Advanced Financial Planning: The Thinking Ahead Roadmap

Planning in advance in case you need support for your financial future is critical. In this Learning Bites episode, we speak with Dr. Marti DeLiema about a new available resource, the Thinking Ahead Roadmap, that can help you prepare.

Here is our conversation;

**Please note: This content is provided for general informational and educational purposes only and is not a substitute for professional advice**

Here are some of the highlights of our conversation;

Why was the Thinking Ahead Roadmap developed?

In some of the research that was being done, they discovered that many people were reaching an older age and unable to manage their money and being exposed to significant financial risks such as exploitation from a family member and fraud criminals. This highlighted the need for people to start thinking in advance of who they would like to support them with their finances in the future and start making arrangements now allowing them to be much more financially secure as they age.

How is this different than a will?

A will is something you want to have in place for after you pass. But there are other documents we should have in place before we pass. For example, a Healthcare Power of Attorney to specify who makes our healthcare decisions for us should we be incapacitated. But in this case rather than it being for healthcare, this is for financial decisions. Decisions such as who’s going to manage your investments, day to day financial matters, bill paying, health insurance claims – you really need someone you can trust to do this for you.

Who is the Thinking Ahead Roadmap designed for?

The roadmap was designed for all of us as we age. Even though we may not think we will need it, the fact is that many of us will live well into our 80’s. Approximately 1/3 of people over 80 have dementia which indicates that we do need someone really to help us looking out for our financial well being. Ideally this activity should be done when someone is nearing retirement age. That’s when you are in the right frame of mind to make decisions of who do you trust in your family circle and friends to be your financial power of attorney.

What should you look for when choosing someone to trust?

Research has found there are several important factors when selecting someone to be your financial power of attorney. Integrity is critical. They need to be able to put your needs in front of their own needs. Anyone who has a gambling problem, drug problem or difficulties managing their own finances or in debt would not be good candidates. You want to select someone who is good with managing their own money.

As someone once said, choose someone who loves you more than they love your money.

How long does it take to complete the roadmap?

Completing this (if you haven’t done any of the work before) will likely take a couple of weeks. It’s important to have these important conversations with the people you are choosing to make sure that they are on board with your request and your wishes.

Where should the document be stored once completed?

Sensitive, confidential information can be stored in a password protected file or locked cabinet. You have to remember to give access to the person you chose as your advocate can access it should they need to.

Also, just because you have a Financial Power of Attorney in place, it does not mean that they are able to take over today. It is a document to have on hand in case something does happen down the road.

Final Thoughts

The main reason most people want to put this in place is for the peace of mind it brings. They don’t want to be a burden down the road and to have this information in place will help make the situation easier for everyone.

To access the Thinking Ahead Roadmap, go to the website: www.thinkingaheadroadmap.org