In past blogs, I’ve discussed the increasing importance of building a team of advisors to meet the needs and challenges of your clients’ financial plans.
In my experience working with my own financial advisor as well as serving as a long-term care (LTC) specialist, attorneys are increasingly used to help answer difficult questions.
No single advisor is necessarily going to be able to provide expertise for the wide variety of clients that they have in their ‘book of business.’ With the laws becoming more unsettled as well as ‘hot issues’ such as health care and tax reforms, financial matters are becoming more complex.
Thanks to all of these changes and the increasing numbers of retirees as the baby boomers retire, actions taken with regard to a single matter may have unintended legal effects for your clients to which you should be privy.
A key team member that you should consider bringing into your team of trusted experts is an attorney who specializes in eldercare law. Not just for the elderly but because
Eldercare issues run the gamut from complex estate planning, nursing homes issues, mental health laws and housing laws to disability insurance, Medicare and Medicaid regulations, and a wide array of other issues that increasingly concern our aging population and younger people planning for the future.
As Abraham Lincoln famously said of his profession, “A lawyer’s time is his stock and trade.” What was true in Lincoln’s day still holds true today: lawyers are retained to apply their knowledge and advice to clients to ultimately solve problems.
All too often, it is not until a major problem arises that an attorney is hired… In other words, once it’s too late.
Recognizing your clients’ individual needs by facilitating communication with an eldercare attorney will prove increasingly valuable to clients and advisors.
Identifying the correct eldercare attorney as part of your team will be a win-win for you and your client. This holistic approach will not only have a positive impact on your clients’ lives but it will also help clarify the types of investments and financial products best able to provide for your their needs and goals in these evolving times.
How do you find such an expert?
Always start with your local community. Talk with other advisors, and talk to eldercare specialists such as social workers who are working within the community who can help identify the appropriate attorney for your clients.
While there are certain confidentiality and other issues that may need to be addressed — and ought to be discussed with your own legal advisor — your participation in this process can be critical.
You are the person who best knows the financial position of the client; you’re also the expert at how best to build and execute a plan that will allow all goals to be met.
As always, tell me your thoughts and experiences with clients and eldercare law.
And, until next time, always keep on moving!