• 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 “Seniors: When is it Time to "Let Go" of Control?”

1. Mary Confer Says:
   

   Hello, I think you can help me. My husband and I are in our early 70's. I handle all the financial tasks. My husband is showing signs of senility and, should something happen to me, would not know how to write checks, file taxes, etc. Unfortunately, there are no close family members we can trust to help him. Where could I find professional or other help if the need arose? Thank you.

2. Suzanne Wolfson Says:
   

   Mary;

   Due to the fact I do not know where you are located, I can merely give you some general guidance. Also not being aware of your financial situation and needs makes it even more difficult to direct you towards the appropriate assistance.

   I would probably begin by talking to your CPA or a Fee Only (preferably hourly) Certified Financial Planner. There are also very good professional conservators that can be very helpful, assisting or re-direct you to the experienced professional (preferable more than 20 years) in your area, as needed.

   I do want to emphasize to be careful if the persons you are talking with (such as insurance agent, financial consultant/adviser, bankers, stock brokers, portfolio manager, mortgage broker, real estate agents or anyone else representing a company's products or services) are individuals who are being compensated (paid) by commissions by another (not you). Many of these sales people's recommendations are influenced by their own financial benefits, because of the innate conflict of interest that exists and lack of legal responsibility to your true needs and best interests. Be careful as it may be difficult for you to determine whether what they say is the best alternatives for you when they are convincing you they can be helpful.

   My general rule of thumb is experience, education, and legal fiduciary responsibility to you which points to professionals such as CFPs, CPAs , Attorneys and Registered Investment Advisers. Be wary also of the alphabet soup of credentials a lot of sales people obtain in one- or two-day presentations that imply they are now experts (very deceptive) especially in those who are marketing to retirees. Especially with the tough economic times, more and more are turning to your segment of the population (retirees) to make their living.
   Please don't misunderstand, their are truly some commission-based sales people who truly are honest and try to do what is best for their prospective client, but in all my 31 years in business, I find commonly when are commissions involved, they will always direct you towards what they have to offer. You need to find professionals who interests and compensation is aligned with your and the benefits you receive. Ask how they are being paid, how much to them and their company!

   I would love to offer my assistance if and when you might need it, but, as an Registered Investment Advisor I may run into limitations as to whether I can be of assistance if you do not live in California.

   I hope that is helpful,
   Suzanne

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