Seven Conversations to Have When Approaching Senior Age

It can be challenging to grow older and need assistance. But it can be a blessing too – an opportunity to learn, grow closer to loved ones, and prepare for the future. As you approach your senior stage of life, many people rely more on their circle of care, which could include a spouse, adult children, close family friends, or religious clergy members. Sharing your values with your circle of care can make difficult life transitions easier, and clearly expressing your wishes can be very empowering.

Here are seven conversations to have with your circle of care when approaching senior age.

1. Review your estate plan. In addition to reviewing your legal preparations with an attorney at least every five years, you should discuss your estate plan with your circle of care.  These documents include your Will, Trusts, and Power of Attorneys (“POA”).
2. Discuss senior accessible housing. While it can feel overwhelming to think about leaving a home you love, it is best to talk with your circle of care about what options would make you most comfortable, even if you don’t need to move any time soon. Options can include a combination of aging in place, downsizing, or moving into a Continuing Care Retirement Communities (“CCRC”).
3. Talk over your finances. With some forethought, open communication with your circle of care, and the guidance of your financial advisor, you can navigate the financial challenges of moving into senior age. Discuss your income streams, expenses, and review your beneficiaries. Reach out to your financial advisor – they can help bring your circle of care up to speed on your short-term and long-term financial goals.
4. Discuss your current healthcare needs. Unfortunately, most people experience health challenges when reaching senior age. Your circle of care can help you work with medical professionals to keep you as healthy as possible, managing your regular health visits and acting as your Healthcare Agent (Medical POA) in an emergency.  
5. Discuss hiring specialized professionals to help. If you are feeling overwhelmed by the logistics of your financial and medical needs, here are two types of professionals that can help. Aging Life Care Managers and Daily Money Managers can work alongside your circle of care to ensure that your daily affairs are taken care of.
6. Record important information in a “Letter of Instruction”. Identifying the location of key documents and recording logins can help prevent logistical difficulty in the event of a medical crisis or move. It is okay if you don’t feel comfortable sharing personal information like bank logins or computer passwords yet, but make sure your personal representative knows where to find this information and tell your circle of care where to access more details in case of emergency.
7. Share your wishes for end-of-life care. The simplest, but not always the easiest, way to talk about end-of-life care is before a serious health problem occurs. While discussing “what-ifs” can be scary, it can bring peace to know that a plan is in place for your medical care, burial, and funeral.

It can be challenging to grow older and watch your partner grow older but accepting these changes as part of life can help to put it all in perspective. Remember: you’re not alone and there’s plenty of support available if you need it.

If you and your loved ones could benefit from a more detailed checklist to guide
these conversations, call our office at 410-715-9200, email Hope Campbell (hcampbell@faiwealth.com), or contact your Advisor. We would be happy to provide further resources. 

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by FAI Wealth Management [“FAI”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from FAI.  Please remember that if you are a FAI client, it remains your responsibility to advise FAI, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. FAI is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the FAI’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.faiwealth.com/disclosure.   Please Note: FAI does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to FAI’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.