important conversation on retirement planning

You better have a Plan for a Retirement Home

“You better have a Plan for a Retirement Home, as I am not funding that bill.”

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®

While having dinner with our daughter Paige the other night, the topic of money came up.  Paige told us, “you better have a plan for a retirement home, as I am not funding that bill.”

I responded, “well Paige if you had read my book, we’ve got this covered.”

When all of us get older, we will have to review the Eldercare conversion in more detail with her and her brother Connor.

Eldercare Conversation – Excerpt from the Book – Preserving Wealth

 “The next conversation this led to was an ‘eldercare’ conversation based on the advice Uncle Wayne had given me. In this conversation, we discussed and made plans with our parents about what they wanted us to do if a potential medical or physical set-back occurred as they aged. For example, what would the plan be if

  • they needed some extra help to continue to live at home
  • they decided they had to or simply wanted to move into a retirement home
  •  they wished to downsize their current home at some point
  • only one of them needed care in a retirement home, and
  • both or only one had to go into a long-term care facility

“It was good to review this with them ahead of time so that we could discuss some scenarios. Since we’ve also met with their financial advisor, we know where to go if we need to model out some of the options.”

“That’s a great idea,” Sandra added. “I don’t even know who has my parents’ power of attorney; I assume it’s my brother and I, but I’m not sure.”

Alice took a sip of coffee and continued. “We also had a legacy conversation with my parents, and this is something that I think we should also have with our kids. What do you think, Uncle Wayne?”

Link to the Eldercare Conversation

Link to the Estate Documents Conversation

For more information, you can refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing and transferring wealth by Jack Lumsden, MBA, CFP®


This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses, may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.

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