1 | Week In Review
Tech led a surprisingly optimistic earnings reporting season, as interest in AI drove many big names higher. Still, some indicators point to continued slowing. Annex Wealth Management’s Dave Spano and Derek Felske discuss.
2 | Survey
Happy Mother’s Day!
We’re thankful for all the moms in our lives and for everything they do. We want to know how you celebrate!
BACK TO TOP ↑
3 | Client Exclusive
How and When to Step in to Help Family Members with their Finances
A friend of mine was recently thrust into a situation where he needed to step in and help manage things for his ailing father.
This circumstance is never easy, and despite our best efforts, we don’t always know what we can or can’t do and whether we should act or leave things alone. It can be further complicated if the parent or grandparent you are trying to assist is unwilling to accept help – or even dead set against it.
Many families struggle with the reversal of the child-parent roles, whereby the child is now the parent’s caretaker. There’s no magic word or phrase you can say so people accept your help, but over the years I’ve found if the support starts small it becomes easier to accept help.
The key to it all: Communication!
Family conversations and discussions coming from a place of genuine concern for the individuals are most productive. None of us want to be forced to do anything, and giving up control is difficult for most of us. Having a family plan that’s agreed upon by everyone involved is critical and may involve compromise on all sides.
Once there’s some agreement about support, it’s important for family members to have copies of the estate plan: power of attorney for health care, power of attorney for finances and property, last will and testament, trust agreement(s), and marital agreement(s). These are the legal documents that provide family members with the authority to step in and help when the time comes. Parents may need a reminder that the planning they did is for the exact situation they are experiencing now, so keeping documents a secret is detrimental to successful implementation of their plan.
If your loved one doesn’t have any estate plan documents, it’s critical for them to get the basics in place while they still can with the goal of avoiding court supervised guardianships and probate proceedings.
When it’s finally time to take control over the financial matters as agent under a power of attorney, there are a few critical steps to help you succeed:
Read the Durable or Financial Power of Attorney that named you, so you understand the powers granted to you under the document.
Gather information about financial assets, sources of income, expenses, monthly obligations, and liabilities, along with tax returns and contact information for various advisors.
Begin to work with various financial institutions as the power of attorney. You’ll likely need to provide them with a copy of the document that names you in the role.
Perform all actions necessary to act on the individual’s behalf while following all the responsibilities.
A final important component is continuing the communication with the individual you’re supporting and other family members. The more everyone understands that everything is moving forward smoothly, the less likely there’ll be conflict in the future.
If you ever have questions about whether any kind of action is appropriate, we recommend consulting legal counsel to avoid problems in the future.
BACK TO TOP ↑
A Message From TD Ameritrade:
If you’re an account holder at TD Ameritrade, and if it’s applicable, you’ll receive an annual Standing Letter of Authorization (SLOA) confirmation notice sometime in May. This will list all active SLOAs that TDA has on record for your account(s) as of December 31, 2022.
A confirmation notice will be sent for each account that maintains an active SLOA with TD Ameritrade Institutional, and you’ll continually be notified whenever new SLOA instructions are established for an account.
There is no action required by you. The letter serves as a required informational notice.
If you have any questions regarding this message, please reach out to your Wealth Manager or Client Service Manager.
BACK TO TOP ↑
5 | Ask Annex
Ask Us A Question!
6 | Quote of the Week
BACK TO TOP ↑
BACK TO TOP ↑
