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Honored Contributor
Posts: 31,076
Registered: ‎03-09-2010

Asking a question...elder care attorney vs financial planner?

Could someone explain the difference in these two for me?

We are seeking some information/help/advice?

Thank you💗

~Have a Kind Heart, Fierce Mind, Brave Spirit~
Respected Contributor
Posts: 3,682
Registered: ‎03-20-2012

Re: Asking a question...elder care attorney vs financial planner?

My understanding of the two are this:

 

A financial planner is a person who will advise you on how to save funds for your future retirement/needs and what stocks, etc. you funds should be in.

 

An elder attorney is a person who specifically handles all the need of an aging/elderly person. Needs that involve all the necessary legal paperwork pertaining to that person's needs for their estate, power of attorney should they become unable to make decisions, long term care needs and funds and to represent them in family matters, if required. 

 

 

Honored Contributor
Posts: 28,904
Registered: ‎03-12-2010

Re: Asking a question...elder care attorney vs financial planner?

I don't know what an elder care attorney does but I do know what a financial planner does because I have one.

 

My financial planner is part of a huge company.  He was my son-in-law's fraternity brother and we've known him for years.  

 

My daughter deals directly with him in managing my financial matters.  But he can't make any changes at all until he talks to me and gets my yes or no.

 

Here's how it works for me (I don't know about other's).  Every month his company deposits into my personal account an agreed amount of money (it's the interest earned from the investments, not the principal).  That's what I pay my bills (i.e. electric, etc) with.

 

The principal amount is divided into the stock market, bonds, etc.  I decide if I want the investments to be aggressive or various ways.  My daughter just keeps track of it to make sure the principal continues to grow, etc.  The investment company pays the estimated taxes, etc.

 

When tax time comes they send me the information (money paid, etc) so I can use it when I have the accountants figure up my taxes.

 

They certainly aren't cheap but they're worth every penny because I think it's mind numbing trying to keep track of it. My late husband did it, but I sure can't.

 

I would advise you to make appointments with a financial planner and see what THEIR company (each is different) will do and if you still aren't sure what you want to do contact an elder care attorney.  I've never heard of one of those.

Honored Contributor
Posts: 12,704
Registered: ‎08-22-2013

Re: Asking a question...elder care attorney vs financial planner?

It's well worth it to seek an elder care attorney and not just any attorney to carry out your last wishes concerning your finances. The attorney my MIL had when she died was a nightmare, my husbands niece knew more about what was the law in our state. His niece is no lawyer and lives in another state.

Honored Contributor
Posts: 12,756
Registered: ‎03-09-2010

Re: Asking a question...elder care attorney vs financial planner?

@LTT1Good question -  because to me their functions can overlap sometimes.

 

I do know that not all financial planners are lawyers, so if you need the documents most elderly do, you need a lawyer. 

 

Another consideration I think is that financial planners often deal with accumulating funds and come into play long before we're old while elder care attorneys deal more with protecting funds, spending funds, disbursing funds to heirs, charities, etc.

 

 

 

 

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Asking a question...elder care attorney vs financial planner?

A financial planner helps you with investing your savings. An elder care attorney does things like wills, trusts, living wills, and I believe you can set aside a payment to them so they will be your legal guardian, should you need one, and take care of placing you in appropriate care, making funeral arrangements and being sure your will is properly carried out.

Respected Contributor
Posts: 3,837
Registered: ‎10-26-2010

Re: Asking a question...elder care attorney vs financial planner?

Be very careful when selecting an elder care attorney.  Make certain that this person is reputable and has your loved one's best interests as the primary goal!!!  Elder care has become big business and can be very lucrative for some.  There are some who are linked with various facilities making profit front and center.

 

Ask for and check references of anyone before hiring.  Your loved one's financial future and well being depend on it.

 

Good luck!

Respected Contributor
Posts: 4,645
Registered: ‎03-10-2010

Re: Asking a question...elder care attorney vs financial planner?

You just need to be very careful when choosing an attorney, especially if you need someone to care for an elder's estate.

 

The elder care attorney I had consulted months ago was totally unreasonable in her fees, and never gave full disclosure regarding my mother's estate. Luckily, I only consulted with her, but did not hire her to do any work. But, she was the one who constantly advertised over the radio for years (which was how I found her in the first place.)

 

In any event, elder attorney specializes in elder abuse cases and the handling of elder estate. But so do others.

 

I was very fortunate to find a good, general practicing attorney close by. Also, my brother-in-law is a lawyer (in another state), and he also advised me who to look, who to avoid, and the steps I needed to take.

 

 

Honored Contributor
Posts: 31,076
Registered: ‎03-09-2010

Re: Asking a question...elder care attorney vs financial planner?

@Harpa@grandma r@151949@millieshops@blackhole99

 

Thank you for your input.

I do appreciate this very much.

~Have a Kind Heart, Fierce Mind, Brave Spirit~
Honored Contributor
Posts: 31,076
Registered: ‎03-09-2010

Re: Asking a question...elder care attorney vs financial planner?

@Fressa@Annabellethecat@blackhole99@millieshops@151949@grandma r@Harpa

 

thank you again ...all of this information is valuable to me.

We know a financial planner...a man whose mother taught for years in the same public school system as I did!

~Have a Kind Heart, Fierce Mind, Brave Spirit~