Expert Q&A : Finance & Money

Jon P. Beyrer, EA, CFP® is the Vice President of Financial Planning at Blankinship & Foster, LLC, a Registered Investment Advisor in Solana Beach, California. Mr. Beyrer earned his Master of Science Degree in Financial and Tax Planning from San Diego State University. He is licensed to use the Certified Financial Planner and CFP® marks by the Certified Financial Planner Board of Standards, and is enrolled to practice before the Internal Revenue Service. Beyrer is a member of the Financial Planning Association and currently serves as the association's Public Relations Director. He is also a member of the La Jolla Estate Planning, Trust and Probate Section and the National Association of Personal Financial Advisors.

Mom has Alzheimer’s and lives in a facility. My sister has power of attorney. Mom wants to gift $150,000 to grandkids rather than using it to pay for care. She worked all her life paying for Medicare. Shouldn't she be able to use it instead of her savings
This is a difficult dilemma, and one that many families are facing. The dilemma can often be avoided or mitigated with advance planning, but that doesn’t help in your case. Read Jon's full answer.

Is a Reverse Mortgage a good choice for seniors, or are there other options?
For some homeowners, a reverse mortgage may be the best way to provide income or pay off debts. However, senior homeowners do have other alternatives, which may make more sense than a reverse mortgage. Read Jon Beyrer's full answer.

How do I go about finding a financial advisor for my parent?
Personal finance is a broad, complex, and ever-changing field, yet just about anyone can call themselves a financial advisor. The advisor you choose must be competent, well-informed, and experienced in the areas of investment management and financial counseling. Read Jon Beyrer's full answer.

How can I help my parent manage her financial information?
For many caregivers, the resistance you get and the feeling that you are invading your relative’s privacy may leave you less than completely aware of your elder’s finances. But, if you wait until the elder becomes incapacitated to broach the subject of paperwork, locating important documents can be a much more difficult process. Read Jon Beyrer's full answer.

How do I balance my responsibilities as caregiver with the long term financial goals of the senior?
Your primary responsibility is to make sure your relative’s needs are being met. This includes physical needs, health needs, safety and security, and emotional needs, any of which may involve spending money. Click to read Jon's full answer.

What do I need to know to best manage the cost of care?
If the time, energy, and medical necessities of care make doing it yourself difficult or impossible, you will need to get help -- and help in this area can be expensive. Click to read Jon's full answer.

How do I ensure that I have legal authority to act on the behalf of my elderly parent should the need arise?
To avoid a maze of bureaucratic hurdles and the frustration caused by an inability to act at precisely the time you need to, make sure your loved one has the proper legal documents in place. Click to read Jon's full answer.