(317) 237-7770

The Importance of VIPs

by At Home Preferred on November 13, 2012

There’s a saying: He who fails to plan, plans to fail. As a financial planner I see
firsthand the benefits of planning. Goals are met, what would have been a crisis is not,
and peace of mind are all results of planning. The same can be said about planning
for care. When you have a formal plan in place to care for your elderly parents or
other family members, goals can be met, crises are averted and all involved (the care-
receivers and care-givers) can have peace of mind.

When you start working with your elderly family member to plan for their care, one of
the first things to do is to help them organize their information in a central location (I
recommend using a large binder). As referenced in a post earlier this year, this would
entail creating a list of income and expenses, a financial statement listing assets and
liabilities, recording whether or not your family member has a safety deposit box, as well
as a listing of any insurance policies and estate documents. Beyond that, organizing
their information should include creating a list of VIPs with contact information.

VIPs would include family members and close friends who will have input or
responsibilities in care-giving
. This list of VIPs should also include service providers,
such as all doctors, the attorney, financial planner, tax preparer and insurance agents
for all insurance coverages. Don’t forget to include those who provide household
services, for example the lawn care company, plumber and heating/air service

Pulling together this list with contact information in advance of a crisis will put you one
step closer to peace of mind.

Juli Erhart-Graves is a CERTIFIED FINANCIAL PLANNER™ practitioner with Worley Erhart-Graves
Financial Advisors, Inc. Worley Erhart-Graves Financial Advisors, Inc. is a Registered Investment Advisor. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators nor does it indicate that the advisor has attained a particular level of skill or ability. Content is for informational purposes only and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.