Archive for the ‘life planning’ Category

Alzheimers checklist of financial issues

Tuesday, August 10th, 2010

Alz.org provides a list of financial matters to address if you or someone you care for is approaching dementia.   I won’t repeat the article, but here’s the high level workflow.

  • Gather documents
  • Costs you may face
  • Ways to cover costs
  • Review caregiver finances

A financial planner like me can help you analyze the issues and decide how best to provide care.   I can especially help you analyze the tax implications.  Deductible medical expenses, the caregiver tax credit, and tax deductions associated with in-home care are areas I can assist.

Mike Dayoub is a fee-only planner in Alpharetta/Milton and a tax preparer at H&R Block. 770 361-3139 website

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Asset allocation: needs to reflect your risk profile

Monday, December 14th, 2009

You think you know your risk profile.   Some combination of time constraints and how averse you are to volatility, right?   Not exactly.

True, time constraints play a big part of it.   The farther out your time-frame, the more you need to be concerned about inflation and longevity risk.

And true, we need to match your emotional makeup and be risk averse if you are.

But there’s another dimension to your risk profile.  It’s your actual savings behavior.   If you habitually maintain a good 6-9 months “emergency funds” in case of job loss, then you can afford to be riskier with your investments.   But if you’re the type who doesn’t have a good cushion, then we need to be more cautious with at least part of your portfolio.

That’s why a good financial planner wants a clear picture of your expenses and your savings rate.  That’s why I like to put you on Quicken.com or Mint.com so we can get a good snapshot of your lifestyle, where the data is collected automatically by the software (it queries your credit card and bank accounts.)

Your risk profile is a composite drawing.  A good planner doesn’t just go by age and your own self-assessment.  The real picture is more complex.

Mike Dayoub is a fee-only planner in Alpharetta/Milton and a tax preparer at H&R Block. 770 361-3139 website

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Open your mail yourself

Tuesday, August 11th, 2009

This is the best advice I can give the high net worth individual who uses a family advisor.   Don’t isolate yourself from your mail.  Open and sort the mail, and then let your assistant or advisor handle it.  View the bills.   You’ll have a much better chance of catching a problem.

I don’t market fear, but if you use a family advisor you should acquaint yourself with the advisor’s procedures for avoiding any possibility of fraud.  Those procedures should include (or explain why they don’t)

  • segregated duties (check signers should not be account reviewers, etc.)
  • complete financial reports.  readable and understandable and timely.
  • wire transfers only with your approval or a separate authority, not the person initiating the wire transfer
  • background checks for anyone in your family office
  • outsourcing to separate entities for bookkeeping, auditing, bill paying, etc.

Too many fingers spoils the pie, but a single financial manager handling all your bills and investments is a recipe for damaging acts.  I can help share some of that load and provide additional oversight and value.

Mike Dayoub is a financial planner in Milton/Alpharetta GA and is capable of working with a family office to provide guidance and oversight while keeping business transactions convenient for family members.

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Checklist if you have aging parents

Friday, March 6th, 2009

The first step to take is talking to your parents. Find out what their needs and wishes are.

Get those needs and wishes in writing.  An estate plan.  A living will.  Do Not Resucitate, Durable Power of Attorney for Healthcare (DPAHC).   Call me to find out which of those you need.

Don’t wait until your parent is incapacitated.  Make sure they have these records and you know where they are:
• Financial information: Bank accounts, investment accounts, real estate holdings
• Legal information: Wills, durable power of attorneys, health-care directives
• Funeral and burial plans: Prepayment information, final wishes
• Medical information: Health-care providers, medication, medical history
• Insurance information: Policy numbers, company names
• Advisor information: Names and phone numbers of any professional service providers
• Location of other important records: Keys to safe-deposit boxes, real estate deeds

Include your siblings in the plan.  Avoid surprises.  Set expectations.

Discuss where they will live, especially if they need help.  If unsure, use a Geriatric Care Manager to assess their needs and discuss options.  These professionals can give unbiased advice and help bring compassionate reason to the process. Call me for references to a GCM.

Call me if you need assistance in these steps or developing this plan.

Mike Dayoub is a fee-only financial planner in Milton, GA.  Website.

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