Life Book: A Non-Invasive Family Finance Tool
A professional finance manager can craft a life book to document your assets, income, and expenses – or for your senior loved ones – and how it insulates mom and dad from feeling like they’re sharing too much with their family. Brynne Malone, the owner and founder of Aging Solutions NW, joins Suzanne to talk about life books. Financial wellness, knowing you have resources to maintain your life, is one of the 8 foundational principles of wellness featured in the Vitality Revolution podcast series sponsored by Humana.
Brynne says, “The first step really is to employ a professional like myself to sit down with you, and go through and do what I call the Life Book. And the Life Book is where we put all your assets together, and we look at three categories. We look at what your income is. We look at what your liquid assets or stocks, bonds, bank, bank accounts, CDs, those kind of things. And then we look at your expenses. And then we can get the family involved in that. And it does two things. It insulates mom and dad from really feeling like they’re sharing too much information with the children. But it also gives the child, when they see that this has been done professionally, it gives the child reassurance that mom and dad are being supported. And if I need to step in because I’m the power of attorney or whatever role they might be, I can keep up with it… It allows everybody to act as a family, and give that love and support, and allows a professional manager like Aging Solutions to step in and ask the right questions, and help the families prepare a plan.”
Aging Solutions connects people across the United States with resources to guide you through aging challenges. Brynne Malone offers a free 30-minute consultation for listeners to Answers for Elders. Reach Brynne at 509-981-1520 or https://agingsolutionsnw.com/.
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Originally published October 05, 2023
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