P RIMETIME Financial LIVI NG YOU R B E ST I N TH E P R I M E OF YOU R LI F E
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Helping seniors, spouses secure their financial future by daniel kittredGe
Financial planning can be a daunting prospect for people of any age. For older people and senior citizens, it often proves particularly challenging. From navigating investments to estate and retirement planning, there are a host of issues to consider – and, increasingly, potential pitfalls of which to be aware. That’s where legal and financial professionals come into the picture, providing expertise and guidance to individuals, couples and families as members of the community enter their golden years. “We have such a big senior demographic in Rhode Island … There’s such a demand, and it’s such an important part of the law,” said elderl law attorney Laura M. Krohn, who is based in South Kingstown and has a satellite office in Warwick. Mary Quackenbush, an investment professional with Coventry-based Victor Moffitt & Associates LLC, agreed that communication and planning are essential elements in terms of aging comfortably and securely. “I feel like that might be the most important piece as people get older, is making sure you have those things in place,” she said. Krohn’s practice provides a range of services, including asset protection, designating powers of attorney, Medicaid planning, Medicaid applications, wills and trusts, probate of estates and family mediation. She periodically hosts seminars focused on specific issues, such as a discussion of qualifying for Medicaid and preserving assets during long-term care held at the Warwick Public Library on Jan. 25. “They’re very educational. It’s a great thing to do,” she said. While tax time often brings finances to the forefront of
people’s minds, Krohn said her practice is far from seasonal in “They should always have a person with them that is hearing nature. She takes a “holistic” approach to elder law, addressing what I’m saying,” she said. “It’s always good to have another everything from medical and financial needs to family issues. person there being part of it.” Krohn said a good deal of her work deals with “crisis planOne aspect of long-term planning that surprises some clining” – helping people navigate complex decisions in terms of ents, Quackenbush said, is power of attorney. long-term care and asset protection in difficult circumstances. “There’s a medical power of attorney, and there’s a financial The focus is often on protecting a spouse from the loss of in- power of attorney, and those are not interchangeable,” she said. come or a home, as well as providing support for families. She also urges clients to ensure that their personal papers With that in mind, Krohn are secure and that someone trusted has knowledge urged people to proactively of where to find them when the time comes. Otherengage in estate planning – wise, she said, important accounts risk becoming unI feel like that might be the and, in the case of seniors, to most important piece as people claimed property – and families can suffer as a result. enlist others who are trusted get older, is making sure you have In terms of tax season, Quackenbush said there to accompany them through are few changes of note for this year’s filing period. those things in place the process and assume key re– mary quackenbush As part of her tax work, she helps clients navigate sponsibilities down the road. capital gains tax issues. “You want somebody re“It’s always frustrating to see a loss at the end of sponsible who you can trust… the year and then still have a capital gain you have to part of [elder law] counseling has to be advising the client to pay taxes on,” she said. choose the right person to handle their affairs,” she said. “You Quackenbush said at a time when people are exchanging want to know about the family. When we’re meeting with cli- paperwork and otherwise dealing with the federal government, ents, we look at the big picture. What are the family dynam- it is important to be aware of potential scams. Callers pretendics?” ing to be from the Social Security office and asking people for Quackenbush said her firm provides tax assistance as well their Social Security numbers is an issue she has heard about as investment and retirement planning services. She echoed frequently of late. Krohn in terms of the importance of planning and relying on “Any federal agency is never going to call you. Ever. They’re trusted people – noting that exploitation of seniors, even at the always going to send a certified letter,” she said, urging people hands of loved ones, can too often be a sad reality. to keep a record of suspected scammers and share it with finan“Unfortunately, I’ve seen that a lot,” she said. cial professionals or law enforcement. Quackenbush said she advises older people to bring along More information about Krohn and her practice is available someone trusted during their planning sessions with her – at seniorguideri.com. To learn more about Victor Moffitt & something that helps ensure she and the client are fully “in Associates LLC, visit victormoffitt.com. sync.”
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