Surviving the Senior Income Crisis: How An Elder Law Estate Planner Can Help – Part 3
By Rick Law, Estate Planning and Elder Law Attorney in Chicago. So far in this series, we’ve discussed the current state of affairs in the financial market, as well as just how much things have changed over the last decade or so and how it’s hurting seniors the most. Here’s how we – the estate planners and elder care specialists at Law Elder Law- can help you and your family. If you are over 60 years old and you have lived your life as a conservative and frugal person, you need to know how to protect your lifestyle. You need help finding the right advice-givers. At our law firm, we have worked with hundreds of seniors and we have seen the financial choices that our clients have made. They literally open up their books to us. We see our client-retirees’ best, worst, but most often mediocre money decisions. We also get to evaluate the performance of their financial advisors, ranging from the big time active-stock/bond money managers to the financial representative at the bank down the block. Regardless of their investment style, we have found that financial advisors’ ideas also demonstrate the best, worst, but most often mediocre income-generation plans. From boomer, to senior, to elder. This is the guidance we provide our own clients every day. We know how to plan for the trip and predict the typical dangers. We’re right there alongside our clients. One thing we have learned for sure is that there are lots of potholes out there! As our client said at in Part 1 “The retirement, investment, and income crisis many seniors face”: “They must have changed the rules.” Quite frankly, “they” are always changing the rules—and we want to help you to avoid the hazards and slow down before the speed traps. We’ll show you how to synthesize safe financial ideas with visionary legal concepts. Our clients frequently tell us, “We don’t want to be out of money before we are out of breath.” Sound financial advice is one of many services we provide to help you make that goal a reality. We’ll share with you what we’ve learned from the top 5 percent of financial advisors and estate protection attorneys. What’s more, we’ll provide examples of the ideas our clients consider successful, our own “road maps” we follow so they can:
- Avoid becoming excessively impoverished by Alzheimer’s disease, cancer, dementia or other debilitating illnesses.
- Protect the lifestyle of the healthy spouse during the illness and after the death of their beloved partner.
- Create lifetime income and long-term care benefits with new hybrid insurance products coupled with innovative legal strategies.
- Provide lifestyle protection and then inheritance for adult children with disabilities and/or the education of grandchildren.