22 million people across the United States do not have adult children or other family members they can depend on to watch out for their well-being.
LEARN HOW YOUR PLANNED GIFT CAN HELP THE AMERICAN LEGION
I have been giving more thought to how to plan for the years ahead. As someone who may not have immediate family to rely on, what resources are available to me for help with important matters – such as an emergency contact, health-care decisions, financial matters and living arrangements – as I age?
This is a very common concern for the 22 million solo agers across the United States who do not have adult children or other family members they can depend on to watch out for their well-being. Here are some tips and resources that can help.
Choosing Helpers & Decision Makers While older adults usually name children or spouses to make decisions on their behalf, solo agers will most often choose a sibling, niece or nephew, or a trusted friend or neighbor. Whoever you choose, be sure to talk to them first to make sure they are willing to assume the responsibility.
But if you do not have anyone you feel comfortable asking, or who is willing to take on that responsibility, you can hire a professional. One of the best resources is an aging life care manager. These are trained professionals in the area of geriatric care who often have backgrounds in nursing or social work and can serve as your emergency contact, oversee your care and even act as your executor. They can also connect you with legal and financial professionals in your area to help manage your affairs.
Aging life care managers typically charge anywhere from $100 to $300 an hour, depending on their location and experience. You can search online for an expert near you or visit your local council on aging.
If hiring a life care manager is not financially feasible, there are other steps to take to prepare for future needs. Start by creating a basic estate plan including a power of attorney, advance directive and will. Having these estate planning documents prepared ahead of time helps ensure your wishes are carried out if you become incapacitated and when you pass away.
To help you prepare these documents, your best option is to hire an experienced estate planning attorney, who can cost anywhere from a few hundred dollars to a couple of thousand dollars depending on location, needs and experience. In some cases, the attorney may also be able to act as your power of attorney or executor, or help you locate a professional in your area.
There are also services available to help with organizing and preparing bill payments with your approval. Alternatively, you can work with a daily money manager who, in addition to paying bills, can handle tasks like balancing your checkbook and organizing tax information.
It is also a good idea to meet with a financial adviser to help figure out what services and living arrangements you can afford and what steps you can take to ensure that your financial resources last for your lifetime. If you do not have an adviser, you can find a fee-only, fiduciary financial planner through searching online.
“Savvy Living” is written by Jim Miller, a regular contributor to NBC’s “Today Show.” The column, and others like it, is available to read via The American Legion’s Fund Development program, a way of establishing your legacy of support for the organization while providing for your current financial needs. Consider naming The American Legion in your will or trust as a part of your personal legacy. Learn more about the process, and the variety of charitable programs you can benefit, at legion.org/plannedgiving. Clicking on “Learn more” will bring up an “E-newsletter” button, where you can sign up for regular information.
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