In a previous blog article, I shared some important information about the concierge services that are available to clients from most of the major insurance companies. These services may provide invaluable assistance to older folks who are in need of guidance about the medical resources available to them in their local area.
The subject of assistance for senior people – and the families and friends who support them – is of paramount importance. In this regard, there are several new websites that are providing much-needed services to seniors to help them in this endeavor.
Here are four companies that specialize in offering seniors a variety of online services:
Another assessment gauges a person’s risk for financial fraud and exploitation, and offers recommendations for protecting against those threats. A “proactive aging plan” helps people prepare for transitions in living arrangements, health care decisions and the operation of motor vehicles, so their wishes can be known.
As convenient and useful as these sites are, we also have to recognize that not every person is comfortable with storing personal information online. Given recent data breaches from large companies like Equifax and Capital One, one can understand why some people might hesitate to utilize these kinds of sites.
My Dad is a good example of this. He is a relatively tech savvy person but he is reluctant to put so much personal information online. So instead, he has a sturdy home safe where he stores all of his important documents, such as investment and bank account numbers, insurance policies, a copy of his will, medical directives, a power of attorney, and even his preferences for disposing of his digital assets.
I know all of this because in the event that something should happen to Dad, I will have to travel to New York, open the safe, and use the information in those documents to fulfill his personal wishes and settle his affairs.
In addition to a home safe, one might also consider employing a bank safety deposit box or entrusting one’s important documents to a family member or friend for storage offsite. Or one might request their trusted adviser, such as an attorney, to store the documents at their professional offices for safekeeping.
There are several actions that are critical to executing this kind of plan. First, make sure that all relevant documents have been identified and collected. Second, make a decision about where those documents are to be stored (offsite or online). Finally, make sure that someone you trust has been designated and given the authority to access these documents on your behalf.
It’s so easy to put off this kind of undertaking, to say “I’ll get to it tomorrow.” But it is vital to get it done before it is needed. As I always tell the people around me, “Trying to manage this kind of situation in the heat of the moment is never the best or most opportune time.”
It is important to note that the views and opinions expressed herein are those of the author, and not necessarily United Capital. United Capital is separate and unrelated to all entities referenced herein, and did not conduct any due diligence. All information is driven from publicly available information and has not been independently verified by United Capital. United Capital does not receive any compensation from any vendors referenced herein.
United Capital Financial Advisers, LLC (“United Capital”), is an affiliate of Goldman Sachs & Co. LLC and subsidiaries of the Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management and financial services organization. Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained herein is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. United Capital does not provide legal, tax or accounting advice. Readers should obtain their own independent legal, tax or accounting advice based on their particular circumstances.
United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.
The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.
Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.
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