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How to start the legal and financial process for long-term planning

Don’t be left in the dark when it comes to your aging loved one’s finances or legal plans. Failing to plan is planning to fail – and too often, family members find themselves in a moment of crisis – when decisions must be made quickly. 

Unfortunately, America does not embrace aging as well as other countries; therefore, we don’t often talk about or plan for the inevitable. In this busy day and age, older adults are less likely to move in with their adult children, engage in daily conversations, or discuss sensitive topics like end of life wishes or financial/legal plans. 

Today, we are seeing some commonalities 

  • We are living longer! While many seniors have not planned for their life expectancy, many have also failed to plan due to fear or embarrassment of a lack of saving or prior financial decisions.
  • Parents Don’t Want to Be Parented! It’s an age-old desire. Seniors sometimes feel if they disclose their legal and financial affairs to their children, they will step in and take over. 

It’s never too late to engage your loved ones in a discussion about their affairs, and to implement a comprehensive plan that ensures their desires and needs are met both now and long term.  

How do you get started?

  • Encourage your loved one to enlist the guidance of an Elder Law Attorney; someone who has the expertise in estate law and estate planning. Legal resources are available to seniors and their families to ensure that their interests and assets are protected from probate, along with additional options on a case by case basis. The cost of hiring an Elder Law Attorney to create an estate plan drastically outweighs the tax implications many families face for failing to do so. For more information on this topic, refer to the National Academy of Elder Law Attorneys website or the National Elder Law Foundation.
  • Help your loved one find a Certified Financial Planner to help streamline their resources, generate other avenues for revenue, and invest money from the sale of their home. Some seniors are planning on the sale of a home to help pay for a senior living community, long term, and need to understand the best plan for their wishes. To find a Certified Financial Planner near you, visit www.cfp.com .

Feel like you need additional guidance or individualized support?

Our team of Certified Senior Advisors® and Certified Dementia Practitioners® has helped hundreds of older adults and their families. For more information or to schedule a free consultation, call 617-227-1600 or email info@dovetailcompanies.com.

Dovetail Companies provides one point of contact for all services seniors may need when transitioning from their longtime home, minimizing stress and providing peace of mind to focus on the transition rather than the logistics. Dovetail Companies is the parent company to three subsidiary companies; Dovetail Support Services, Dovetail Financial and Dovetail Real Estate Group. For more information, visit www.dovetailcompanies.com or call 617-227-1600.