Category Archives: Estate Planning – Financial Planning For Seniors

Financial Planning For Seniors

Financial planning for seniors can be a touchy subject for a lot of families. The perception is that once you start talking about a senior’s property and assets, it means they may be closer to losing them. Actually, despite the fact that it can be a difficult task to deal with, personal financial management is necessary to safeguard everything an elderly family member has worked to achieve in their life.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , | Leave a comment

Check your Checks

Taking financial precautionsFor most people in their senior ages their homes in Orange County have always been a place for safety, security and peace.  As our seniors age, the people who enter their homes to care for them should be the most trustworthy, reliable of people.  It often times takes many professionals to help care for a senior aged loved one when they are living in their home in their later ages.  Gardeners, home care workers, house cleaners and home nurses are in the Orange County homes of many seniors.  Hiring a reputable company with reliable and truthful employees is most important.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , , , , , , , | Leave a comment

Financial Abuse

Be sure not to experience financial abuseWhether bank account or retirement account, large or small, seniors can be the most susceptible to the risk of financial abuse.  In Southern California there are so many people to trust and just some that you should beware of.  Seniors will receive calls what seems like daily for offers and seeking information about their personal finances.  Seniors need to be reminded that if he or she hasn’t contacted a company and someone is calling them to be very careful or avoid sharing information over the telephone.  Many adult children of senior aged parents will become the legal power of attorney and handle all financial matters for a senior.  There are many legal and financial advisors who are well versed in what financial protection is necessary for a senior to be able to comfortably live many of their golden years.  Many seniors will meet people as they get older or while finding themselves alone and seek companionship with people who may have not have the best of intentions.  As a family member of a senior who may be vulnerable to financial abuse, be very interested in your senior aged loved one’s friends and new love interests.  Just be the extra eyes and ears into their financial business to ensure that what they’ve worked for and what they live on is not in jeopardy.  Reporting financial abuse is important.  Should you find that someone you know or love has been ‘taken’ by another person, you should bring this to the attention of the authorities and warn other seniors, as well.  Read about the companies and senior services before hiring someone to come into your senior’s home and have access to their personal information.  Safeguard important documents and make sure your senior aged loved one is letting someone from the company know if they suspect foul play in their home.  A home care worker in many cases will not need access to financial information and if the home care worker is snooping around in the senior’s home in areas which may not need to be accessed there is reason to suspect that the worker should be reported.  Telling your senior aged loved one what to look for and how to protect themselves is important to prevent financial abuse.  Fraud and abuse amongst seniors is something which is on the news nearly every day, but most family members of senior’s would never suspect a company or another family member.  By the time that the abuse is identified it is often very detrimental to the senior.  Preventing financial abuse is the best option.  Know what to watch out for and pay close attention to ensure that no one is taking advantage of the senior aged loved person you care about.  A financial advisor may be the best way to protect your senior from financial abuse.  There are many options to assist with your senior’s finances in Southern California.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , , , , , , , , , | Leave a comment


Annuities are one of the ways that seniors are paying for the costs associated with retirement.  Seniors pay for costs upon retirement in a variety of ways.  Most of us are not millionaires or have old family money which will last us our lifetime and to support all of the costs associated with life after working.  Annuities are one of the ways that seniors are paying for retirement.  Beware of scams with regard to purchasing an annuity.  Seniors often fall victim to scams and fraud.  Assisting your senior with making all of the financial decisions can be a beneficial way to prevent and reduce the potential for fraud.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , | Leave a comment

Financial Advisors for Seniors

Just like a brain surgeon doesn’t operate on themselves, you should always hire financial advisors for seniors who are especially trained for those over age 60 who are planning their retirement.  There are so many different tax changes and legal restrictions, that only a trained professional who keeps in good standing with their profession, can service your needs.

For instance, did you know that there are penalty-free withdrawals from qualified plans for those pre-age 59 1/2?  In the current distressed economic environment, a retirement plan is often the largest asset one has.  With financing difficult to obtain, accessing those funds may be critical, especially without incurring any early-withdrawal penalties.

Also posted in Estate Planning - Financial Planning For Seniors, Senior Advising and Counseling | Tagged , , | Leave a comment

Senior Financial Estate Planning

One of the first components to consider when one faces senior financial estate planning is to know what Social Security will contribute to your estate.  Usually, this isn’t the largest contributor to the size of your estate, but is necessary to know so that you don’t lose money that should be coming to you.

If you’re about to turn 62 and plan to file for Social Security, you should apply at least 3 months before you want to start collecting.  You can sign up at, or call 1-800-772-1213.  The documents you’ll need to produce are: your Social Security card or a record of the number; your birth certificate; proof of US citizenship or lawful alien status; military discharge papers if you served before 1968, and last year’s W-2 tax form or tax return, if you’re self-employed.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , , | Leave a comment

Estate Attorney Cleveland

Many bloggers, pundits and writers have opined about the potential transfer tax opportunities created by last year’s temporary repeal of the federal estate tax. While such opportunities may have existed, it is likely that those planning strategies will generally be suitable only for aggressive, sophisticated people who are fully advised by their estate attorney in Cleveland, or in any city, on the risks and uncertainties that exist.

Also posted in Elder Law, Estate Planning - Financial Planning For Seniors | Tagged , , , , | Leave a comment

Senior Financial Help

There are several programs that can provide senior financial help. These vary in availability according to age and other factors, and benefit formulations can be quite complex, so it is recommended that you or an interested senior do further research on one of the below programs if they feel it may meet their needs.

Social Security Old Age Pensions

This is the oldest social welfare program in the United States, begun back in the 1930s by Franklin Delano Roosevelt. Unlike some programs, you must have paid into it in order to be eligible for benefits. The current requirement, which has been in effect for many years, is that you have 40 quarters of work on your record.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , , , | 1 Response

Retirement Financial Advisors

How quickly things change.  All of a sudden, being a Baby Boomer means you’re probably in your 50s, your kids have probably left the nest and are (hopefully) self-supporting. You’re probably at the highest income level of your career, and can really focus now on building your retirement assets.  You now need to consult with retirement financial advisors.

To take stock of how you’ve done so far on planning for your retirement, first prepare a realistic estimate of what your expenses are likely to be during retirement. While many retirement financial advisors recommend using a percentage of your current income, this isn’t a very accurate method because it doesn’t take into account the diversity in personal lifestyles and financial situations.

Also posted in Estate Planning - Financial Planning For Seniors, Retirement Planning | Tagged , , , | Leave a comment

Estate Planning Attorneys San Diego

Estate planning laws have had to change dramatically over the years. At one time, estate planning meant hiring an attorney and having a will that would go through probate and, if a person was married, titling property jointly with a spouse. It conjured up visions of death and of wealthy families gathered in attorneys’ wood-paneled offices listening to wills being read. It suggested that the wealthy should plan so that they could avoid estate taxes. Changes nationally and in California laws, and the growth of those aged 65+ in San Diego, all contributed to changing views of finance, lifestyle, privacy, nontraditional families, and longevity of life have made estate planning far more interesting and, frankly, more compelling for a larger group of people than ever before.

Also posted in Estate Planning - Financial Planning For Seniors | Tagged , , , | Leave a comment