Retirement Planning Advisors Release Critical Information For Baby Boomers

November 08, 2016 - PRESSADVANTAGE -

The holidays are rapidly approaching and this is the time that families will gather to celebrate. This offers an excellent opportunity for baby boomers to think about taking care of their aging parents. This is why Retirement Planning Advisors, Inc. in La Mirada, California, has released vital information that baby boomers can use.

Each year thousands of people are thrust into care crisis when a family member or loved one needs long-term care. The challenge is not about finding the right facility but figuring out how to pay for the care and how to minimize possible damage to the rest of the family.

"Every boomer needs to plan now for this possibility," says Karl Kim, Certified Financial Planner and founder of Retirement Planning Advisors. He adds, "It starts with a discussion about these three essential topics."

Kim says that the first topic is on estate planning documents. One question to ask is whether they have a will, living trust, durable powers of attorney for asset management (financial) and an Advanced Healthcare Directive (living will and healthcare power of attorney). If there are, the next questions to ask include where the documents are located, and whether these can be readily accessed in an emergency. If no, then these have to be remedied as soon as possible.

Secondly, boomers should consider bank and credit union accounts. In the event of incapacity, the question is who is able to access the accounts to pay the bills. If the accounts are at a bank, a Power of Attorney should be in the computer at the bank. If the account is at a credit union, then the attorney drafted Power of Attorney will be accepted.

Finally, personal information should be considered. If a government program like Medi-Cal is needed to help pay for nursing home care, access to a variety of different documents will be required. For example a valid California driver's license or Senior identification card, Medicare card, Social Security card, birth certificate, health insurance card and premium statements, and most recent four months bank, investment and retirement account statements.

"As the turkeys get prepped and the trees get trimmed, the holidays are the perfect time for baby boomers to discuss these 3 essential topics with their aging parents," says Kim. "Having this discussion is a good start and could save your family hundreds of thousands of dollars and heartache."

Kim is adamant about who should handle these matters: "Work only with Certified Financial Planners, particularly those that specialize in senior care," he advises. "That's the soundest way to achieve the best results."

Karl Kim is a specialist in long-term care and retirement planning. He is the author of "Don't Go Broke Paying the Nursing Home." Over the past 20 years, he has submitted over 1,500 Medi-Cal applications and saved families hundreds of thousands of dollars.

Since 1987, thousands have attended his workshops in Los Angeles and Orange counties and have benefited from his unique knowledge on Medi-Cal qualification, long-term care and retirement planning.

More about the company can be seen at www.RetirementCrisisPlanning.com.

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For more information about Retirement Planning Advisors Inc., contact the company here:

Retirement Planning Advisors Inc.
Karl Kim
1-800-414-6722
rpa_karl@hotmail.com
16700 Valley View Ave
Suite 160
La Mirada CA 90638