Financial Wellness with Virginia Clay

This past week on our radio program, “Asset Protection Today,” on Talk Radio 850 WPTK (AM) the ladies took over as our attorneys, Tovah Mitchell and Kathryn Bowman welcomed Virginia Clay, a Certified Financial Planner from Morgan Stanley as our guest for the show. Virginia focuses on women’s financial and retirement planning, long term care insurance and planning, healthcare and caregiver related planning, elder care support planning, as well as financial plans and advice for pharmacists, physicians, physician assistants, and nurses.

Virginia discussed the importance of engaging in “health centric” planning for seniors, as well as the importance of consulting a team of professionals to help you get the best advice possible. As seniors age, they face increased financial burdens and healthcare costs. At the same time, they must pay for legal and asset protection strategies. Medicare and private health insurance do not pay for long-term healthcare costs, resulting in a risk to the senior’s retirement savings and standard of living. In addition to the threat of having to pay for these health care costs out of pocket, seniors also face the risk of running out of money if they fail to plan properly. As a result, a good financial plan should focus on the individual, his or her health, as well as his or her standard of living.

In a “health centric” plan, Virginia often asks “what-if” questions to determine whether a couple will have the extra income available if additional costs arise, increasing the likelihood that they will run out of money. Then, the couple can begin to address the likelihood of the problem and come to a hypothetical solution (such as spending less). For example, the average annual cost of a nursing home is over $80,000. While no one wants to go to a nursing home, this is something that everyone should consider when planning.

Virginia also explained that a good plan involves a team of professionals, as there is overlap between a person’s healthcare, financial, and legal needs. When considering which professionals to add to your team, be sure to consult a financial planner and an accountant, as well as a business consultant if you need help with the sale or transfer of your business. For the client who has very complicated long-term care concerns, visit an elder law attorney as your legal specialist. Good advice from a team of professionals can help individuals and families avoid mistakes. Sometimes even smart people will make mistakes. 25% of adult children will deplete their own retirement funds by paying for the cost of long term care for their parents. It benefits people to work with a team of professionals, as sometimes they don’t know all of the options available to them.

Virginia holds a Wealth Wisdom for Women luncheon monthly at Morgan Stanley on Spring Forest Road.This luncheon is free and features financial and investment discussions. The aim of Wealth Wisdom for Women is to help those who participate achieve greater financial fluency and wealth. In September, the luncheon will feature buying and leasing new and used cars. In October, the luncheon will feature end of year tax considerations. In 2015, more of the programs will involve “health centric” topics. Visit http://www.morganstanleyfa.com/clay/ or call (919) 877-2442 to make a reservation.

Our law firm, W.G. Alexander & Associates, is not affiliated directly or indirectly with Morgan Stanley, but we delighted to work with them for mutual clients. If you or your loved have questions about asset protection, elderlaw or would like to know more about government assistance programs such as Medicaid, Veteran’s Benefits, or other Special Needs programs, consider W.G. Alexander & Associates – we are experienced attorneys who offer a unique blend of asset protection, Elder Law and estate planning. You can also attend our free seminars, learn more through our website at www.wgalaw.com, or call us at (919) 256-7000.

Attorney Bill Alexander discusses these issues and more every Tuesday morning on W.G. Alexander & Associates’ radio program, “Asset Protection Today,” on TalkRadio 850 WPTK (AM). Be sure to listen from 9:00-10:00 AM.