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Making decisions about health care, home care, and housing needs can be not only overwhelming but also costly. If at all possible, start planning now for the future needs of elders. Since you may be approaching or past 60 yourself, you should try to do financial planning for your own future needs as well. Your ability to care for another person, and possibly provide financial assistance to him or her, may depend on making changes to your own financial plan.
A good financial planboth for an elder and yourselfshould include:
- A monthly budget with income and expenses
- A budget for large capital expenses over a three-to-five-year period
- A review of health insurance plan(s) for what is covered and what is not
- An overview of all assets and debts
- Choosing someone to handle finances and decision-making
Professional Financial Planners
You might begin to think about these difficult financial and legal issues by talking with a professional financial planner, elder-law attorney, or geriatric care specialist. A good place to find such expertise is your local Area Agency on Aging (AAA), which can provide advice and also make referrals to fee-for-service financial planners.
For a checklist of questions to ask when interviewing a financial planner, call the Financial Planning Association at 800-322-4237 or visit its Web site. The site provides a database of certified financial planners across the country and has useful information about retirement planning.
Additional Information for Specific States
Below, you'll find additional state-specific information on financial planning and support. The states included have high percentages of elders and/or high elder populations.
- Alabama
- California
- Florida
- Illinois
- Michigan
- Nevada
- New York
- Ohio
- Pennsylvania
- Texas
There are two Financial Planning Association chapters in Alabama; they are a good resource for finding financial planners who focus on the elderly and estate planning:
North Alabama: 205-443-2521
Gulf States/ Southern Alabama: 251-476-7183
There are 14 local Financial Planning Association chapters in California; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Central California: 559-325-8200
East Bay: 925-937-7800
Inland Empire: 760-341-5174
Los Angeles: 310-374-8969
Monterey Bay: 831-372-5375
Northern California: 916-677-4282
Orange County: 949-223-4020
San Diego: 619-281-9890
San Francisco: 415-397-1100
San Gabriel Valley: 626-577-6211
San Joaquin Valley: 209-367-8700
Silicon Valley: 650-323-3700
Ventura County: 805-557-3708
West Valleys: 818-767-4229
There are nine local Financial Planning Association chapters in Florida; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Broward: 954-481-2607
Central Florida: 407-207-9006
Gold Coast: 561-820-2161
Gulf States: 251-476-7183
Miami-Dade: 954-603-0495
Northeast Florida: 904-632-2593
Southwest Florida: 239-949-7100
Suncoast: 941-366-7727
Tampa Bay: 727-437-6000
There are three local Financial Planning Association chapters in Illinois; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Illiana (East Central Illinois): 219-322-9932
Illinois: 847-657-6600
Missouri/Southern Illinois: 314-708-3345
Michigan has one Financial Planning Association chapter; it is a good resource for finding financial planners who focus on the elderly and estate planning:
Michigan: 248-594-9282
There are three local Financial Planning Association chapters in Nevada; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Northern California (coastal range West Nevada): 916-677-4282
Northern Nevada: 866-787-1576
Southern Nevada: 702-596-4643
There are eight local Financial Planning Association chapters in New York; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Central New York: 315-622-1232
Greater Hudson Valley: 914-478-3496
Hudson Valley: 845-298-2900
Long Island: 631-232-9170
New York: 212-286-1372
Northeastern New York: 518-939-8081
Upstate New York: 585-419-1010
Western New York: 716-565-1360
There are five local Financial Planning Association chapters in Ohio; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Central Ohio: 614-837-7000
Dayton: 937-660-8311
Greater Cincinnati: 513-469-7014
Northeast Ohio: 216-274-5122
Northwest Ohio: 419-381-1717
The State of Ohio Long-Term Care Consumer Guide outlines what long-term insurance is available in the state. Additional information can be found through the at Ohio Department of Insurance.
There are three Financial Planning Association chapters in Pennsylvania; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Philadelphia/Tri-State: 215-321-9312
Pittsburgh: 724-743-7900
Central PA: 717-735-8756
There are six local Financial Planning Association chapters in Texas; they are a good resource for finding financial planners who focus on the elderly and estate planning:
Arkansas-Louisiana-Texas: 318-861-3521
Austin: 512-473-4934
Dallas/Fort Worth: 214-346-4104
Houston: 281-580-4301
San Antonio/South Texas: 210-821-6499
West Texas: 214-929-1722
The Texas Department of Insurance offers information on long-term care insurance by calling 1-800-599-SHOP to receive a booklet on buying long-term care insurance.
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