Investment Concerns by Age / Part 4: 80's & Beyond - Hilton Head Monthly, January 2008

80's & Beyond

Simplicity is very important. Estate planning should be done by now, and gifting programs in place. Highly appreciated assets can be gifted to a charitable trust and provide a lifetime income, as well as an attractive tax deduction. Medical care is a priority; liquidity should be maintained for co-pays, deductibles etc. You should have a realistic plan for continuing care. You may already have found and settled into an assisted living community by now. When evaluating an adult continuing care residence, be sure to analyze the differing payment options offered. Many require a larger one time payment or smaller periodic payments; some offer a limited period where your investment can be returned. Financial decisions may be harder to make in these years, due to declining facility and lack of interest. Be sure a family member or friend who has your trust is available to provide help in bill paying and financial matters, or make use of a reputable bill paying service. You might consider home health care for several hours a day or several days each week, if needed. Check out specialized agencies that provide this type of care. Consider a prepaid burial plan.

Consider your grandchildren, who now may be the twenty or thirty-somethings we began with. Use your assets and your experience to guide them, or help their parents guide them, so they can have the best financial future possible. Your experience, if it has brought you wisdom, is a more valuable legacy than any money you may leave them, and it’s a legacy that any of us can give regardless of the wealth we have accumulated.


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