Financial Planner 43551

Trusted Contact

In Estate Planning, The Insider by Adam Cufr

If you’ll recall, the Weekly a few weeks back was focused on caregivers. And while I won’t rehash that now (you can read the article here), the caregiving topic has a flipside that warrants a discussion. That’s right, the other side of caregiving is care-receiving. Who, in this case, is the person receiving the care? Well, it’s you. Not now, and hopefully not for a long, long time. But at some point, we all earn our place at the front of the needing-care line.

As far as planning for your care goes, a written retirement plan is a key component. Knowing where the money will come from to provide for your needs and desires now and then is an enormous advantage for your and for your loved ones. Add to that a formal estate plan that includes a will, possibly a trust, powers of attorney, and any other documents deemed appropriate by your estate planning attorney. Maybe some form of long term care insurance should be part of your planning as well. These documents, plans, and strategies are incredibly valuable to your long-term peace of mind and protection. There’s one more document I’d like to strongly suggest: a Trusted Contact Authorization Form.

A Trusted Contact Form is a simple authorization from you that in the event of your cognitive decline, loss of ability to make sound decisions, or even suspected abuse by that of another person concerning your financial accounts, your advisor (that’s us) has the contact information on-file of a trusted person – and the permission to contact them – to bring them into the fold to ensure that you’re okay and that you’re making decisions that are in your best interest. Sure, we’re fiduciary advisors who choose to and are bound to act on your best interest, but what if we suspect someone in your life may be taking advantage of you? This Trusted Contact Form allows us to make a call to the person whom you choose, to simply ask for their help in helping you.

Naturally, you’re not required to complete this form, but we’re asking you to strongly consider it. If there’s one thing that keeps me up at night when serving retirees, it’s the reality that at some point – again, hopefully a LONG time from now – cognitive decline will occur and our hands will be tied when something needs to be done to assist an aging person. This Trusted Contact Authorization Form is one more ingredient in a well-designed plan that I hope you’ll consider implementing.

If you’d like to discuss this further or simply complete the form to add to your file with us, please respond to this email or give us a call at (419) 931-0704. 

On a brighter note, I hope you have a wonderful 4th of July next week. Having performed for twenty years in a military band, the 4th has so many powerful and patriotic memories for me. I deeply miss the final stanza of Stars And Stripes Forever with fireworks overhead while drumming inside the band that’s at full throttle. It just doesn’t get much better than that. I hope you’re able to fully embrace the Independence Day magic with your family.

All the best,

Adam Cufr, RICP®