Having the Big (Financial) Talk with Parents

Your client’s parents have been there for their children all their lives. Now that they’re nearing retirement age, it’s time to return the favor — especially when it comes to their financial well-being. CNNMoney suggests families should talk about their elders’ finances when the parents turn 70 or the children turn 40 (http://tinyurl.com/3hp63tr). Other experts… Read More »

A Niche in “Modest” Families?

I recently read a New York Times article that explores the possibility of focusing a financial planning practice on what the author called “modest” retirement accounts. (http://tinyurl.com/av5lvw9) Of course, what quantifies as “modest” assets to one person could be seen as “great” wealth by another. For Baby Boomers, the market crash and recession couldn’t have… Read More »

Key to Stopping Family Fights on End of Life Issues: Be as Specific as Possible

One of the biggest challenges we have as advisors is making sure our client’s wishes are honored at the end of life issues. While simple on its face, there are two complexities we face in advising families. First, medical breakthroughs may provide tougher decisions for families to make. For example, will a new drug or… Read More »

Money Managers Cut Worry for Seniors

It’s tough enough for many adults to keep track of their bills, but it can be especially hard for those in their retirement years. Failing eyesight and hearing, coupled with arthritis-stricken hands and fading memory, can make keeping track of everything a Herculean task for many seniors. That is especially true if there are no… Read More »

Your Client Could be Asked to Sign Arbitration Agreement by Nursing Home

It’s hard enough to make the decision that an elderly loved one must move into a nursing home. During admission, your client’s family is given stacks of papers — “Just sign here,” they are instructed— and, under stress already, many families sign without closely reading the documents. Increasingly, one of the papers nursing homes include… Read More »

Advance Directives Could Have Saved ‘Legally Blonde’ Actress a Day in Court

Guardianship over a relative is much more difficult to obtain after a loved one has already become legally incompetent due to physical or mental illness. Lengthy, costly and heartbreaking court proceedings can be avoided with advance directives. As advisors, we have an obligation to ensure that clients understand the importance of having these documents in… Read More »