Many clients have family (children, grandchildren and other relatives) or close friends to help them out as they age and to make health, financial and other life decisions for them when they’re no longer able to do so for themselves. But not all clients are so lucky. As early Baby Boomers begin to age, practitioners are seeing more “orphan” clients who have no spouse, life partner or children on whom they can depend. As a result, practitioners may be called on to help these clients set up some type of care management system. In their article, “Help Your Senior Orphan Client Ride Out the Solo Tsunami,” p. 42, Cynthia F. Tolan and Shannon M. James set out the various planning options for these clients.
Whatever your clients’ situations are regarding family, it helps for them to plan their aging priorities ahead of time by creating transition plans before an emergency occurs and plans need to be hastily made. In her article “Urge Clients to Create Transition Plan,” p. 48, Elizabeth K. Miller lays out five important issues to discuss with clients, including creating a list of critical information (for example, medications, digital passwords) that may be needed if the client becomes incapacitated. And if your clients want to be cared for at home, “The Quality Home Care Crisis,” by Michael Gilfix, p. 37, details the challenges they face.
This month’s issue also includes our Ultra-High-Net-Worth Families & Family Offices Committee Report, with articles on handling succession issues caused by generational differences, setting up the next generation to become future leaders through board participation, keeping the family office relevant over the long term, creating a smooth transition when a CEO leaves the family office and assisting families with LGBTQ members.