Signs an Older Adult or a Senior Need a Certified Financial Planner Fiduciary

It is sad but true that swindlers target seniors the most as they deem them as easy preys for their ill intentions. So, it becomes important to protect yourself or someone you love against financial fraud and exploitation. How can you do that? First of all, you need to know the warning signs. Before we take a look at them, you should know that financial abuse can take place in different forms such as identify theft, investment scams, stolen jewelry, fake lottery schemes, forged checks, and in many other ways.

And another sad truth is that most swindlers are not strangers but known individuals such as family members, friends, neighbors, or even caregivers. This is why it is critical to know the warning signs. What are they? Let’s find out!

  • A big warning sign is deterioration of mental capacity such as recollection. An older person might have been mentally sharp previously but if he or she starts forgetting things, then this should be taken seriously. We’re not talking about general mental lapses such as forgetting where you last placed your keys. We are talking about lapses, for instance, in which a senior forgets signing on an important financial document. There are a good number of retirees who experience such lapses and therefore should remain under the guidance of a professional who can manage their financial affairs.

  • Apart from mental deterioration, a senior or an aging person may become susceptible to financial fraud or abuse due to reduced physical strength. Physical frailty often makes it extremely difficult for seniors to carry out daily chores of the house or take care of the maintenance needs of the house. Dishonest home repair contractors can, for instance, charge hefty amount from seniors or tell them falsely that there is a big plumbing issue in the house. These are warning signs that a senior needs professional service providers to help them with their daily chores.

  • There are many seniors who live alone as their relatives live in far off places or in other states. They are not visited by friends and family members as much as they should. Such seniors are susceptible to financial fraud and abuse from strangers who may intentionally befriend them for financial gain. These scammers try to exploit the loneliness of seniors by swindling money out of them in cunning ways.

Apart from these, relatives too can exploit seniors financially. They may gain access to older person’s accounts, personal documents, or financial statements. They can transfer funds into their own accounts or withdraw excessive amounts from a senior’s account.

What should be done to protect an older adult from these risks? Hiring a certified financial planner and fiduciary in San Diego, California is the best choice. The aim of such a financial planner is to enable a senior or an older adult to live life independently, safely, and most importantly, with dignity. From day-to-day financial decision to investment and real estate, a certified fiduciary will take care of everything. If interested, get in touch with Chris Cooper, who is a certified financial planner and fiduciary licensed by the California Fiduciary Bureau.

How Caregiver Of Parent And Spouse Can Help Them With Depression

Clinical depression is common in seniors, especially among those who live alone and remain socially isolated. But it isn’t normal; it’s something that demands immediate attention from a family member or caregiver of parents and spouse. It impacts every aspect of a senior’s life, from mood and energy to interests and appetite to health and even relationships. It instills the feeling of hopelessness and helplessness, and as a result, the overall quality of life downgrades. Plus, research shows that it is linked with an increased risk of cardiac diseases and suicide among older adults.

Unfortunately, most seniors fail to recognize the symptom of depression. Even if they do, they take little or no step at all to cope with it. This is why it’s vital for family members and caregivers of parents and spouses to learn to recognize the symptoms of depression amongst seniors and how to help them cope with it and lead the highest quality of life possible.

Symptoms of Depression in Seniors

Symptoms of depression in the elderly are often misconstrued as the effects of medical conditions they have and the medicine they use, which is why depression often goes unnoticed, and the elderly continue to suffer from it. Here are a few symptoms of depression in seniors that you should know:

● Sadness or feelings of despair, hopelessness, and helplessness.

● Unexplained aches and pains.

● Disengagement from friends and family members and activities that were once enjoyed the most

● loss of appetite or weight loss

● Lack of energy and motivation

● Sleep disturbances or insomnia

● Social isolation

How to Care for Parents with Depression

Improve their engagement with others

The first step to help seniors combat depression and live a higher quality of life is to help them engage again with their life and others. As a caregiver of a parent or spouse with depression, you should interact with them more often, though without being overly anxious and worried about their health. Try to open them up by striking a conversation about their passion or things they like to do. But make sure you are there to listen to them patiently and without judgment. Try to make them comfortable enough to share anything with you.

Create a support system

Since the most likely cause of depression and anxiety in seniors is loneliness, creating a support system of friends and family members whose company they enjoy can be valuable for them in coping with depression. This system should work together to bring them back to their life daily and interact with others while partaking in activities they once enjoyed. Make sure you do not leave them alone, and even if you have to go away from home for some time, ask their friends to spend time with them or hire a compassionate caregiver.

Gently suggest them treatment

Treating depression takes time, especially in the elderly. And if you tell the elderly that they are suffering from depression and need treatment, they may resist. This is why it’s best to present your idea of undergoing treatment gently so that they agree to whatever you feel is best for them.

Talk therapy

When it comes to treating depression and anxiety, talk therapy works wonderfully. Once your senior loved one agrees to get depression treatment, seek help from a renowned therapist and schedule daily sessions, preferably at home, to help the elderly.

If you want to know more about how to care for parents with depression, consider getting in touch with Chris Cooper who is an expert on matters regarding senior care and independent living.

Tips to Find the Right Certified Financial Planner Fiduciary for your Parents

As your parents age, they might need additional assistance from a trustworthy family member to manage their finances. However, due to a variety of reasons. this might not be always possible because of which the need for a certified financial planner & fiduciary might arise.

In addition to ensuring objectivity and prioritizing the needs of your parents, a professional fiduciary also help in leveraging their assets to enhance their financial health. Naturally, because of the nature of the job, hiring one can be pretty complicated.

In this blog, we offer a few tips that will help you to hire the right person to oversee your parents’ finances:

Hiring a Certified Financial Planner & Professional Fiduciary

1. Do your research

Look for professional fiduciaries in your local area. Ensure that you look for reviews and also do some background research when you find someone eligible to know whether they have been subjected to disciplinary actions in the past.

2. Seek references

After you find someone who fits the bill and has an impeccable record, feel free to ask them for references from past or current clients or their partners. Talk to these references and also other professionals who can provide you with valuable insights regarding how good the professional fiduciary is at his or her job.

3. Interview

So, the reviews are great and now you are seriously thinking about hiring the professional fiduciary. However, do remember that the fiduciary will be in charge of guiding your parents when it comes to making the right financial decisions without having to be supervised all the time. Therefore, it should go without saying that the professional must be empathetic, patient, and of course, have comprehensive knowledge pertaining to the management of finances in an ethical and legal manner. In addition to this, it is important to ascertain whether your parents will be comfortable with the professional in question.

To put these concerns to rest, interview a minimum of 3 professionals before you zero in on the right one. Prepare a list of questions before you meet them. Ideally, you should ask them their succession plans, confidentiality measures, and whether they work directly with their clients or have a team to do it for them.

These are just some things that one should take into account while hiring a certified financial planner & professional fiduciary in San Diego, California. If you require the services of a reliable expert who offers services such as property management and oversees household management matters on behalf of your senior parents, get in touch with Chris Cooper today.

Your Guide to Caring for a Parent with Parkinson’s Disease

Caregivers of a parent or spouse with Parkinson’s Disease often find themselves overwhelmed and burned out because of the new role they are entrusted with: taking care of a loved one who isn’t mentally or emotionally well. Caring for a loved one with Parkinson’s Disease (PD) — a progressive nervous system disorder that affects movement — is different from caring for a senior with restricted mobility or dementia, which makes it all the more challenging. But with a few expert recommendations, you can help your parents with PD live the best possible quality of life.

Learn how to care for your parents with Parkinson’s Disease:

Support during the diagnosis

Diagnosing PD and deciding the best treatment option generally requires several visits to the doctor. This can be overwhelming for the person, which is why your support is critical during this time. Your support will make sure that they keep up with their appointments, never miss follow-up visits, and get their every question answered.

Encouraging treatment

Many times, seniors with doctor-diagnosed PD feel discouraged and decide to leave their treatment halfway. As a caregiver to a parent or spouse with PD, it’s your job to support them in every way possible to keep them motivated and ensure that they follow through the treatment.

Day-to-day life

As Parkinson’s Disease progresses, people often require help with activities of daily living and staying active during the day. Besides, they most likely need a safer home space to minimize the risk of slips and falls, which is prevalent among seniors with PD. You may have to ensure that they are able to manage their daily living activities and remain safe in the comfort of home. You can also seek help from a home health professional to take care of their daily errands and personal needs.

Emotional support

Parkinson’s Disease may impact a person’s mental health, resulting in anxiety and depression. It can also take a toll on their thinking and communication. As a caregiver of a parent or spouse with PD, you should provide them with much-needed support to help them combat all the challenges the PD brings.

If your parent or spouse has Parkinson’s Disease, consider getting in touch with Chris Cooper to know more about how you can care for them. You can also buy his best-selling book “Eldercare Confidential,” which is a candid guide for caregivers to help them care for the elderly in the best manner possible.

3 Crucial Tips for Family Caregivers to Provide Better Care to the Elderly

When your senior loved one is aging in place, you may want to provide them with the best care possible. In that pursuit, you will most likely become their full-time caregiver, but without training and experience. And this is where things can get a little overwhelming for you, especially if you don’t have answers to questions or resources regarding caregiving. However, Eldercare Confidential — a candid guide for caregivers — is always there to your rescue, answering all the questions about senior care and guiding you to provide seniors with much-needed care. 

Here are the top 3 tips derived from the best-selling candid guide for caregivers, Eldercare Confidential by Chris Cooper, to help you care for your senior loved one in the best manner possible:

Take care of your health

Before you can take care of someone else, you need to take care of yourself. And this is all the more important when you are caring for the elderly, as it involves investing yourself not only physically but also mentally and emotionally. Make sure you eat healthily, follow your exercise routine, and seek help if you feel run down by the new responsibilities. 

Remember what’s important for your loved one

Family caregivers often feel overwhelmed when caring for a loved one. And in that stressful situation, they tend to make bad decisions, affecting the quality of life of the care recipient. But when you know what’s important to them and you do what’s best for them, you are unlikely to make bad decisions. Plus, to avoid feeling overwhelmed, try to get involved with them and pull them into their care. This way, they will also feel more useful around the house and make better relationships with other family members. 

Be open to new technologies

Caregiving is a full-time job that can stress you out. You will be helping your senior with daily errands, scheduling doctor appointments, taking care of their hygiene, providing transportation, and whatnot. To make the process easier, you would want to welcome technologies that not only make caregiving easier for you but also improve the quality of your care for the elderly. And luckily, there is no shortage of such technology today. 

If you have become a family caregiver and want to provide much-needed care to your loved one, get the best-assisted living advice and support from Eldercare Confidential, which is a candid guide for caregivers practicing either at home or in assisted living facilities.

3 Retirement Decisions for Baby Boomers to Have a Comfortable Retirement Life

The majority of baby boomers haven’t saved enough to fully retire at 65 while having their pre-retirement living standard, says recent studies. Because of this, they either need to work longer, reduce their living standards, or do a mix of both. This means that they need to make some critical decisions in regards to retirement planning, which may even include getting retirement planning and advice in California.
Here are the three decisions that are likely to have the most impact on baby boomers’ retirement:

When and how to retire

Decisions about when to retire and how to retire can have a significant impact on your life after retirement. For example, if you choose to retire at 62 and immediately start collecting your social security, you may begin drawing your retirement savings and have a reduced quality of life because of fewer retirement savings. On the other hand, if you choose to retire at 70 while working full time, not only will you have an edge regarding social security benefits, but you would have saved more for improved retirement life. You can also choose to retire at 62 and work part-time to cover your living expenses while not contributing to the savings. However, it can be overwhelming to decide the right time to retire, which is why getting the best retirement planning and advice is critical.

When to start taking Social Security benefits

The decision of when to begin collecting social security benefits is largely dependent on your circumstances. You can either begin taking them as early as age 62 or wait till you have reached your full retirement age. While there’s no correct age to do it, retirement planning and advice experts in California suggest delaying your social security, as doing so will pay you off over a long retirement.

Which expenses to reduce

As we enter into retirement, our needs change, and so do our expenses. However, we often need to cut back on expenses that we considered essential five or ten years before retirement. If you have enough savings to support your expenses, you should not have to worry; nevertheless, if your savings are less than the average retirement savings, you may need to analyze all your income sources and expenses, and based on that, you should think of the expenses without which you can spend your later years comfortably. It can be challenging to decide, which is why retirement planning and advice in California can be of big help.

If you or your senior loved one is going to retire soon and want to have a comfortable retirement life, get in touch with Chris Cooper today for the best retirement planning and advice.

How to Recognize Caregiver Burnout and Prevent it

Many caregivers struggle with physical, emotional, and/or mental exhaustion — commonly referred to as caregiver burnout — when caring for the elderly. This state of burnout can often be seen in a change in their attitude towards the care recipient — from being positive and extremely caring to negative and completely apathetic as the burnout peaks.

Generally, caregiver burnout happens when caregivers try to put in more effort in their duties than they are capable of, both physically and mentally. Other times, it is a result of unavailable help to them when they need it. However, it is easy to prevent provided you know its early signs and what to do if you notice those signs.

If you are a caregiver or a family member caring for your elderly loved one, watch out for these signs that indicate caregiver burnout:

• Overwhelming fatigue
• Lack of energy
• Sleep troubles (too little or too much)
• Changes in eating habits; increased or loss of appetite
• weight gain or loss
• A feeling of hopelessness
• Losing interest in the activities you used to enjoy
• Neglecting own physical and emotional needs
• Stomachaches, headaches, and other physical problems
• Reduced resistance to illness
• Depression, anxiety, or mood swings
• Difficulty coping with everyday activities

What to do if you notice the early signs of caregiver burnout?

If you notice the early signs of burnout, take these steps:

Take a break
A break from your caregiving duties will enable you to rest your mind and rejuvenate. This will help you perform better when you get back to caring for the elderly. Go on a vacation or join a marathon day, or do anything you love to do.

Eat a balanced diet
Failure to consume a balanced diet can impact your performance in all aspects of life, including caregiving responsibilities. As a caregiver or family member providing care, you need to stay active all day long, which is monitoring what you eat and how often you eat is essential. Make sure to pay attention to your diet.

Ask for help when in need
Feeling overwhelmed when caring for the elderly is normal. You may fail to figure out what’s necessary for a given situation or stress yourself out to provide the best care. But you don’t necessarily have to experience it alone. It’s better to ask someone for help or have someone around to share your emotions and burden. It’s a good way to counter stress and the burden of eldercare.

Final note
Caregiver burnout is real and can happen with anyone caring for the elderly. However, it can be provided by recognizing its early signs and taking steps to combat it.

If you want to learn the art of caring for seniors without burdening yourself both physically and mentally, Eldercare Planning by Chris Cooper is your best caregiving guide to go for.

Financial Planning for Different Stages of Life: Marriage, Parenting, and Retirement

Couples plan every small detail of their wedding but often forget to talk about the financial aspects. We need to understand that things don’t remain the same and because money is something that people fight over, we should definitely establish short-term and long-term goals as a couple. Do you need to buy a house? Are there enough financing options available? How much should you spend and save for the future? If you two have joint insurance plans, whose plan should you be on? All these things come into play when you're getting married. You want to make sure you're setting it right from the start.

With a Growing Family, Your Goals and Priorities Change

With a growing family, your goals and priorities change rapidly and you need to plan for the future. According to recent reports, it's been estimated that the cost of a child is more than an investment of $1.45 million over 22 years. Now multiply that by 2and3. That's pretty scary, isn’t it? Being a parent brings on additional financial responsibilities. It's very important at this point to make sure you have a guardian designated for your children and also provide means in case something happens to you or your spouse. Also, you should have a will prepared. Rework your cash flow numbers, check what your budget looks like, and start saving for college in advance so you can focus on the next stage in life.

Financial Planning for Retirement is Equally Important

It may seem like it will never happen or it won't happen soon enough, eventually, you will retire. Your goal should be to plan for retirement now instead of at the time that you retire because at that point it's often too late. Once you retire, you'll be living off income that you're receiving, a pension if it's available, and maybe social security but you don't know if it will be there or not. You need to know what you would need when you retire and decide if you need to tweak the investments. Do I need to provide an income stream? Are the accounts titled appropriately? When should you start tapping into your 401 K and IRA accounts? These are some of the key decisions you need to make.

The key to financial freedom is to be prepared in advance! Let Chris Cooper help you in the process and ensure a secure, comfortable future for you!

3 Good Financial Planning Options for the Elderly

The average lifespan of the people in the US is gradually increasing. There are more and more adult children that are caring for their elderly parents who have used all of their savings.The2014 Cost of Care survey by Genworth stated that the average cost of a one-bedroom apartment in an assisted living facility in the United States is around $42,000 a year and a private room in a nursing home is more than $87,000. Paying annually for care often requires a full understanding of the options through careful elder care planning in San Diego, California, and research. Here are some of them-

Long-Term Care Insurance (LTCI)

Long-Term Care insurance or LTCI may help to pay for the costs that are not covered by private medical insurance. This type of plan may minimize the financial impact of the need for long-term health care. Basically, LTCI covers the costs for assisted living, home care, respite care, adult day care, nursing homes, hospice care, and even Alzheimer's care facilities. Many companies will not insure anyone that has a pre-existing condition, so it is best to purchase an LTCI before any health issues begin.

Life Insurance Policy Conversions

Instead of just allowing a life insurance policy to surrender or lapse, you can often have it converted into a long-term care benefit plan. Any type of enforced life insurance policy, such as universal, whole term and group with the death benefit of $50,000 to $1million can be easily and quickly converted into a policy that is right for you. It is a very unique financial option for the elderly because it pays for immediate care needs. There are no wait periods, no cost or obligations to apply, no premium payments, no care limitations, no requirement to be terminally ill, and most importantly—all health conditions are accepted. The policy owner has the right to have the policy converted to an enforced life insurance policy to be able to enroll in the benefit plan. And they are able to immediately send tax-exempt payments to cover long-term care in senior housing costs.

Government-Funded LTC

Many US citizens are very surprised to find that Medicare isn't a universal health care plan for those who are over 65 and it doesn't cover the long-term care costs for the elderly. A home equity conversion mortgage or a reverse mortgage is a specific loan for those who are over the age of 62 that will turn the equity saved in a home into cash. When someone obtains a reverse mortgage, they can use the money from their home equity while living in and keeping the ownership of their home. There aren't any restrictions on how you can use the money as well. If you really need money for a specific purpose and are concerned about not being able to make any type of payments on an average or regular loan, getting a reverse mortgage makes good financial sense.

For eldercare planning services in Toledo, Ohio, contact Chris Cooper today!

3 Mistakes Seniors should avoid to Ensure Better Tax Planning for Retirement

Because retirees have relatively lower incomes and fewer deductions, it’s not very uncommon for them to think that they don't need to worry a lot about income tax preparation. The truth is, retirees face unique tax challenges that require effective tax planning to prevent potential problems in the future. Of course, they have certain advantages over taxpayers of other age groups, however, not planning your taxes carefully can lead you to costly mistakes and hamper your retirement income. Here are 3 mistakes seniors should avoid ensuring better tax for retirement-

Tax Loss Harvesting (Excessive) - Also known as tax-loss selling, tax loss harvesting is the act of selling a capital asset for loss in order to offset a gain realized by the sale of other investments. Though it might be a good tax-saving strategy, excessive tax loss harvesting isn’t particularly useful in retirement accounts, IRA or 401(k). The reason? The loss generated in a tax-deferred account cannot be deducted.

Not Carefully Managing their Withdrawals - A lot of retirees don’t properly manage their IRA withdrawals, as a result of what, they end up paying more taxes later. Once you turn 59, you can withdraw money from your tax-deferred accounts without having to pay an early-withdrawal penalty, however, it’s very important that you carefully manage these withdrawals, so you do not end up moving into a higher tax bracket.

Not Taking Social Security Taxability Into Account - There is a misconception among people about social security that it is not taxable. The truth is, up to 85% of it can be subject to tax. Though retirees with minimal income don’t have to pay federal taxes on their benefits, however, for any additional income, some tax is levied. Work with a financial planner to determine if any additional income impacts the taxation of social security.

Effective tax planning is equally important for seniors as others so they can avoid costly mistakes and ensure a more stable, relaxed, and secure financial future. The process may sound simple but the nitty-gritty of it can be difficult to grasp. To plan your taxes wisely, get in touch with Chris Cooper — a professional fiduciary and expert for tax planning and advice.