Planning for the challenges of aging is one of those situations we are probably inclined not to want to think about, either for ourselves or our extended family. The term “diminished financial capacity” is often bandied about as we age and describes a decline in a person’s ability to manage money and financial assets to serve their own best interests, including the inability to understand the consequences of what they are doing. Did you know that even mild cognitive impairment is estimated in around 16% of adults over the age of 65, and we don’t even think of ‘age 65’ as being old! Planning for these possibilities requires not just difficult conversations but being prepared.
We’ve created a list of tasks that may assist you in creating a plan of action, and they start with organizing your financial documents and providing your financial professionals, including us, with trusted contacts we are authorized to speak with about your finances. Let us know if you’d like to follow up on this. We’re always here to help.