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How do you find a custodian for very old age?

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bob5000
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How do you find a custodian for very old age?  Reply with quote  

I'm retired and my wife will be retiring soon. We have enough saved to retire comfortably. We are managing our own investments now. I have training and education in this and also experience. To the bad, I have lots of fear about 'financial advisers' since I view most as commissioned sales people who see me as meat on the hoof. I'm sure some are good, but I don't plan on using one until I have no choice - which is the point of my post.

Someday, my wife and I will not be able to manage our own affairs. This won't be for a couple of decades or longer, but I have an annoying habit of planning far far ahead. We will need someone to not only manage the funds, but pay bills and possibly interact with a custodian of some kind. We have no family members who are capable of doing this.

How does someone go about finding one or more people to do this ( adviser and custodial) job? Is there an industry for this?

In a few years I will have to bite the bullet and find a financial adviser to make monthly deposits and keep our savings properly invested. Hopefully I will find one who will be happy to manage fixed income assets with an eye towards decent income while minimizing duration / capital gains risk while not charging top fees for such little work. The custodian will be harder to find, especially since I have no idea how to even look for one.

Ideas welcome.
Post Tue Jan 10, 2017 2:03 pm
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oldguy
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quote:
I'm sure some are good, but I don't plan on using one until I have no choice - which is the point of my post. Someday, my wife and I will not be able to manage our own affairs. - - - - Hopefully I will find one who will be happy to manage fixed income assets with an eye towards decent income while minimizing duration / capital gains risk while not charging top fees for such little work. The custodian will be harder to find, especially since I have no idea how to even look for one.


I liken it to insurance - some people buy insurance for everything (a very expensive method, it's expensive to hire someone to accept your risks). Others self-insure, ie build-up wealth that will cover risks.
Your risks are a multitude of variables. A heart attack next year? A car wreck? Alzheimer? Usually, a couple can function by one leaning on the other. But when one passes, the other cannot live independently. But none of this can be known or predicted - my dad handled his own investments, income tax, business, at age 98. Another relative lost almost all memory at age 60 and was fully dependent on his children for bills, taxes, food, clothes, driving, etc. (he cold drive OK but he had no recollection of where to go).

If you go to an elder law attorney, they can list all possible outcomes - but they cannot project yours. A better (and more feasible approach) is to wait for it. As you age, it becomes more & more obvious what your end-game life will be - the various physical/mental issues happen over several years, sometimes over decades. So most possibilities on your 'now" list can be eliminated as others begin to actualize.
Post Tue Jan 10, 2017 5:18 pm
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