As many of my longtime readers are aware, April is National Financial Literacy Month. Just, as April showers bring May flowers, May brings us National Elder Law Month. A professional group known as the National Academy of Elder Law Attorneys (NAELA) has dedicated May as National Elder Law Month. What is that you ask? It’s a lot! Think of all the laws, care, and financial planning centered around ageing Americans.
Elder law is an area that encompasses estate planning, health care planning, financial planning, guardianship, and many other aspects centered around ageing. At a time when scammers run wild, it’s nice to know that there are good folks out there as well. You can be one of those heroes by helping a senior.
If you are a senior, or you know and care about a senior, find a way to discuss their needs. Keep in mind that this can be a sensitive topic for many, so think about your approach. Seniors, no matter what their wealth status, should at minimum have the basics of an estate plan in place. Remember, estate planning is not all about vast wealth, it’s also about your final wishes and personal care. Depending upon complexity, you may need an elder law attorney to help.
Aren’t they adorable!
Elder law aside, everyone, not just seniors, should have the basics of their estate plan in place. I visit this topic with my clients at least twice a year. You should at least have a will, possibly a trust (revocable or irrevocable, depends on need), powers of attorney for health care and finance, and a health care directive detailing your care wishes. To read more about the importance of estate planning and the documents needed, check out this article I wrote, Estate Planning is an Act of Love. It also provides an overview of the basic documents needed.
If you are not sure where to begin, organizations like NAELA have resources for you specific to elder law. I also have something to offer. You can contact me for an online referral, and you can get started with this brochure that will cover the basics of estate planning and offers you worksheets to organize your thoughts, wishes, and information. Keep in mind this is not your actual estate plan. It’s a guide to kickstart you into action. You’ll need to take this a step further whether you decide to go the DIY route, or to hire an estate planning attorney to prepare your documents. These days you have lots of options and I would be happy to help you narrow your search and identify your needs.
If you are ready to start your journey, consider undertaking it as a step in your larger financial planning process. Hiring a financial planner, especially a CFP®, is a crucial step to financial health and wealth building. Let me help you take that step. Click here to start your plan!
As an independent Certified Financial Planner™, I can help you establish and maintain better financial habits. Contact me and let’s get started! #talktometuesday #education #Hireaplanner #NAELA #Elder #ElderLaw #NationalElderLawMonth #financialsavvy #stressfree #savings #moneyeducation #financialeducation #CFPPro #Senior #EstatePlan