Financial Plan Checklist - CE: Home



Financial Planning for Caregivers

← Organize Financial Information

← Legal Documents

← Investments and Bank Accounts

← Retirement Accounts

← Insurance and Annuity Policies

← Liabilities

← Key Advisors

← Digital Estate Planning (access to online accounts)

← Where to Live

← Who will provide care

← Considerations

▪ Downsizing belongings

▪ Loss of independence and privacy

← Monthly Cost

▪ Private home care ranges from $10 an hour to $15,000 a month

▪ Nursing homes range from $7,000 to $12,000

▪ Assisted living generally costs between $2,500 and $8,500

▪ Independent senior living communities range from $1,500 to $2,500

▪ Adult day care – the national average is $1,473

▪ Options including family participation, respite care grants, privately hired aides, and adult day programs can reduce costs

▪ Try using the Genworth cost of care tool or this aging care calculator to get a more accurate number for your location

▪ about-us/industry-expertise/cost-of-care.html

▪

← End of Life Planning

← The Conversation Project starter kit

▪ Get Ready – think about your end of life

▪ Get Set – figure out what you want your end of life care to be

▪ Go – who you need to talk to and when to have the conversation

▪ Keep Going – preparing legal and medical documents to back up your wishes

← Legal and Medical Documents

← Make/Update Will and/or Living Trust

← Durable Power of Attorney

← Advance Healthcare Directive

← Health Care Proxy

← Living Will

← HIPAA Form

▪ health/Organization/HIPAA_Privacy_Rules/Oklahoma_Standard_Authorization_Forms.html

← Do Not Resuscitate (DNR) Form

▪ OKDHS%20Publication%20Library/97-20.pdf

← The Physicians Order for Life Sustaining Treatment (POLST) -

▪ Physician’s order that documents and directs a patient’s medical treatment preferences when faced with life-limiting illnesses and irreversible conditions.  It presents a model for end-of-life care. 

← Review Insurance Coverage

← Life Insurance

← Health Insurance - Medicare Supplement Policy

← Long Term Care Insurance

← Personal Umbrella Liability Policy (if net worth exceeds $1 million)

← Homeowner’s or Renter’s Insurance

← Auto Insurance (if needed)

← Leaving a Legacy

← Giving to Charity

← Legacy Letter – “Passing on values, not just valuables”

▪ An ethical will, or legacy letter, is a way to share your values, blessings, life's lessons, hopes and dreams for the future, love, and forgiveness with your family, friends, and community. An ethical will is not a legal document; it does not distribute your material wealth.

▪

▪ ethicalwills

← The Five Wishes – combines health care proxy and the living will

← The person I want to make decisions for me when I can’t

← The kind of medical treatment I want or don’t want

← How comfortable I want to be

← How I want people to treat me

← What I want my loved ones to know

← Family Meeting - Preparation

← Select facilitator

← Invite family

▪ Invitation can come from the alpha child – the one who keeps the family connected

← Discuss process and concerns with each family member

← Create agenda

← Family Meeting - Execution

← The Meeting Agenda

← Leaving a Legacy

← Legal Issues

← Health Care

← Finances

← Real Estate Assets

← What will happen to our stuff when we’re gone

← Conclusion

← Next Steps

← Determine what areas require follow up

← Assign family members to research and report back by deadline

← Six months after the family meeting, prepare a review and share with family

← Consider making the family meeting an annual event

← Plan and hold an annual meeting with your spouse. Review your goals and progress

← Set up an annual financial planning meeting with each of your adult children. Ask them to prepare a balance sheet prior to the meeting that shows their net worth (assets and debts). Ask them to share their financial goals for the next five, 10 and 20 years.

▪ Calculate Net Worth and Update Annually:

▪ Total Assets (what you own) – Total Liabilities (what you owe) = Net Worth

← Additional Advice

← Strive to maintain balance in your life

← Find or create your own support group

← Learn about the needs of older adults

← Set boundaries

← Pick your battles

← Don’t take their actions personally

← If you have children, involve them in the process

← If family dynamics are complicated, consider a neutral person to take control

← Draft their obituary NOW – and your own

← Make sure you have all the documents in place BEFORE you need them

← Resources

← Can We Talk: A Financial Guide for Baby Boomers Assisting Their Elderly Parents by Bob Mauterstock

← Creating the Good Will: The Most Comprehensive Guide to Both the Financial and Emotional Sides of Passing on Your Legacy by Elizabeth Arnold

← Passing the Torch: Critical Conversations with Your Adult Children by Bob Mauterstock

Carol Ringrose Alexander, CFP®, AIF®, CDFA™ Retirement Investment Advisors, Inc. 405-842-3443

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Carol Ringrose Alexander, CFP®, AIF®, CDFA™

Executive Vice President

Carol@

(405) 842-3443

Carol Ringrose Alexander believes that everyone can achieve their financial dreams. She became a CERTIFIED FINANCIAL PLANNER™ professional, an Accredited Investment Fiduciary™, a Certified Divorce Financial Analyst™, and an Interdisciplinary Collaborative Practice and Family Divorce Mediator to better ensure that her clients reach theirs.

Carol completed a master’s degree in Spanish from Middlebury College in Vermont while studying in Madrid, Spain, and undergraduate degrees in journalism and Spanish from Oklahoma State University.

Education has continued to be an important part of Carol’s life. She attended Barbara Stanny’s Sacred Success retreats in 2013 and 2014. In 2016, she transitioned to providing financial education and planning for Barbara’s One Year to Wealth and Sacred Wealth Circle courses. Carol loves to share her knowledge with others through teaching Dave Ramsey’s Financial Peace University at her church. She also taught an MBA Financial Planning Course at Oklahoma Christian University for four years.

Exploring the world and learning about different cultures is fascinating for Carol. Encouraged by a romantic proposal from her now husband Kerry at sunrise overlooking Machu Picchu, they enjoy traveling together. To celebrate their birthdays, she and her family traveled to the Galapagos Islands. In 2016, she made the journey to Roatan, Honduras on a church mission trip. For Spring Break 2017, they spent a week living with a family in Yelapa, Mexico and took Spanish classes for an immersion experience. The entire time, they were only allowed to speak Spanish. Thankfully, the kids loved it and they’re still speaking to her, sometimes even in Spanish.

Community involvement is important to Carol. She serves as vice president of development for the Lyric Theatre board, on the development and strategic planning committees of Science Museum Oklahoma, and is treasurer of the Central Oklahoma Financial Planning Association, Classen School of Advanced Studies PTSA, and KidsAlive!, a musical theatre program. She is a member of Leadership Oklahoma City, served as chairman of the board of St. Luke’s United Methodist Church in 2008, and president of the Oklahoma Chapter of the Association of Fundraising Professionals in 1998. She was named one of The Journal Record’s Woman of the Year, “50 Making a Difference” in 2010 and 2012, and one of the OKC Biz Fittest Execs in 2013 and 2014.

Retirement Investment Advisors has been recognized as one of the top, fee-only investment advisory firms in the nation more than 35* times in national publications and received the Oklahoma Ethics Compass Award in 2010. They were also named to the Financial Times Top 300 Registered Investment Advisors in 2015, 2016, and 2017 and one of the Top 10 Best Advisors in Oklahoma City and Tulsa by Advisory HQ in 2017.

*Criteria available upon request

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