• Financial Planning Do's & Don'ts in Today’s Economic Crisis
• Financial Planning: What Those Professional Designations, Credentials & Titles Really Mean
• Who Can You Trust for Financial Advice?
• Advice for Seniors: Managing the Financial Market Turmoil & Economic Crisis
• Seniors: When is it Time to "Let Go" of Control?
• The Real Cost of Reverse Mortgages
• Fund Unexpected Elder Care Costs with Your Personal Resources
• Paying for Senior Care with the Inheritance
• Lessons I Learned after My Father’s Death
• Thinking of Selling Your House? Read this First!
• How Much Can You Save with Advance Planning?
• How to Pay for Long-term Care without Breaking the Bank
• What’s in Your Parent’s Wallet? (And What That Means for You)
• Financial Planning for the Elderly: Assisting Clients & Their Caregivers
• Financial Planning for the Elderly: a Personal Perspective

COMMENTS
4 Responses to “Financial Planning for the Elderly: a Personal Perspective”

1. Lisa Farley Says:
   

   Thank you for sharing your mom and dad's stories. it was particularly touching to read about your father's situation.

   We live in a society that tends to forget about the future. Planning for my later years is one of the last things I want to do, but realize talking to a financial adviser and considering purchasing long-term care insurance is becoming higher and higher on my list of priorities.

   If anything, preparing for the future now will make it so much easier on my family (as you are well aware) in the event I need senior care. Thanks for a great piece.

   Lisa

2. Suzanne Wolfson Says:
   

   Lisa;

   Thank you for the acknowledgment and I hope you continue to follow the up coming blogs I will be writing.

   There is a lot to consider and think about regarding Financial Planning for being Elderly. Unfortunately most people think it will never happen to them or that they will have alternatives and control at that point.

   A division of my company "Long Term Care Insurance Advisor" helps people with just that issue via an agency that tries to structure and find the most appropriate program and specific company/policy to meet the individuals parameters and needs. If I can be of assistance let me know.

   No matter what, I strongly recommend you protect for this huge, costly risk in some fashion.

   As to my father, we were lucky he had resources for us to tap. The truth is there is merely enough now for about 5 years. Luckily if he is forced into a medicaid facility, his limitations and loss of most of his senses will minimize the impact. Who would have imagined!

   Thank you for your response,

   Suzanne

3. KGW Says:
   

   It's nice to see someone bring up denial. Our big problem is that our mother is the pro-active sensible one AND she's the one with the dementia. Her short term memory is shot so even when we talk about it and she is horrified by the situation, she will have forgotten the whole thing in 5 minutes. Our father refuses to admit there's a problem and refuses to think about planning. It's difficult situation.

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