Guide to Elder Care Planning

Understanding Elder Care Planning

Trust Essentials

Jay Greene, Esq., CPA the wrong ones. A financial professional can help you find assets that are a better fit for your risk tolerance. They can also make sure your investments reflect your values (a focus on environmentally sustainable investments out of your portfolio, for example), and advance you toward your goals.

In the April 20, 2023, issue of the San Francisco Bay Times, I provided a detailed primer on elder care planning. For this issue, I offer a summary of some of the most critical areas to consider. As a brief introduction, I’m an estate planning attorney and I focus on elder care planning in my practice. As we age, it’s important to start thinking about our future care needs and take steps to ensure that we are taken care of.

That’s where elder care planning comes in—it’s a comprehensive process that covers all aspects of our lives and helps us plan for our future. In this article, I’ll be covering everything you need to know about elder care planning, including healthcare and financial considerations, legal documents, and family dynamics.

Whether you turn to professional help or invest on your own, the main thing to remember is that a solid financial plan that is based on your goals provides one of the best antidotes to the anxiety caused by a roller-coaster investment market.

The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

Brio Financial Group is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Brio Financial Group and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Brio Financial Group unless a client service agreement is in place.

Brandon Miller, CFP®, is a financial consultant at Brio Financial Group in San Francisco, specializing in helping LGBT individuals and families plan and achieve their financial goals.

Financial Considerations

Elder care planning is all about planning for our future care needs. It involves considering all aspects of our lives, including our healthcare, finances, and legal documents. It’s important to start planning early, even if you don’t anticipate needing care for many years. A client didn’t think she needed a plan until she fell ill unexpectedly and was unable to make decisions for herself. The lack of planning caused tremendous problems for her and her loved ones. It’s always better to be prepared, even if you never need to use the disability side of your plan.

Healthcare Considerations

When it comes to healthcare, there are many options to consider, including in-home care, assisted living, nursing homes, and more. It’s important to choose the right healthcare provider for your needs, and that can take time and research. I had a client who initially chose a nursing home for her mother because it was the closest to her home. After a few weeks, she realized that the nursing home wasn’t providing the level of care her mother needed, and she had to move her to a different facility. Taking the time to research your options and ask for recommendations can make all the difference in your quality of life. Using the expertise of placement agencies is paramount to making a well-informed decision.

Planning for long-term care can be expensive, but there are steps you can take to help mitigate those costs. One of my clients was concerned about the high cost of long-term care and didn’t want to rely solely on Medi-Cal to cover those expenses. We discussed the option of setting aside money specifically for long-term care expenses with their financial advisor, and she felt much more at ease knowing that she had a plan in place that her trusted advisor was going to help her manage. Other options to consider include long-term care insurance and life insurance with a long-term care rider. Estate planning considerations, such as trusts and gifting strategies, can also help you plan for your financial future and protect your assets from the expense of long-term care.

Legal Documents

Key legal documents in elder care planning include your trust, power of attorney, healthcare directive, and last will and testament. These documents can help ensure that your wishes are respected in the event that you become incapacitated or pass away. It’s important to ensure that these documents are up-to-date and legally valid. I had a client who thought that her documents were in order, but it turned out that they weren’t legally valid because they hadn’t been updated in years and did not meet the legal requirements for validity of the documents. It’s crucial to work with

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6/26 and Beyond

Unstoppable. That’s the word that summed up our feelings about the Japanese LGBTIQ movement after participating with over 200,000 other people in the recent 2-day Tokyo Rainbow Pride celebrations. A large rainbow festival took place on both Saturday, April 22, and Sunday, April 23, in Yoyogi Park, near the very popular and trendy Shibuya and Harajuku districts in Tokyo. Marches through these busy neighborhoods took place on both days.