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Mom's Money

Just in the last week, I’ve had 3 people call or email with concerns about their parents’ money matters.
In all 3 instances, it was related to signs of dementia and how that might impact their ability to make sound financial decisions.
But how do you handle this delicate situation?
See more below 👇
And thanks, as always, for reading.

Is Everything OK, Mom?
I find more and more families are concerned about their parents’ ability to make smart money decisions (along with decisions in general) as they age.
Especially when there are signs of dementia present.
This isn’t my area of expertise.
And let me be clear that dementia is a serious health problem on it’s own, and needs to be addressed accordingly.
But when you add money - sometimes a lot of money - to the issues associated with dementia, it can be problematic to say the least.
And if this weren’t enough, consider also the rise in financial scams perpetrated on the elderly.
Thankfully, there are experts that can help.
People like my friend Lisa, a Fellow/Certified Professional Aging Life Care™ Manager.
And of course, there are resources online, like this article:
Managing Money Problems in Alzheimer's Disease
If you’re dealing with aging family members or are seeing signs that concern you, let me know if you’d like to discuss it.
I’d be happy to listen, offer my perspective, and/or introduce you to professionals in my network who might be able to assist.
Here’s another online article you might find helpful:
Dementia: Protecting Your Aging Parents’ Assets
More Time for Taxes
Well, we’re in the midst of tax season.
And while I know many of you have already filed your 2020 tax returns, those that haven’t are getting a little more time.
The IRS just announced the 2020 tax filing deadline has been pushed back to May 17, 2021.
Here’s the announcement:
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
However, as I write this, and as the announcement above states, this filing extension is only for your Federal return.
State tax returns are still due - as of right now - on April 15th.
So plan accordingly.
And if you need a good CPA to help with your taxes, let me know and I’ll be glad to introduce you to someone that can help and is affordable.
Boring...
Loved this recent tweet from my financial advisor friend in the UK, Alan Smith:
Alan Smith
Investing is very boring. But only if you’re doing it right.
While I could write thousands of words related to Alan’s tweet above, I think it says it all.
Long Term Care Insurance
Do you need long term care insurance?
Like any insurance, you buy it hoping you’ll never need to use it.
But in the event you do need it, well… it can be nice to have this coverage in place.
Note: I don’t sell long term care insurance or any other type of insurance. However, I often discuss insurance with my clients and help them evaluate their insurance needs with the help of other professionals and experts I can introduce. And if you decide to purchase long term care insurance, I receive zero compensation. Just an FYI.
Back to the issue of whether you should consider long term care insurance…
It’s a very personal and situational decision, but I thought you might find this checklist helpful:
If you’d like to discuss long-term care or other insurance needs, let me know if I can help.
Until next Wednesday,
Russ

Postscript: As many of you know, I strongly recommend the use of a password manager like LastPass or 1Password. However, Lastpass (the tool I use personally) announced they would no longer allow people to use their password manager for free on more than one device. I happily pay for LastPass and have for years, but if you want a free solution that you can use on your phone AND your iPad/computer, I suggest you check out Bitwarden. And whatever you do, stop relying on sticky notes all over your computer monitor to “store” your passwords and other sensitive information. Questions? Let me know…

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Russ Thornton

I'm Russ, a financial advisor based in Atlanta, GA. My focus is retirement planning for women (and their families) who are 55+. Every Wednesday, I write an email letter with my thoughts and perspectives on retirement and its many related topics. And I might include some other ideas or interesting topics as well 😉

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Russ Thornton | Atlanta, GA | Disclosures: https://bit.ly/3e5t5UJ