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This advisor describes older clients who live so far below their means that it doesn't make sense. You may want to share these thoughts with older clients who can afford to take better care of themselves and live a little more comfortably.
Your 87-year-old widowed client calls and very excitedly asks you to transfer $10,000 to her checking account to pay an estate tax so she can receive an inheritance from a distant relative. Turns out she doesn't know the relative, but the nice man on the phone told her that she will inherit $95,000 as soon as she pays. What do you do?
It is difficult for older clients and their adult children to prepare for a time when parents may be physically or mentally disabled by the vagaries of age. Check in to be sure families have established durable power of attorney and advance medical directives long before they are needed.
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