Fifty-nine percent of recipients would have done things differently. The most common reasons for not formulating a plan early in the process were caregivers who didn’t want to admit care was needed or to talk about it, thought they had more time, hoped the issue would resolve itself or were caught off guard because the timing of the need for care was unexpected.
The unexpected and the unknown are two common sources of stress. As financial planners, we can’t protect people entirely from uncertainty, but we can help them be realistic about aspects of their future.
Planners can help clients consider where and how care can be given, who in the family needs to be involved and how, how to pay for care and what other professionals should be utilized. We can also help clients get over the denial factor and encourage them to have the conversations they need to have with the care recipient and anyone else who cares about them.
My parents are of that age where their care is something that warrants some planning. They live independently and probably will continue to do so for a long time, but they will need some help from me. Because I have seen the need for care unfold so many times for clients, the role of caregiver is not one I fear.
With some effort and a lot of encouragement, you can help your clients reduce the fear as well. You can help them initiate the needed conversations, get the right information, connect with the right people and have a much less stressful experience as a caregiver.
That is not just better for them, it is better for the care recipient too. Giving them good care is the goal, after all.
Dan Moisand, CFP, has been featured as one of America’s top independent financial advisors by Financial Planning, Financial Advisor, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager and Worth magazines. He practices in Melbourne, Fla. You can reach him at [email protected].