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How to Preserve Assets When Caring for an Elderly Parent

Of all of life’s milestones, the transition from child to caretaker can be one of the most difficult and disorienting. While helping a parent navigate the last chapter of life, there are many tough choices to make regarding their health and well-being. These decisions can be overwhelming, but equally important is financially planning for this life transition.

Here are some important steps to take as your parents begin to age.

Know the Risks and Get Protection

Before making any financial plans for your elderly parents, you should make sure that their assets are protected. Financial scammers often target the elderly, taking advantage of mental decline or a lack of technological fluency. Skilled con-artists operate sophisticated operations that can often fool even the most vigilant victims. 

Wealth advisors can help simplify investments and spending plans. This can make financial management easier for the elderly, helping expose signs of fraud if it does occur. A wealth advisor can also help point customers to useful tools like credit monitoring, which can help protect them against fraud. 

Plan Ahead for Costly Care

Even if your elderly parents are in good physical and mental health, there’s always a chance that it could begin to deteriorate in the years to come. Long-term care is expensive and can quickly eat away at life savings. A wealth advisor can help devise ways to protect your parents’ assets and preserve them, even if they do wind up needing long-term care.

Invest in Estate Planning

For anyone who has assets, estate planning is critical in every stage of life. For the elderly, estate planning is especially important to determine who controls their assets once they are unable to themselves. Estate planning goes beyond just having a will. It also includes creating things like a living will or a trust. It can also help establish a power of attorney in the event of a medical emergency. 

Protecting Yourself

Being a caretaker can sometimes be a financial burden. Caring for an aging parent may require you take time off work or chip in for some unexpected expenses. A wealth advisor can help you prepare for these financial shocks and carefully guide you in the transition toward becoming a caretaker. 

Do you need help planning for your parent’s golden years? Contact us today to get started!

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Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring | Financial Advisor, RJFS 
615-861-6102

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Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.