Implementing the Wealth Management Index by Ross Levin

Author:Ross Levin
Language: eng
Format: epub
Publisher: Wiley
Published: 2011-09-02T16:00:00+00:00

There are so many psychological issues regarding aging, that managing the financial aspects of this may be the least of our concerns. What is our role as wealth managers for our aging clients?

We have found that we need to help our clients in a whole host of areas ranging from helping them make decisions regarding in-home care and finding vendors (social workers and providers) for them to work with, finding assistance for them as they eventually pack up their homes and move into facilities, and working with attorneys for asset gifting and transference choices, in addition to recommending self-insurance or long-term care insurance.

There are additional life insurance and annuity products for long-term care which we consider in certain situations—in particular for those who may have underwriting issues on a regular policy.

Another key area around which discussions must take place are the attempts to become Medicaid eligible. This area is going to continue to change, but the decision to transfer assets to qualify for Medicaid should not be taken lightly. While our clients are usually not in a position to do this, we often have the discussion with them with regard to their parents. As we talk with our clients about this, some of the conversations include:

How much of your investments are you willing to spend to provide for your care?

Who should pay for policies that are to protect an inheritance?

How do you feel about moving dollars out of your control today for something that may never be needed?

Are you comfortable with relying on the state for your care?

Have you considered the tax aspects of asset transference?

Do you feel that these strategies are consistent with your values?

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