When Adult Children Want Their Inheritance at the Detriment to the Care Needs of Your Client
Dear :

Money, money, money. Money and lots of it are a good thing, except when self-interested family members, mostly adult children, want their inheritance today. Your client appointed a son or daughter as medical or financial power of attorney and is expressing concern that their children might NOT now have their best interests at heart. The appointed children may not be making good choices.

  • Care is being cut back or limited.

  • Ways to cut costs are occurring when there is plenty of money.

  • Discussions are occurring between physicians and the children. The client is not being advised directly about his or her own care.

  • The wishes of your client are no longer considered; it seems the wishes of the adult children have taken priority.

  • There is ample money for your client to receive exceptional care.

Now what?

As a caregiving advocate, consultant, and speaker, I support financial professionals to have a better understanding of planning for retirement, the costs of care, and the not so pleasant realities of the care system. Family members appointed as trustee or power of attorney do not always act in the best interests of parents or others for whom they are appointed. By discussing these concerns with clients, before plans are written, you can avoid a front-page news story about a client taken advantage of by family.

  • My 20-year history in the field of aging, healthcare, and as a professional fiduciary set the groundwork for me to support financial planning professionals who want to set themselves apart as an expert resource about caregiving challenges for clients and family caregivers.

  • My consulting programming informs on the "other side" of a financial plan. What happens when clients divest funds to pay for care? Was the right individual appointed in an estate planning document? The pitfalls for clients related to poor planning are significant.

  • If you don’t have experience with the "other side" you may not be planning appropriately for your clients.

Check out my article about the intersection of financial planning and estate planning from the perspective of my role as a prior fiduciary and sign up for my FREE professional library of articles, podcasts, and videos.

Elder Care Planning: Where Financial Planning, Estate Planning, and Care Advocacy Intersect

If you are a certified financial wealth planner is it a daily practice to talk about estate planning while discussing financial planning with young, middle-aged, senior, or elderly clients? Do you hesitate to have this discussion because estate planning, elder care planning, care advocacy, and estimating costs of care are unfamiliar territory?

Certified financial wealth planners who have limited life experience with the role of care advocacy, care planning for elderly parents, costs of elder care, or death may feel that talking about estate planning is beyond their comfort zone or may feel unqualified to have the discussion at all. Discussions about financial and planning must be linked with estate planning. Planning for eventual costs of care or potential disability will avoid surprises when financial resources are required to fund these expenses. Legacy planning will be less likely be questioned as the result of concerns about mental or testamentary capacity.

Looking for more?

  • Here’s a link to my first "On Demand" webinar, "Why Do I Need a Care Manager" Click Here to register and choose a time that works for you. This isn’t a normal "run of the mill webinar" – it’s better! The length is about 22 minutes and you can watch any time of day. This information may be helpful for your clients.

Questions? Reply to this email and let me know how I might be of service. Feel free to forward this to others who might find the information valuable.

In gratitude and service for partnering with you to serve and educate family caregivers,

Pamela D. Wilson MS, BS/BA, CG, CSA
Caregiving Expert, Advocate, and Speaker
(303) 810-1816

Pamela D. Wilson, MS, BS/BA, CG, CSA, a National Certified Guardian and Certified Senior Advisor, is a caregiving and elder care expert, advocate, and speaker. Pamela offers family caregivers programming and support to navigate the challenges of providing, navigating, and planning for care. She guides professionals practicing in estate planning, elder and probate law, and financial planning to create plans to address unexpected concerns identified in her past role as a professional fiduciary. Healthcare professionals are supported by Pamela’s expertise to increase responsiveness and sensitivity to the extensive range of care challenges faced by care recipients and caregivers.

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Pamela D. Wilson, P.O. Box 18349, Golden, CO 80402 888-393-7757, United States

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