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10 Responses to “Financial Planning for the Elderly: Assisting Clients & Their Caregivers”
  1. Clara_Pender Says:

    This is a lot of information and I can see why someone would need a financial planner to help them because it would otherwise be overwhelming! My husband's been handling our retirement planning. He handles all our finances...I've never even written a check to our electic company! I may suggest this idea to him. Do you know any good financial planners in Atlanta, GA?

  2. Suzanne Wolfson Says:

    Clara;

    Yes, this is a good idea for you to meet with an experienced Financial Planner (fee based and CFP) preferably one that specializes in working with the elderly. My best recommendation in to contact the Certified Financial Planner organizations for a recommendation of several for you to check out.

    The questions in this blog are realistic and should be thought about before something happens wherein you will be making decisions in a reactive manner. Also you might consider the issue that you husband handles everything,... what would happen if something unfortunate occurs to him?

    Good for you for researching and reading this website!!

    Good luck,

    Suzanne Wolfson

  3. JosieM Says:

    tons of great information. would love to see you dissect and break down each of these points separately. Sometimes it's overwhelming in a giant list but could be much more digestible in smaller doses - so to speak!

    would be great to start with how to assess your resources. I bet i think my resources are worth more than they are but would be interesting to have some concrete guidelines to determine. I can definitely see, though, why a financial planner would be a good addition to the mix.

  4. Shannon Says:

    Can you suggest a solution? My grandmother had a stroke, has recovered quite a bit, but not making good decisions. She has lost/possibly had stolen 2 Discover cards from the assisted living facility in which she lives, but calls Discover and they just send another despite my Mom and Uncle now being listed as the Power of Attorney for her accounts. Mom told Discover they have the POA now, but my grandmother calls and Discover sends another immediately. Help! How can we stop Discover from doing this? Thank you.

  5. Suzanne Wolfson Says:

    It seems your grandmother will continually re-order cards if she is able. So my first suggestion would be to terminate the account with Discover card. As theft is a possibility it is best if she is stopped from re-ordering credit cards by closing the account.

    Additionally, power of attorney doesn’t take away your grandmother’s rights, but merely gives your mother and uncle additional rights. This situation needs to be examined closely as it is dependent on two major factors. One would be what kind of legal documentation you have now—and therefore which rights and provisions are afforded by them. The second would be if you need additional documentation, which would be dependent on your grandmother’s mental capacity.

  6. Kay Paggi Says:

    If your grandmother has lost some cognition due to the stroke, then I would suggest asking the credit card company to send their mailings to a different address, i.e., the POA’s. The company probably is not voluntarily going to stop the card. The credit card companies *want* a person to have and use their credit cards.

    As long as the invoices, new cards, and advertising come to another address, your grandmother hopefully will not be tempted to use them—and they will be safe from theft. Your grandmother can still use the credit by simply saying she does not have her card with her; merchants can access her credit line by looking her up via her drivers license or other identifying information. If your grandmother calls the credit card company again and ask for a new card then you might need a different strategy, which could include having an attorney write a letter ending the line of credit.

  7. Shannon Says:

    Thanks to everyone for their helpful replies. We will certainly try some of these ideas and hopefully meet with success. My grandmother is very headstrong, always been feisty, and is now evolving into some bitterness..very sad to see, but I guess it is just part of the aging thing. She will NOT be happy when Discover won't comply with her request and realizes that we are the ones that have stopped everything, but it seems to be the only safe thing to do. Thank you again for everyone's suggestions.

  8. Arleen Stern Says:

    The straightforward answer here is it's either time to cancel the account or to discuss the wisdom of the caregiver holding the card for the elder. The emotional question is more difficult—how do we know when an elder can no longer make financial decisions and when are caregivers ready/able to let go of seeing their loved one as someone who can make these decisions? This requires a delicate balance. That balance may shift and not always be clear. I think it is helpful to think about solutions in terms of fluidity and in maintaining the elder's dignity and sense of self. Cancelling is easy, but hard to undo. It can always be done later. If canceling needs to happen, a discussion about how the elder can make purchases can take place. Perhaps there is an open checking account that can be used? The overarching principle is—what can be held onto/saved as our loved ones lose these important aspects of their lives? And how can we assure that dignity is maintained all around?

  9. Shannon Says:

    We all worry so much about my grandmother's dignity, as she has always taken care of her own bills--very smart, capable, but the strokes robbed her of that capability. My grandmother thinks she should keep the card "for emergencies."Mom did call Discover to cancel but they would not let her do it without some secret answer to a secret question that no one knows.Mom is going to have her attorney send a letter and copy of POA to Discover and see if that works. My grandmother called the bank a few weeks ago and authorized, over the phone, a payment to Discover. The bank wasn't supposed to but did it anyway.Mom has gone to that bank and made them aware of the situation and that these actions are unacceptable.

  10. Jerry Bartholomew Says:

    In many states, compensating caregivers can create a problem. The assumption is that when family members provide care, it is out of love and affection and therefore, compensation is not appropriate. Even in states that are extremely strict on this issue such as Michigan, there are still some planning possibilities. However, this is just one more area to approach with caution because the law is counterintuitive and, frankly, unfair.

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