Durable Power of Attorney
AGE:
GOALS:
Outsource as much of her mom’s finances as possible to free up her time, gain confidence her mom has enough money to support the increasing costs of healthcare, and make sure her mom is taking the right amount of risk in her investments.
Claire lost her husband, Matt, a few years ago. Since then, Emma has been managing her mom’s finances, coordinating doctor’s appointments, and regularly visiting her mom in memory care. She’s exhausted.
Emma knows she needs to spend more time with her husband and two kids. She’s been running between her full-time job and visiting her mom at the memory care facility, which is not leaving time to watch her kids grow up.
She has enough on her plate staying up to date on what her mom needs at the memory care facility and the added stress of work. She’s been doing her mom’s taxes and checking in on the investments, but she knows she could do a better job; however, she simply does not have the time.
As memory care costs continue to increase every year, she is starting to worry about whether her mom has enough money or if she will need to step in and help financially one day.
Emma wants her time back. She should explain what her mom values and what she wants from professional relationships in order to hire a financial planner and CPA who align with her values.
The financial planner should perform a healthcare cost projection and a financial plan to see how likely it is her mom has enough money for her care over the next few decades.
The CPA should also make taxes easier by making it simple to upload her mom’s tax documents each year, and the CPA prepares the tax return. Emma should go from spending a few hours on it each year to being done in about 30 minutes. Using that tax return, the financial planner could suggest a few proactive strategies that may minimize the taxes her mom will pay over time.
Emma should make it to more family dinners and no longer feel the same pressure of trying to do it all. Through the new relationships, Emma should now have:
Emma’s family should notice the changes. They should be happier Emma is less stressed and has more time to spend with them. Emma should feel happy she has a team of experts supporting her.
Note: The above case study is hypothetical and does not involve an actual Kindness Financial Planning client. No portion of the content should be construed by a client or prospective client as a guarantee that they will experience the same or certain level of results or satisfaction if Kindness Financial Planning is engaged to provide investment and financial planning services.
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