Wealth Transfer and Care for the Elderly
No question, every client has an estate and eldercare plan. Whether it is the plan the client wants is the question. Most financial planning relates to the accumulation and consumption of wealth. Estate and eldercare planning addresses the issues of aging, asset protection and the disposition of assets at death. Estate planning is concerned with the most effective and economical wealth transfer. If the disposition is not otherwise provided for, statutory rules and court decisions will place your wealth in someone’s hands. Eldercare planning requires an approach that addresses risks of spend down and spousal impoverishment.
Beginning the discussion with a client and his family requires motivation that is many times brought on by external forces, something unexpected in our lives. Because estate and eldercare planning involves the anticipation of illness and death, there is almost always a deep reluctance of the client to do more than acknowledge the inevitable.
There are pitfalls from uninformed decisions and unintended consequences from making no decision at all. A True North Financial Advisor can help identify areas of concern, options to consider and assist you with your personal:
If a client is simply advised that some estate planning should be done, it is an invitation to the client to procrastinate. A True North Financial Advisor must be placed in confidence by their client in order to help them determine what the current estate plan means for themselves and their family. After a review of the client’s situation and the client clearly understands, they should become highly motivated to make decisions related to their own healthcare and disposition of wealth. The estate and eldercare plan is the last step in this journey which allows one to determine their own healthcare and provide financially for their heirs, under the most favorable terms.
With guidance from a True North Financial Advisor and your team of advisors you can:
- Develop a Comprehensive Plan;
- Most Effective Transfer of Wealth;
- Greatest Personal Control of Assets; and
- Protect Against Spousal Impoverishment.
