Financial and Estate Planning for Seniors

What is Elder Financial Planning?

Retirement involves new circumstances, for example, reduced income, activated retirement funds, taxation issues, and new health insurance. Elders and their families often have many questions. Can Mom afford a nursing home? Do your parents have enough retirement money to keep up with the cost of living? To answer these questions, it will be vital to develop and maintain a financial plan.

What Is a Financial Plan?

A financial plan will address important retirement issues, including:

• Developing a retirement budget
• Consolidating income
• Resolving how to pay for care, including comparing the options for financing long-term care costs
• Making investment planning decisions
• Making estate planning decisions
• Addressing tax issues
• Long-Term care insurance

Where to Begin

It is never too late to address these issues, but it does require some work, including:

• Compile a financial inventory (make a record of all income, assets, expenses and liabilities).
• Discuss your elder's preferences. Are your parents thinking of retiring in another state? Will your Mom consider selling her home?
• Gather information ahead of time. Find out what changes your elder's health insurance coverage will incur after retirement (contact the employer's personnel department). Learn how much money your elder will have during retirement.

The Next Step

Get advice; consider consulting a professional. Jeffrey S. Scheithe, CFP CFS CSA has over 25 years of experience and is the President of Advisor Edge Financial Group, Ltd. in Warrenville, Illinois. Well versed in planning issues of the elderly. Providing advice and financial strategies for retirement, paying for elder care, investments, and wealth transfer.

Jeffrey S. Scheithe, CFP, CFS, CSA
Advisor Edge Financial Group, Ltd.
27575 Ferry Road
Warrenville, IL 60555
 
Phone: 630-393-0044
Fax: 630-393-0045
Email: jeff@saifinancial.com