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Who are you caring for?
Which best describes their mobility?
How well are they maintaining their hygiene?
How are they managing their medications?
Does their living environment pose any safety concerns?
Fall risks, spoiled food, or other threats to wellbeing
Are they experiencing any memory loss?
Which best describes your loved one's social life?
Acknowledgment of Disclosures and Authorization
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment. You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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Mostly Independent
Your loved one may not require home care or assisted living services at this time. However, continue to monitor their condition for changes and consider occasional in-home care services for help as needed.
Remember, this assessment is not a substitute for professional advice.
Share a few details and we will match you to trusted home care in your area:
2. Ask if s/he believes in a simple, low cost portfolio of the sort that is advocated by Warren Buffet and is exemplified by the Boglehead approach.
3. Ask her/him to show you what the expense ratio of each mutual fund is.
4. Go to www.bogleheads.org and read the Wiki. Educate yourself about how to figure out how much this "advisor", aka salesperson is costing dad each year. Ask what percentage of dad's AUM (assets under management) he charges each year.
Most advisors charge 1% or more IN ADDITION to the ER of each fund. This really eats into dad's nest egg, especially in a down market.
5. Find out what churning is. Find out if s/he's doing it.
As a Fiduciary and Financial Planning Professional. I have to comment on Luta65's reply.
The Financial Planner has to have the funds invested as the owner wishes, not as the POA wants. The POA's social consciousness is not part of the conversation. I woudl be off side with compliance (and they review all transactions), if I sold a portfolio and purchased a completely different one based on a POAs request.
Just as I cannot force a client to purchase green investments, I cannot force them to invest in any specific industry.
If the owner of the funds had been interested in ethical/green/carbon neutral investments, that is how they would be invested.
Also keep in mind when reviewing the information Barb B has shared. If you decide to move the funds from the current company, as the POA you cannot assign beneficiaries, only the owner of the funds can do this and only if they have the mental capacity to do so. The beneficiary of the funds would be the estate by default. This may cause significant estate planning issues, including greater probate and taxes owning.
As DPOA and executor of my parents' estate (we lost Dad and I'm Mom's DPOA), I looked into the investments involved in the remaining IRA. Because of my social justice conscience, I decided to simply cash out the IRA rather than remain invested in pipelines, fracking, and a host of other investments that represent what I, personally, stand against.
If dealing with a small portfolio, consider divesting and cashing out. If interested in the market, look toward investing those funds in the green economy. A good financial advisor should be able to guide you, if interested in ethical investment opportunities.
May I ask you a question? I am DPOA for my father and he has an IRA. He just got a VERY large bill that came out of the blue (insurance overpayment that the county is trying to claw back) and I am trying to figure out how best to pay it. He doesn’t even know he has an IRA anymore and hasn’t been drawing on it. I am thinking that cashing it out to pay this bill is something I may have to do. How difficult is this process for a DPOA? I am aware he will take a tax hit but I may have no choice on this.
Here is a link to a related question so you can see how a similar discussion might go. They can be a little sharp, but there are some really knowledgeable do-it-yourselfers there.
"Investing Father's Assets Who Is In Nursing Home (POA)" https://www.bogleheads.org/forum/viewtopic.php?t=288197
Willy, one thing that I want to address, only because a poster stated they changed their mom's investments to their personal choices and social conscience. As a POA you are a legal representative, governed by law. You are required by law to make decisions that the assignor would have made for themselves when they were of sound mind. Not doing that, could lead to serious legal issues for any POA.
Tothill's information is spot on.
This is a terrible time to be dealing with any investments, for anyone. Best of luck.
You can also post the information about how the portfolio is invested, amounts, with whom, etc. on Bogleheads. You will get some useful responses and questions from them. A site called Personal Capital (among others) tracks our investments and compares the results to market indices. It is excellent and free. They do ask plaintively to provide a free financial consultation every six months. Since their tracking suggests our current guys are doing quite well, I just take free advantage of the free service.
You can also post the information about how the portfolio is invested, amounts, with whom, etc. on Bogleheads. They will be able to help you figure out how you are doing in comparison. You will get some useful responses and questions from them. A site called Personal Capital (among others) tracks our investments and compares the results to market indices. It is excellent and free. They do ask plaintively to provide a free financial consultation every six months. Since their tracking suggests our current guys are doing quite well, I just take advantage of the free service.
You can also post the information about how the portfolio is invested, amounts, with whom, etc. on Bogleheads. They will be able to help you figure out how you are doing in comparison. You will get some useful responses and questions from them. A site called Personal Capital (among others) tracks our investments and compares the results to market indices. It is excellent and free. They do ask plaintively to provide a free financial consultation every six months. Since their tracking suggests our current guys are doing quite well, I just take advantage of the free service. I am not real dumb, but I am no financial expert. I would be very reluctant to start investing someone else's life savings after a personal study of the matter. I think anyone should be. There are respectable big brokerage firms that offer reasonably priced and straightforward investment strategies. Boglehead can certainly suggest some of them. There are also free financial calculators at these as well as Personal Capital that will give you an idea of how the portfolio is doing. It would be simpler, however, to hire an independent financial adviser(i.e. no sales, just analysis and advice) to evaluate it.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
1. Ask if s/he is a fiduciary.
2. Ask if s/he believes in a simple, low cost portfolio of the sort that is advocated by Warren Buffet and is exemplified by the Boglehead approach.
3. Ask her/him to show you what the expense ratio of each mutual fund is.
4. Go to www.bogleheads.org and read the Wiki. Educate yourself about how to figure out how much this "advisor", aka salesperson is costing dad each year. Ask what percentage of dad's AUM (assets under management) he charges each year.
Most advisors charge 1% or more IN ADDITION to the ER of each fund. This really eats into dad's nest egg, especially in a down market.
5. Find out what churning is. Find out if s/he's doing it.
Join Bogleheads.org.
The Financial Planner has to have the funds invested as the owner wishes, not as the POA wants. The POA's social consciousness is not part of the conversation. I woudl be off side with compliance (and they review all transactions), if I sold a portfolio and purchased a completely different one based on a POAs request.
Just as I cannot force a client to purchase green investments, I cannot force them to invest in any specific industry.
If the owner of the funds had been interested in ethical/green/carbon neutral investments, that is how they would be invested.
Also keep in mind when reviewing the information Barb B has shared. If you decide to move the funds from the current company, as the POA you cannot assign beneficiaries, only the owner of the funds can do this and only if they have the mental capacity to do so. The beneficiary of the funds would be the estate by default. This may cause significant estate planning issues, including greater probate and taxes owning.
As DPOA and executor of my parents' estate (we lost Dad and I'm Mom's DPOA), I looked into the investments involved in the remaining IRA. Because of my social justice conscience, I decided to simply cash out the IRA rather than remain invested in pipelines, fracking, and a host of other investments that represent what I, personally, stand against.
If dealing with a small portfolio, consider divesting and cashing out. If interested in the market, look toward investing those funds in the green economy. A good financial advisor should be able to guide you, if interested in ethical investment opportunities.
Here is a link to a related question so you can see how a similar discussion might go. They can be a little sharp, but there are some really knowledgeable do-it-yourselfers there.
"Investing Father's Assets Who Is In Nursing Home (POA)"
https://www.bogleheads.org/forum/viewtopic.php?t=288197
Tothill's information is spot on.
This is a terrible time to be dealing with any investments, for anyone. Best of luck.
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