Planning for your financial future is essential to avoiding common elder law issues. Having the right legal and financial resources is the first step to achieving long-term wellbeing.
The following will help you understand the role that advisors and financial planning play in elder law. More importantly, you’ll have the financial strategies in place to enhance your quality of life in your later years.
Why Financial Planning Matters
Financial planning ensures that you’ve addressed important issues related to future healthcare needs, saving, investing, and leaving assets behind for the benefit of family members and loved ones.
Older adults have unique needs that change. Home healthcare, assisted living, and other needs can add up. The cost of these services can increase as individuals age, and implementing the right financial strategies prevents unwanted losses.
Financial advisors offer the services needed to understand the options available to you and your family. Advisors are compensated through flat fees, commissions, and revenue from the sale of financial products.
When choosing the right financial advisor, you need to determine if there is any potential for a conflict of interest. In addition to commissions, some advisors may be compensated through bonuses and other incentives that clients should be aware of.
What to Look for When Choosing a Financial Planner
Your elder law attorney can refer you to a skilled and trusted financial advisor. But in some cases, clients must seek out the professionals who can help them plan for their future.
When choosing a financial planner, there are a few things to look out for to ensure that you find the right person for you and your family.
A good financial advisor takes the time to understand your needs and explain the options that you have available.
Some areas of financial planning can be complex, and your advisor must be able to answer the questions you have before you make financial decisions.
Financial planners should ask questions to obtain the information they need to provide the best possible strategies for you and your family. More importantly, your advisor must demonstrate an ability to listen while prioritizing your best interests.
Getting the Most Out of Financial Planning
Your elder law attorney will help you address the issues that can arise for older adults over time. The right financial planner can offer you with the same level of protection.
There are many aspects related to your finances, and advisors must be able to work with other finance professionals when their expertise is required.
Financial advisors must provide full disclosure when answering questions related to their experience, expertise, and compensation.
Clients can request information related to the strategies that advisors use as well as verify if an advisor has faced disciplinary actions from regulators or other industry organizations.
Choose a financial advisor who you’re comfortable working with. Financial planning requires you to provide the information needed to develop the right strategies for your future.
Understanding how an advisor can help you create a more secure financial future is critical to addressing many elder law issues. Choosing the right advisor gives you the resources you need to maximize your quality of life now and in the years to come.
Kevin Tharpe
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