“A profound demographic shift is reshaping retirement — and many advisors aren’t ready for it,” Lauran Clough writes in Financial Advisor Magazine, referring to statistics from AARP and the U.S. Census Bureau chronicling the rising population of older adults aging without the traditional support of a spouse, partner, or nearby family members. Who will make medical and financial decisions if a client becomes incapacitated? How will they manage housing transitions or hire care? Who will notice if something is wrong?
At our Indiana elder law firm, we know those are precisely the housing, physical and financial health questions our senior clients are facing as they age. We work to help our clients understand:
- wills
- trusts
- guardianships
- advance medical directives
- financial accounts (annuities, IRAs, 401Ks)
- available state and federal government programs, including Medicare and Medicaid
- Veteran’s Administration programs
While seniors may live far from their grandchildren, often, we’ve found, those who have ample resources often want to be of help with their grandchildren’s college tuition, wedding costs, or down payment on a home. At the same time (perhaps even more the case with “solo” grandparents), we’ve learned at Geyer Law, sometimes gifts to grandchildren can be viewed as undermining parents’ intentions or authority. We try to help our older clients arrange a “family conference”, at which everyone’s intentions can be discussed. Furthermore, when the children have met their parents’ advisors, that makes settling the parent’s affairs much simpler later on.
Whether our elder law clients have been lifelong “soloists”, or are divorced or widowed, we agree with Clough’s observation that traditional financial and estate planning often fails to “address the full spectrum of aging-related concerns”. We definitely agree with her observation that for the aging, and particularly for the “solo aging”, it’s all about preserving dignity and offering peace of mind.
– by Cara Chittenden, Attorney with Geyer Legal Group, PC
