Put together your own Parent Care Team
Whether you deal with parent care in advance or in the moment of need, you will quickly realize that the services, products, and agencies that you will need to access are among the most partitioned, fragmented and unbundled group of services available. Trying to put them together in a manner that works for you can present real and frustrating challenges. Below is a starting list of team members and what they do.
- PARENT CARE SPECIALIST™- This is a new designation offered by The Parent Care Solution that takes mature, established advisors from the disciplines of accounting, law, health care, and financial services and trains them in the counseling strategy of The Six Conversations and the use of the Care Triangle to assist families in globally and holistically planning and managing support for aging parents. Parent Care Specialists in your area can be found at www.parentcaresolution.com by clicking on “Professionals”. Play the PCS Video on the site to see how they work.
- GERIATRIC CASE MANAGER- A geriatric case manager is in a individual, usually form the health care or social sciences field that is trained in assessment, review, administration, and management of an elderly person’s program of care. While participating in financial discussions, Geriatric Case Managers are not licensed to give financial, legal, accounting, or insurance recommendations. Over 2,000 Geriatric Case Managers are throughout the country. For more information: www.casemanager.org.
- ELDER LAW ATTORNEY- Almost all attorneys offer some sort of estate planning advice. Elder Law Attorneys are specialists in the legal strategies and tactics surrounding wills, trusts, healthcare powers, and Medicaid issues facing older clients. Elder Law Attorneys are not usually licensed to give financial, accounting, or insurance advice. More can be found at www.naela.com
- REGISTERED INVESTMENT ADVISOR- A Registered Investment Advisor is a financial services professional that specializes in managing financial assets on behalf of clients. Most Registered Investment Advisors offer comprehensive financial planning services as well. A filtering device for these folks can be found by going to the SEC website or to the Paladin Registry at www.paladinregistry.com.
- CERTIFIED FINANCIAL PLANNER™- A Certified Financial Planner or CFP is a professional who has gone through a rigorous education and certification course to enable themselves to use the CFP designation. Many financial planners work on both a fee and commission basis. The purpose of a CFP is to assemble an integrated financial strategy that takes into account cash flow, taxes, investments, retirement, insurance, and estate planning considerations during the accumulation, distribution and management faces of wealth accumulation. For more information go to: www.fpanet.org/planner.search/
All these folks should be willing to work together. In fact, you should insist they work together. Start with a Parent Care Specialist and let them assemble the team. Take charge of the planning and take charge of the plan. No one else will but you.