Frequently Asked Questions about Elder Planning
Answers to common questions regarding elder planning.
What is elder planning?
Elder planning helps older adults and their families prepare for aging-related needs, including healthcare, legal, and financial decisions.
Do I need elder planning if I already have a will?
Yes, a will is just one part—elder planning also includes power of attorney, healthcare directives, long-term care options, and more.
Can you help with Medicaid or long-term care planning?
Absolutely. We assist with Medicaid eligibility, asset protection strategies, and planning for assisted living or nursing home care.
Is elder planning only for seniors?
No, it’s beneficial to start planning in your 50s or 60s—or even earlier—to ensure everything is in place well before it’s needed.
I'm no millionaire—do I still need elder planning?
Yes. Whether or not you have a large estate, elder planning ensures your finances are in order if you’re incapacitated or need care—and protects against fraud or missed bills . It prevents your family from facing confusion and unnecessary legal costs.
How will a CPA help me manage healthcare costs like Medicare and long-term care?
Healthcare expenses—especially Medicare premiums, supplemental coverage, and long-term care—can quickly become overwhelming without a clear strategy. As CPAs, we help you estimate future costs, optimize coverage choices, and plan tax-efficiently to preserve your assets.
What happens if I become incapacitated without proper planning?
Without legal and financial documents in place, your loved ones may need to go through court just to make basic decisions on your behalf—creating stress, delays, and even family conflict. A proactive elder care plan ensures your wishes are honored, and trusted individuals are legally empowered to act.
Can elder planning help me protect my assets from high care costs?
Yes. With the right planning, you may be able to shield assets from being depleted by long-term care costs. This could involve trusts, Medicaid planning strategies, or shifting how assets are owned or titled.
How can you spot and prevent elder financial abuse?
Financial abuse often hides in plain sight—unauthorized transactions, pressure to change documents, or “new friends” gaining access to funds. We help detect red flags by monitoring financial patterns and implementing safeguards like trusted contacts and durable powers of attorney.
Will you help me evaluate housing and care options?
Absolutely. Whether you’re considering staying at home, downsizing, or moving into assisted living, we’ll help you evaluate the financial side—costs, tax implications, and sustainability over time.
What essential documents should be in place for elder care?
A strong elder care plan typically includes:
Durable financial power of attorney
Medical power of attorney (healthcare proxy)
Living will/advance directive
HIPAA authorization
Updated will or trust
Long-term care insurance or Medicaid strategy (if needed)
Why should I choose a CPA firm for elder planning instead of just a lawyer?
Lawyers handle legal documents—but a CPA brings the financial strategy to the table. We help manage cash flow, taxes, benefits planning, and long-term asset protection. When we collaborate with your attorney, the result is a more complete, more coordinated plan.
How often should we review my elder plan?
At minimum, we recommend reviewing your plan every 1–2 years, or whenever a major life change happens (health event, loss of a spouse, move, policy changes, etc.). Regular check-ins help ensure your plan stays aligned with your goals.
How do I get started?
Just contact us for a consultation. We’ll review your situation and help create a customized plan that fits your needs and goals.
Our Elder Planning services can help protect your loved ones, your assets, and your peace of mind.
