My Mother's Money by Beth Pinsker

MY MOTHER'S MONEY by Beth Pinsker offers “A Guide to Financial Caregiving” based on her own experiences as described recently in articles in The Wall Street Journal and on the AARP website. Pinsker, a Certified Financial Planner and a financial-planning columnist at Marketwatch, does offer insights as to required actions, but I thought that she could have done a better job of presenting this in an actionable format. For example, her comments about probate did not correspond to the experiences of which I am aware, and it is difficult as a reader to determine the next best steps. Another example is the section where she wrote about having a joint checking or savings account and went back and forth on whether it was a good idea or not. She is correct that local banks and financial institutions will have what seem like less than commonsense rules, but in general, I found her tone and multiple examples to be more anxiety producing than helpful.  One point about which she is absolutely correct is that that children/caregivers MUST be prepared to fight Medicare and insurance REPEATEDLY for the healthcare to which their elderly relative is entitled. There is a need for this type of information and, hopefully, MY MOTHER'S MONEY will serve as a starting point for many family discussions. However, each situation is so unique, that this book’s serving as a useful guide is not really a realistic goal. At a minimum, I wish that she had set out a plan for people in different financial tiers; clearly some can afford to consult professionals, but what about those who cannot? Notes and references represent slightly less than ten percent of the book and there is a Resource Guide (also about 10 percent) which is somewhat more structured and could be a useful workbook with relevant links, although even Pinsker says, that it “will not encompass everything you might need, especially if you encounter special circumstances.” Related texts (some covering more narrow aspects like Senior Housing) include Successfully Navigating Your Parents Senior Years, When Your Aging Parent Needs Help, Eldercare 101, and The Complete Eldercare Planner.

In Case You Get Hit by a Bus

IN CASE YOU GET HIT BY A BUS by Abby Schneiderman, Adam Seifer, and Gene Newman provides “A Plan to Organize Your Life Now for When You're Not Around Later.”  It is actually a great idea, especially as the New Year approaches and with many of us looking for productive ways to spend time during the pandemic. The authors begin with a section on why planning for a sad, but inevitable event is so important. First, they cover “stuff” – those passwords, money and securities, and your home. Next, they focus on assembling the pieces (wills, trusts, power of attorney) and debt as well as medical insurance and checkups. The third section is much more fun – compiling memories or photos to be able to share the story of your life. The authors acknowledge from their own experiences that these tasks can be overwhelming and therefore provide helpful “plans of attack.” They stress that this work is not really about death; “it’s about life because getting everything organized lets you live to the fullest.”

The Wall Street Journal, of course, offers frequent articles about digital options for financial planning and often refers to Everplans, the company that Schneiderman and Seifer co-founded. For a bit of perspective, here is an older (2014) interview with co-author Abby Schneiderman:

 

On a related note for those who are interested, legal firms have begun offering pro bono estate services for teachers forced to return to the classroom.