Why Seniors Need to Think About Legal and Financial Planning

June 16, 2017

Seniors may no longer be dealing with the stresses of raising a family, or working in a challenging job, or meeting other obligations they had when they were younger.  However, they still have to handle important day-to-day and long-term financial issues and should stay on top of their legal documents.  Tax and inheritance laws sometimes change, Medicaid and Social Security benefits are often revised, and a senior’s health or personal life may change – all of which could affect their legal and financial situation.

seniorSome seniors with little savings or a fixed income think their financial situation is simple and straightforward, so they don’t give it much consideration.  Others think they did all their planning once, thirty years ago, and they are all set.  Both of these scenarios (and much in between, really) leave seniors in a vulnerable position where they may be overlooking some crucial expenses, may not be earning as much interest as they could with their savings, may be setting themselves up for fraud or scams, or may be missing out on some important tax benefits and advantages.

legal willSometimes, we here at The Saybrook at Haddam meet with families who know their mom or dad has savings, but they have no idea how much or in which accounts.  They are worried their parents did not keep track of all of their accounts, or maybe question the legal or financial advice they have been given over the years.  We try to help these families connect with experts who can provide a better financial picture, and update relevant legal documents so everyone is on the same page before making critical housing and care decisions.

We know there are countless financial planners and eldercare lawyers who address these types of issues every day, and they work hard to stay informed of changes in laws and tax codes, and strategize with families that have tremendously different dynamics.  Given the nature of their business, they encourage seniors to meet with them on an annual or semi-annual basis to be sure their current individual concerns and needs are properly addressed.

However, we also know some seniors and their families can be intimidated to sit face-to-face with these experts.  They may know they would benefit from their services, but they are not sure how to start the conversation.

TSAH_EC_SeriesAd2g_Flyer_NBL HEaderTo help families navigate these concerns, our final “Senior Solutions” seminar will focus on “Effective Legal and Financial Planning.” This free event will be held at The Saybrook at Haddam on June 22 at 5:30 p.m. and will cover necessary topics many families might not be considering, or simply prefer to avoid.  These seminars are entirely meant to educate and inform our local community so they can help their parents (and themselves).  There is never any obligation – and everyone is welcome. (And, we will provide light food and drinks as well!)

Planning for retirement can never begin too early and, truthfully, never ends.  We hope this seminar helps make it just a little easier for everyone involved to understand the how and why of “effective legal and financial planning”!

For a private tour of The Saybrook at Haddam or its Safe Harbor memory care neighborhood, please fill out the form below or contact David Downey at 860-345-3779.79.

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