?Questions to Ask Aging

Parents While You Can

Presented by

Michael L. Schwartz, RFC, CWS, Michael L. Schwartz, RFC, CWS, CFSCFS

Michael L. Schwartz, RFC, CWS, CFS Michael L. Schwartz, RFC, CWS, CFS offers securities & advisory services offers securities & advisory services through First Allied Securities Incthrough First Allied Securities Inc. .

Member FINRA-SIPCMember FINRA-SIPC

Today’s Dilemma

• Today 7 million Americans now care for their aging parents*.

* Source: Conference Board

• By 2005, 40% of all workers will be more involved caring for a parent than a child.

• Adult children need to know, but don’t want to appear nosey.

Today’s Dilemma

• Adult children are starting to realize they will take care of their parents more years than their parents took care of them. (A trend likely to repeat in the next generation.)

• Adult children are rapidly finding out that trying to help or settle matters without good help is at best, frustrating - worst case, impossible.

???? ??????? ??????? ?????QUESTIONSthat need to be

ASKED!ASKED!

?? FINANCIAL ADVISOR

If no, would a financial advisor If no, would a financial advisor be helpful?be helpful?

…Do you have a …Do you have a#1#1

?? FINANCIAL ADVISOR

If no, would a financial advisor If no, would a financial advisor be helpful?be helpful?

…Do you have a …Do you have a#1#1

If yes, do you feel comfortable with If yes, do you feel comfortable with this person and are they proactive? this person and are they proactive? How much communication do you How much communication do you have with your advisor?have with your advisor?

#2 - Have you established an overall game plan

Most Mostimportantlyimportantly

…… is it in is it in

?writing?writing

#2 - Have you established an overall game plan

Do you Do you know what know what

income can income can be inflation be inflation

?sustained?sustained

#2 - Have you established an overall game plan

Do you Do you understand understand

youryour ?level of risk ?level of risk

#2 - Have you established an overall game plan

Is bill Is bill paying paying

overwhelminoverwhelmin ?g for you ?g for you

#3 - Do you have an

Estate Plan?Estate Plan? Do you understand it?

How old is it?

Are all assets titled to maximize your planning?

- Who should handle your

finances if you become ill?

Do you have a Do you have a Durable Power Durable Power of Attorney?of Attorney?

#4

If you should If you should become seriouslybecome seriously ill, what level of ill, what level of

care and care and intervention would intervention would

you like?you like?

#5#5

#6 - Do You Have#6 - Do You Have

• HealthHealth

Enough Insurance?Enough Insurance?

• Long Term CareLong Term Care

• LiabilityLiability

Do you feel comfortable with your current doctor?

Is he/she well informed about

the issues of older patients?

#7

#8#8 your home

ComfortableComfortable

Can we Make

moremore

#9 - Are You#9 - Are You …Feeling Secure …Feeling Secure

About About?Driving?Driving

#10 – Can you share your thoughts about your funeral

about your funeral?

#10#10 Can you share your Can you share your

…thoughts…thoughts

Last but not least… We’d like to help you!

Additional Resources• Careguide.com the provider

directory offers a database by zip code for elder-care resources

• AARP: 800-424-3410 or www.aarp.org A wealth of senior-related information

• Eldercare Locator: 800-677-1116, www.eldercare.gov. A database of more than 4,800 elder-care providers, from the US Administration on aging.

HealthHealth• Healthfinder:www.healthfinder.gov.

A wealth of elder-care information from the U.S. Department of Health and Human Services.

• Medicare: 800-633-4227, www.medicare.gov. A Resource for Medicare information. The Medigap Compare tool helps assess insurance policies.

• National Association of Professional Geriatric Care Managers: 520-881-8008, www.caremanager.org. Access to more than 1,500 geriatric-care managers nationwide.

Raise the issue Raise the issue while your while your parents are parents are

healthy and of healthy and of sound mind.sound mind.

MiscellaneousMiscellaneousThoughtsThoughts

Allow parents Allow parents to keep a sense to keep a sense

of control.of control.

Continual Continual communication communication

is critical!is critical!

After all data is After all data is reviewed – meetreviewed – meet

with group of with group of advisors advisors (Financial (Financial

Advisor,Advisor, Attorney, Attorney, Insurance Agent, Insurance Agent,

and CPA)and CPA)

All siblings All siblings should unite in should unite in preplanning – preplanning –

make it a family make it a family affair.affair.

WAYS toWAYS to

the process

start

Elicit their advice from the

standpoint of your current planning and

asking for their help.

Use our Schwartz Financial Service

Confidential Profile and Estate

Questionnaire

We will provide a complimentary

review of estate plan, risk return, existing

insurances, proactive tax planning.

If all else fails, try being more direct,

come from an empathetic

position, oneof love, not greed.

An ounce of prevention is worth a pound of cure.

Let the Schwartz Financial Team Help.