><li>Today 7 million Americans now care for their aging parents*. </li></ul>Today’s Dilemma * Source: Conference Board <ul><li>By 2005, 40% of all workers will be more involved caring for a parent than a child. </li></ul><ul><li>Adult children need to know, but don’t want to appear nosey. </li></ul>
  3. 3. Today’s Dilemma <ul><li>Adult children are starting to realize they will take care of their parents more years than their parents took care of them. (A trend likely to repeat in the next generation.) </li></ul><ul><li>Adult children are rapidly finding out that trying to help or settle matters without good help is at best, frustrating - worst case, impossible. </li></ul>
  4. 4. QUESTIONS that need to be ASKED! ? ? ? ? ? ? ? ? ? ? ? ? ? ?
  5. 5. <ul><li>If no, would a financial advisor be helpful? </li></ul>#1 ? FINANCIAL ADVISOR Do you have a…
  6. 6. <ul><li>If no, would a financial advisor be helpful? </li></ul>#1 ? FINANCIAL ADVISOR Do you have a… <ul><li>If yes, do you feel comfortable with this person and are they proactive? How much communication do you have with your advisor? </li></ul>
  7. 7. #2 - Have you established an overall game plan Most importantly… is it in writing?
  8. 8. #2 - Have you established an overall game plan Do you know what income can be inflation sustained?
  9. 9. #2 - Have you established an overall game plan Do you understand your level of risk?
  10. 10. #2 - Have you established an overall game plan Is bill paying overwhelming for you?
  11. 11. #3 - Do you have an Estate Plan? <ul><li>Do you understand it? </li></ul><ul><li>How old is it? </li></ul><ul><li>Are all assets titled to maximize your planning? </li></ul>
  12. 12. - Who should handle your finances if you become ill? <ul><li>Do you have a Durable Power of Attorney? </li></ul>#4
  13. 13. If you should become seriously ill, what level of care and intervention would you like? #5
  14. 14. #6 - Do You Have <ul><li>Health </li></ul>Enough Insurance? <ul><li>Long Term Care </li></ul><ul><li>Liability </li></ul>
  15. 15. Do you feel comfortable with your current doctor? Is he/she well informed about the issues of older patients? #7
  16. 16. #8 your home Comfortable Can we Make more
  17. 17. #9 - Are You Feeling Secure… About Driving?
  18. 18. #10 – Can you share your thoughts about your funeral about your funeral? #10 Can you share your thoughts…
  19. 19. Last but not least… We’d like to help you!
  20. 20. Additional Resources <ul><li> the provider directory offers a database by zip code for elder-care resources </li></ul><ul><li>AARP: 800-424-3410 or A wealth of senior-related information </li></ul><ul><li>Eldercare Locator: 800-677-1116, . A database of more than 4,800 elder-care providers, from the US Administration on aging. </li></ul>
  21. 21. Health <ul><li>Healthfinder: . A wealth of elder-care information from the U.S. Department of Health and Human Services. </li></ul><ul><li>Medicare: 800-633-4227, . A Resource for Medicare information. The Medigap Compare tool helps assess insurance policies. </li></ul><ul><li>National Association of Professional Geriatric Care Managers: 520-881-8008, . Access to more than 1,500 geriatric-care managers nationwide. </li></ul>
  22. 22. Miscellaneous Raise the issue while your parents are healthy and of sound mind. Thoughts
  23. 23. Allow parents to keep a sense of control.
  24. 24. Continual communication is critical!
  25. 25. After all data is reviewed – meet with group of advisors (Financial Advisor, Attorney, Insurance Agent, and CPA)
  26. 26. All siblings should unite in preplanning – make it a family affair.
  27. 27. WAYS to the process start
  28. 28. Elicit their advice from the standpoint of your current planning and asking for their help.
  29. 29. Use our Schwartz Financial Service Confidential Profile and Estate Questionnaire We will provide a complimentary review of estate plan, risk return, existing insurances, proactive tax planning.
  30. 30. If all else fails, try being more direct, come from an empathetic position, one of love, not greed.
  31. 31. An ounce of prevention is worth a pound of cure. Let the Schwartz Financial Team Help.