For example, adult children often employ car service such as Uber, Lyft and GoGoGrandparent, which can create a transportation plan for older individuals.
“GoGoGrandparent is more expensive but more personable,” she said.
No. 3: Financial caretaking transitions. Because there’s not a lot of good professional help to take over when clients begin to experience cognitive decline, McClanahan suggests that advisors look into becoming professional bill payers by joining the American Association of Daily Money Managers or refer to Lutheran Social Services professional bill paying service.
“This is a big career field because there’s more and more older people who will need help with daily money management,” she said. “The more people you have looking in on the situation, the less likely someone will take advantage.”
Regardless of wealth or assets, McClanahan recommends downsizing financially to one house, one savings account, one checking account, one Ira Roth taxable account and three credit cards. “The first credit card is used for bill paying because it's so much easier to fix credit card fraud than it is debit card or checking account fraud,” she said. The second is used for outside shopping and the third credit card is for people who love to buy things on the internet.
No. 4: Healthcare decision-making transitions. Although it is not a legal document, McClanahan requires clients to complete and sign a quality of life agreement.
“These agreements document what is important to you around quality of life when you have a specific health situation, which is in addition to legal advance directives,” she said.