EP17: Organizing and preparing information for application to a Continuing Care Retirement Community

Applying to a Continuing Care Retirement Community (CCRC) involves significant preparation and organization. In this episode, host Vivian Arias, Community Relations Manager at Vi, speaks with Diana Kahn, a Certified Financial Planner (CFP) and the “Financial Pharmacist,” about best practices for helping clients navigate this complex process. Drawing from decades of experience and personal insights, Diana shares actionable advice to ease the transition.In this episode, they discuss:Key Team Members for Preparation: The importance of creating a collaborative team of financial and legal advisors to guide the application process.Essential Documents: Gathering and organizing critical paperwork, such as tax returns, investment statements, real estate records, and trust agreements.Recovering Missing Assets: How to locate unclaimed 401(k) plans and other financial resources using tools like the Secure Act 2.0 database and missingmoney.com.Protecting Clients' Finances: Implementing safeguards such as credit locks, updating beneficiaries, and preparing for seamless account access.Digital and Physical Organization Tips: Recommendations for managing documents, including using estate planning kits, creating virtual folders, or self-made solutions like a “gray box.”Memorable Quotes:"When organizing assets for a CCRC application, assembling a strong advisory team is crucial to ensuring a smooth process for the client.""Missingmoney.com is an invaluable resource for finding forgotten financial assets. It’s a treasure hunt with potentially rewarding outcomes.""Ensuring credit security and assigning account access can protect aging clients from scams during their transition to a new living arrangement."Resources:Connect with Diana Kahn, the “Financial Pharmacist,” on LinkedIn https://www.linkedin.com/in/diana-kahn-cfp%C2%AE-0ba50426Find out more about Vi Living at our Website: https://www.viliving.com/ Hosted on Acast. See acast.com/privacy for more information.