RCC asks – How will you know when it’s time?
A number of events over the past few months have me thinking about aging, mortality, legacy, frailty, and – of course – financial planning. These events included attending funerals, preparing tax returns (ours and dozens of others), visiting old friends and distant family, minor traffic accidents, winter doldrums, and the recent discussions on HumbleDollar on the unique estate planning needs of childless retirees. Recent market volatility may have played a small role.
My wife and I have a lot of real-world experience caring for aging and infirm parents, both physically and financially. Those experiences have seared in my mind the importance of a well-planned, well-documented, and well-communicated estate plan. Jonathan’s articles over the past year have been a great example of this.
A recent experience has me thinking about a very tricky and personal question in retirement. I have a good friend, a former colleague and mentor, who is in his late 70s, single, and childless. He lives in his home of 30 plus years, with a first-floor master bedroom, and relatively easy entry. He has his estate in very good order, has a deposit on a CCRC near family, and has communicated this with his family. He hopes he will have the ability to make the choice to move when the time comes.
It’s one thing to have a good estate plan in place. But if we haven’t communicated that plan, or are unwilling to execute it, it’s of little use. I can’t count the number of stories I’ve heard of aging parents that are unwilling to explain their finances with their children, much less hand over control. Will we be willing to give up the literal keys to our independence – our cars? Has anyone thought about, or put criteria into place, to help make good decisions about your future? Have you communicated that to the important people in your life?
I took a pretty serious tumble about a year ago. The injuries were mostly bruises, scrapes, and cuts. I don’t think the fall caused any cognitive issues, at least not any more than the 2 pints of Guinness that preceded it. But it could have been much worse, and it reminds me that things can change in an instant. So, I ask my HD friends – how will you know when it’s time? More importantly, will you be willing to execute the plan?
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