A Financial Planning Nightmare

Naples FL estate planning attorney George Wilson and his executive assistant, Trish Gadaleta.

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The most thoughtful and comprehensive financial plans will be derailed by an extreme, but unfortunately common event: when both spouses simultaneously display dementia.

That scenario doesn’t have to be a nightmare if advisors take the proper steps as part of their advance planning process. Every advisor offers comprehensive financial planning services in addition to investment management. Here’s now a local planner helps avoid this disaster.

It’s fairly easy to measure the value of investment management. Including financial planning in the mix is much more daunting.

Advisors are fond of saying they give clients “peace of mind.” With many advisors, I suspect that’s true. Nevertheless, many Americans are either uninsured or underinsured, and too many retirees are still saddled with mortgages on their homes. The use of immediate or deferred annuities to protect against longevity risk is underutilized.

It’s difficult to envision how these people have “peace of mind.”

These issues pale in comparison to a financial planning nightmare that recently came to my attention. Let me explain.

Simultaneous dementia

I’m aware of several cases where a husband and wife became afflicted with dementia at almost the same time. I wondered how those couples coped and whether their advisors had planned for that event.

I interviewed George Wilson and his executive assistant, Trish Gadaleta, at their office in Naples, Florida. Wilson is a well-known and highly respected estate planning attorney.