How do I make sure my parent’s investment strategy is appropriate for them?
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The Scenario
It’s difficult to decide what to do when an aging parent no longer has the desire or capacity to manage his or her own finances. Typically, these situations can carry significant burden as it’s one thing to control your own future, but it’s another to have control over someone else’s. In many cases, the individual being granted this control may not have the experience, expertise or time to effectively guide the investment and portfolio decisions in their parent’s place. They may want to hire someone to help offload some of the burden.
Key Considerations
- If you are successor trustee or a power of attorney for your parents, how do you plan to fulfill your fiduciary and legal duty to them?
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How we help
Having helped many clients through this experience, we understand the amount of time it takes to help a loved one with his or her finances. No matter how organized your situation may be, it is still a large undertaking. Our goal is to understand where you are today, where you want to be in the future, and identifying ways we can implement solutions to achieve your joint goals.
Our process includes:
- Preparation of tax returns
- Review and recommendations on current estate plan
- Finding the right balance of stability, income, and growth for their portfolio
- Calculating and distributing Required Minimum Distributions for IRA accounts
