Financial Advisors

How to Spot Health Fraud: Health products that are totally bogus -- consumers who are totally unsuspecting.

Custodial care, assistance with the activities of daily living such as eating and bathing, is typically provided at home or in community settings such as assisted-living facilities and will be especially in demand. Neither medicare, medicaid, medigap nor employer-provided health insurance pays for custodial care.

Advanced Care Directives are legal documents that ensure your loved one's health-care wishes will be carried in the event that he or she becomes incapacitated.

State and local long-term ombudsmen serve as consumer watchdogs for residential care facilities by monitoring conditions, investigating complaints, and fighting for resident's rights.

Senior financial advisors are professionals who are dedicated to achieving financial security for their client's retirement. They strive to achieve this goal through strategic financial management of a senior's income and assets. In their role as retirement planners, they assess the elder's needs and objectives, and evaluate the long-term adequacy of their present financial situation to meet their future goals. If determined inadequate, they work with the client to a find a more suitable long-term plan and develop an investment portfolio to accommodate this plan. They also address the burden of estate taxes, in an effort to reduce them, and accentuate the over-all long-term financial benefit. Furthermore financial advisors assist seniors with getting money out of their homes through reverse mortgages and cash from their life insurance policies.

Selecting: Similar principles apply to selecting this type of professional consultant as to that of an Elder law Attorney. The areas of expertise that are provided by these two professionals may at times overlap, however certain financial issues may be better tackled by a retirement planner. Ask questions pertaining to your personal financial situation, in addition to "How many years of experience do you have working with seniors?" and "What percentage of your time is devoted to retirement planning?" It is important that you are comfortable talking with this professional and it might be appropriate in order to build trust and confidence that you ask to speak with some former clients.

Benefits: At a time when income from working is concluded, and retirement has finally arrived, it is even more important to have a financial advisor strategically manage your income and assets. The advantages of hiring a senior financial advisor are to determine the best long-term retirement plan for you and maximize your financial strength through developing a suitable investment portfolio.

Fees: The fees vary widely and as with Elder Law attorneys there are different methods of payment required by the consultant. Some charge by the hour, others may charge a flat fee, and many also receive commissions or percentages. Whatever fee plan that is arranged with your financial advisor, it is important to ask for the arrangement in writing.

Seniors should be especially wary when selecting a financial advisor as some have targeted seniors as "soft targets" for fraudulent schemes. Please read the Elderly Fraud section on our Elder Abuse & Fraud page. You may also wish to checkout the various resources referenced on our Elder Abuse and Fraud Links and Information page.