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financial planning for elders

By Terry Savage on July 22, 2019 | Financial Planning / Retirement

Love your column. Please plead with your senior readers not to wait until they are in their 90s to work on financial planning; it is overwhelming by then. I hope you will consider a column on who seniors should contact for financial questions : an accountant, a lawyer, or a financial planner? (Or all three?) It is confusing. Thank you!

Terry Says

Thank you.   I have written so many columns (check on TerrySavage.com) on the subject of financial planning.  And I have often recommended starting with a Certified Financial Planner, who is a FIDUCIARY –and fee-only.  Meaning he/she will put your interests first and fully disclose all fees, commissions and costs.  You can find one at Wealthramp.com.  All are vetted and trustworthy.  This site is like Match.com for financial planners, all of whom meet stringent criteria.

But you are right that this process MUST start early — at least 40 years earlier — with the creation of an “estate plan” — a will or better, a Revocable Living Trust.  And remember to transfer title to your property into the name of the trust.  There’s so much more — and that’s why this fall there will be a new edition of The Savage Truth on Money, with several chapters dedicated to these issues.  Thanks for writing.

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