Many adult children are used to an elderly parent handling their finances without their participation at all. The father generally earns the money and pays bills, or it's the mother who is taking care of them — until something goes wrong. After reaching a certain age, our ability to make good financial decisions, decreases. We become more forgetful, don’t remember paying bills, and are even vulnerable to scams. As adults, it’s important for us to know if our elderly parent/s can still make sound financial decisions. If not, how to care for your parents and ensure a secure financial future for yourself. For assistance on this matter, you can consult an expert in elderly care and financial planning.
It’s Important to Act Proactively
Things going wrong for your parents at an old age can be devastating and increase the financial burden on you, especially if you are not doing well yourself. So, once you have figured out that your elderly parents are not capable of managing finances on their own, act pro-actively and help yourself, so you don’t end up being in a problematic situation. If possible, talk to your parents about it, which can be a challenging task. A lot of elderly parents having problems handling money matters are not ready to accept, don't realize they're impaired or are fearful of losing their independence. So, they try to hide it. Nonetheless, you need to figure out ways to ensure a secure financial future.
Professional Fiduciary Services Can Be Of Big Help
Caring for an elderly parent is not an easy task, especially when it also involves finance. Having a professional fiduciary by your side who is trustworthy, compassionate, and experience — can be of big help and provide you with the most appropriate solution to your problem. Chris Cooper, as your professional fiduciary offers you peace of mind and ensures your parents receive much-needed care and attention. Our goal is to help older adults live independently, safely, and with dignity without having to worry about their future. From us, caregivers can buy confidential eldercare guides online — to ensure the effective care of the elderly.
Need senior care solutions? Contact Chris Cooper today!
Different Phases of Retirement Tax Planning — the Need to Plan Taxes Wisely
People often pay more taxes in retirement than they need to because of confusing rules and surprises in the tax code. Another reason for that is simply not looking ahead and asking how their actions today will affect their tax situation in later years. Your tax exposure changes over time depending on a variety of factors. If you don't look ahead and plan for these changes, it can cost a lot of money. A professional in income tax preparation can help you look ahead and make the right decisions to ensure that you can save big on taxes, and your money lasts longer. There are basically four phases of retirement tax planning:
* Late Working Years (50 to 65) - This phase is the last few years of saving and planning, and you want to ask questions like Roth versus Traditional? Mortgage versus No Mortgage? How much you need to spend, when to take SS, PBGC, CPRP, and more. Tax planning at this stage allows you to create the probability of your financial picture.
* Early Retirement Years (65 to 70) - This phase is where your actual retirement starts. It’s the stage of your transition to Medicare and retiree medical benefits, and then a big part of this stage, for tax planning purposes, is planning for required minimum distributions (RMDs) whether you are going to consider Roth conversions during the period before your MD starts. Another important part of this stage is planning your order of withdrawals, which can make a huge impact on the taxes you pay over your lifetime.
* Mid Retirement Years (70 to 80) - At this stage, your spending generally decreases but it does not necessarily mean your tax bracket decreases because the big factor here is RMDs. Qualified charitable distributions (QCDs) are a way to potentially replace withdrawals from RMDs. You can take money out of a tax-deferred account and send that money directly to a charity. It helps you fulfill your RMD obligation.
* Late Retirement Years (80+) - Late retirement years include legacy planning and other important things to consider are elder care, long-term care (LTC), cognitive decline, and more.
People miss opportunities, deadlines, or create obstacles by not looking ahead, and then letting certain dates ages or events pass them by. And before they know it, they are stuck with a decision or a lack of a decision that cannot be undone, which can prove to be very costly. Avoid these mistakes! Contact Chris Cooper — your expert for tax Planning and advice — and plan your taxes wisely.
Role of Fiduciary Financial Planner in Investment Planning & How They are Different from Brokers
Are you looking for help with your investments, but don’t know where to turn for advice? You are at the right place! Let’s face it, many financial advisers are actually just salespeople who only get paid when they sell you stocks, bonds, or mutual funds. It’s hard to tell if the advice you’re receiving is truly in your best interest and whether the adviser is truly an expert in investment planning? Thankfully, there’s an answer! A certified Fiduciary Financial Planner in San Diego, California! Fee-only advisors act only in your best interest and do not accept commissions. That means the investments they recommend are based on their own merits, not because they’re paid to promote it. And when it comes to investment knowledge, some financial certifications can take over a thousand hours to earn, and require high ethical standards to maintain. Now, what if you could find an adviser that combined the two? A Fiduciary Financial Planner does exactly that!
Better Meet Your Financial Goals by Partnering with a Fiduciary Financial Planner
If you’re a senior, a baby boomer, or a physically disabled person planning for retirement; searching ways to manage and protect your day-to-day finances, an estate; or just want a second opinion about your current investment portfolio, a certified Fiduciary Financial Planner in Toledo, Ohio can be of big help. They are professionals having years of experience in investment management and can help you make sound decisions to reach your financial goals. Along the way, they provide with thought-through strategies to help you protect your wealth in bear markets and also avoid common pitfalls that can possibly cost you a lot of money. While they can’t control where the market goes, they can surely help you focus on things you can control, keeping your investment costs low, the amount of risk you take, and the mix of investments needed to achieve your goals.
Financial Planner Fiduciaries Vs Brokers
Financial advisor fiduciaries are held to a legal standard called the “fiduciary standard” which means that they are legally required to put the interests of their clients ahead of their own. This is contrasted with other professionals in the industry, including brokers who push down products by companies to earn a commission. A fiduciary is someone who goes down the journey with you — to not just complete a transaction — but to help you secure your financial future.
Grow Your Wealth & Safeguard Your Financial Interests with Chris Cooper
Chris Cooper is a certified, experienced, and licensed financial planner and fiduciary by the State of California Fiduciary Bureau. Let me help you safeguard your financial interest and grow your wealth!
