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Estate Plan

Plan, Don’t Wait, for an Emergency

Plan, Don’t Wait, for an Emergency!

That sounds like something your mother might say, right? And how often have you wished that you’d followed mother’s good advice?

 

Nobody really wants to think in advance about accidents or illness. But if no advance planning has been done, and if an elderly parent has broken a hip, say, and is about to be discharged from the hospital, the family must make crucial decisions in a highly stressful situation. There may be little, if any, time to figure out which living option is the best.

 

So, listen to mother. Plan ahead with your parents, if possible, so you will have your strategy ready when it’s needed.

 

Would your parents want to stay home? Move to a retirement community? Relocate to be closer to children?

 

Research the options. You might be surprised at how attractive many retirement communities are. There are increasing opportunities for independent or assisted living. Some facilities also offer transition into memory care, if that becomes needed.

 

Look into Caring.com, or call 800.973.1540. This is a comprehensive resource that offers information and guidance nationally, for living options and caregivers. Then, when you have researched what’s out there, talk with your parents about the pros and cons of the various choices.

 

Most people want to stay home for as long as possible. In-home care might be an option.

 

To connect with caregiving services for older adults and families, consult Eldercare Locator, a service of the U.S. Administration on Aging, on-line at eldercare.acl.gov or at 1.800.677.1116. The Eldercare Locator also provides information on local Area Agencies on Aging. These can be very helpful.

 

A care manager might be an option. These people have the experience and expertise to coordinate the many elements involved in elder care: medical providers, financial planners, elder-law attorneys, and rehabilitation specialists. Or, such people can work on an hourly basis, to pick up prescriptions, accompany your parent to doctors’ appointments, and coordinate communication with long-distance family. Find care managers through the Aging Life Care Association, aginglifecare.org, or at 520.881.8008.

 

If possible, urge your parents to get their legal documents in order while they are still in good health.

 

That is the best time to make sure that your parents have done the necessary legal documents. They may want to visit our office by themselves, but suggest to them that they provide you with copies of the documents. That way you will have the papers ready when you need them, and you won’t have to search for them under time pressure.

 

You can hope for the best, or you can plan for your parents’ well-being.

 

Do both. Call us now at (904) 880-5554! Or Book a Call Here!

 

Read more related articles at:

Millennials, It’s Time To Talk Estate Planning With Your Parents from Financial Advisors Mag

Are You A Millennial? Talk to Your Parents About Estate Planning

Also, Read one of our previous Blogs at:

The Estate Planning Conversation To Have with Your Parents

Kenny Rogers

Did ‘The Gambler’ Have Estate Planning?

Did ‘The Gambler’ Have Estate Planning?

An article from Wealth Advisor entitled “What Kenny Rogers Leaves Behind After Four Divorces And Restaurant Armageddon,” says that he was a hit machine, racking up an estimated $250 million through extensive touring, TV appearances, and constant radio play.

Rogers was a singer, songwriter, actor, record producer and entrepreneur.

He was elected to the Country Music Hall of Fame in 2013 and charted more than 120 hit singles.  He topped the country and pop album charts for more than 200 individual weeks in the U.S. alone. He sold more than 100 million records worldwide during his lifetime, making him one of the best-selling music artists of all time.

However, Rogers may not have left a lot of that money behind. He built a 425-restaurant chain in the 1990s that should have been his retirement plan. However, those restaurants closed everywhere, except in Asia. He had no licensing fees for use of the name, so there’s no revenue for his heirs.

The issue is whether Rogers accumulated sufficient wealth in life to support the lifestyles of his family. He left a wife (his fifth) and five adult kids behind. Kenny paid out $60 million to settle his fourth divorce in 1993, which was half his fortune.

While it was a while after his commercial peak, he started working on a smaller scale and married again, raising his two youngest kids. Kenny continued to tour and record, but his health became an issue. He decided the 2017 tour would be his last— and he was forced to cancel that one as well.

Kenny most likely only had whatever cash he set aside in conventional investment accounts, working real estate and other retirement assets. It’s unclear how much that was, but it’s probably enough to keep his widow comfortable for the rest of her life. That’s another challenge with late marriages. Roger died at 81, and wife No. 5 is just 57.

So, in theory, she needs those assets to last another 40 years to maintain her lifestyle.

Reference: Wealth Advisor (March 23, 2020) “What Kenny Rogers Leaves Behind After Four Divorces And Restaurant Armageddon”

Read more related articles at :

What Kenny Rogers Leaves Behind After Four Divorces And Restaurant Armageddon

Kenny Rogers’ Net Worth: 5 Fast Facts You Need to Know

Also, read one of our previous blogs at:

Did Little Richard Have a Smart Estate Plan?

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