Aging: The Overlooked Risk Factor

Wealth can shield you from many of the hardships of life, particularly the discomforts of aging. Luxury retirement accommodations, private caregivers and the best medical care can smooth the sometimes bumpy path of later years.

But money can’t insulate you from the personal complications of aging. Everyone has tough decisions to face and weighty conversations to initiate with loved ones. Having a knowledgeable partner to help facilitate those discussions and transitions is a privilege no one should forego if they can afford it.

“At Whittier Trust Company, elder care is integrated into the continuum of family office services we provide for clients in collaboration with trusted partner companies,” says André B. van Niekerk, Senior Vice President, Business Development. “Quite often, families end up facing complicated care decisions in the heat of the moment, after a hospitalization or other emergency. With our network of expert partners, we help families prepare for the inevitable and manage it when it comes.”

Failure to plan ahead for elder care makes your family vulnerable to financial risk as well as mental and emotional duress. Van Niekerk and his team spoke with one of Whittier’s partners, Barbara Oberman, CEO and President of Senior Living Solutions, about those risks and how they can be prevented or mitigated.

Crisis vs. preparation

Making a decision in a time of crisis is never ideal. “It can be a trial by fire,” Oberman says. “I was fortunate that when my mother was hurt, I had already set up a plan, and it gave me the ability to act quickly and decisively.”

Planning ahead with your Whittier team and exploring options for care in advance ensures you can make the most of available resources, such as long-term care insurance policies, which may help cover certain care expenses. Medicare and supplemental insurance primarily cover medical expenses, so understanding these limitations is key to preparing for non-medical or long-term care needs.

Overload vs. confidence

Assisted living, independent living, board and care, memory care, or caregivers — there’s an entire spectrum of possibilities, and the differences are often hidden in the fine print. Do you need help with meal preparation or medication management? Do you want activities and socialization?

Oberman recalls: “One client came to me after moving their father into assisted living. They were genuinely surprised to find he didn’t have someone by his side to take care of him all the time. But that 24/7 type of service only comes with a private caregiver. It was stressful for them to have to fix that mistake.”

An upfront needs assessment avoids such mishaps by covering all the factors in advance, such as medical conditions, mobility levels, budget, preferred locations, desired activities, and cognition levels. “We’re like a real estate agent,” Oberman says. “We help you identify your needs and wants, then help you navigate the many moving parts until we reach the best solution. We help moderate tough conversations, analyze choices, and even assist in the move to a new place.”

Liability vs. expertise

It is important for families to realize that if you hire private caregivers, you become an employer, with payroll and management responsibilities. You must follow labor laws or you could put yourself in financial jeopardy. Homeowners' insurance typically covers visitors, but often doesn’t cover regular household workers. A reputable agency will handle background checks, pay taxes, and provide workers' compensation for caregivers. If you are certain private care is your preference, however, Whittier Trust and a consultant like Oberman can help you with those arrangements.

We can also help find the ideal senior living community. "Many of these communities are part of national chains, but each one is unique,” Oberman explains. “We build relationships with local staff, visit each community in person, and review their history (including any violations or required corrections). Senior living communities must meet state licensing requirements, and we carefully check these reports to ensure they provide high-quality care before making a recommendation. We know all the finer points of each company’s approach and care philosophy, amenities, and costs.”

Sales pressure vs. concierge service

The last thing you need during this difficult transition time is a heavy-handed sales pitch or dire warnings about waiting lists from a sales rep trying to meet monthly quotas. Your Whittier team safeguards you from such tactics, acting as your advocate in comparing different senior living options so you can make an informed decision without pressure.

“As part of our concierge service, we go beyond just making recommendations,” Oberman says. “We arrange personal tours of the communities you wish to visit, help you navigate paperwork in advance, assist with negotiations to secure the most favorable terms and services and coordinate move-in arrangements. Additionally, we connect you with trusted professionals to assist with selling your home, managing estate sales, and downsizing. Through our network of senior advisors, we provide personalized support to make the transition as smooth and stress-free as possible. Then we’ll check in after the move to address any concerns and ensure everything meets expectations.”

Chaos vs. consensus

Procrastination is likely to leave you in turmoil if an emergency arises and you’ve failed to talk to your family about elder care. We know it’s not easy, though, to organize such personal discussions or reach consensus with multiple family members and multiple generations. We can help facilitate these conversations, create a plan and budget and keep it updated for whenever it ends up being needed.

“At Whittier, we’re here to help you manage life’s many stressors while maintaining your family’s security, unity, and overall well-being,” says van Niekerk.

To learn more about how Whittier Trust's family office services can make a difference for you and your loved ones, start a conversation with a Whittier Trust advisor today by visiting www.whittiertrust.com.