Posted: July 12th, 2022

Carl and Jan are both 72 years old and live relatively well. They have a 2800 sq. ft. house on a golf course. The house was bought in 1979 and is paid for. So they only pay for insurance, utilities and property taxes. There is a large yard to maintain. They are financially stable with a retirement income (pension, investments, and cash savings) and social security. They were healthy and active until a year ago. Carl fell and broke a hip

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Carl and Jan are both 72 years old and live relatively well. They have a 2800 sq. ft. house on a golf course. The house was bought in 1979 and is paid for. So they only pay for insurance, utilities and property taxes. There is a large yard to maintain. They are financially stable with a retirement income (pension, investments, and cash savings) and social security. They were healthy and active until a year ago. Carl fell and broke a hip. He recovered, but needs a cane to walk. Jan is showing signs of dementia and possible beginning of Alzheimer’s disease. Carl and Jan discussed selling their house and moving to a local retirement community. The retirement community is enclosed. It has garden apartments, an assisted living facility and Alzheimer’s unit. There are dining facilities and activities on site. The retirement community is close to medical facilities and has a shuttle bus for medical appointments. The shuttle bus is also used for shopping and day trips in the area. If they move into the retirement community, it will cost everything they have earned and will earn. However, once they are members of the retirement community, they can move from one living space to another as needed. This will allow them to be independent in the beginning, but have more support has they transition to a more dependent lifestyle with qualified staff who can care for them. Carl and Jan have a son 47 years old who is married and has two older children (the grandchildren). They also have a daughter who is 45 years old and has one older child (the grandchild). The son and daughter live in a metropolitan area that is 2 hours away. The children had their own discussion. They both think their parents can stay in the house and arrange for home health. There are local non-profit agencies that provide “adult day care”. They also think that one of them (the son) needs to look at becoming a signer on the parent’s checking and savings accounts. If needed, they can get a lawyer to help with the details and handle a living will, power of attorney.
Carl has a brother who is 70 years old and divorced. He owns a contracting business in the same city. The brother thinks the retirement community is a good idea. He thinks they need to have a financial plan for the cash savings and retirement pension, such as an annuity. The brother has a financial planner who helps with the contracting business. The brother also thinks Carl and Jan need another signer on the checking and savings accounts. Since he is local, he offered to be a signer and have a power of attorney.
Do not repeat the scenario in your paper. Address these questions in your paper:
What role does the family play in making decisions versus the individuals (Carl and Jan)?
What is the potential for financial fraud and abuse?
What is the potential for elder abuse or self-neglect?
What is the potential for issues of “competence” in the next few years?
Are there other solutions that you might recommend for them to consider?

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