At-a-Glance
Ages: William (82), Evelyn (80), Thomas (52), Lisa (48)
Top Priorities:
Managing the transition of financial control due to William’s cognitive decline
Coordinating care and finances across the family
Protecting long-term financial security for the family
Key Financial Goals:
Ensuring proper succession planning
Managing long-term care costs and family finances
Where They Are Now: The Connor family has successfully transitioned financial responsibilities and secured their financial future with HT|TC’s support.
Overview
The Connor family — William, a retired corporate attorney and the family’s financial leader, his wife Evelyn, their son Thomas, a physician, and their daughter Lisa, a nurse living out of state — faced the difficult reality of William’s cognitive decline due to Alzheimer’s.
As his condition worsened, his children had varying opinions about how to manage their father’s care and preserve the family’s financial stability. Evelyn, Thomas, and Lisa needed to come together, despite geographical distance, to make critical decisions regarding William’s health care and financial future.
Adding to the complexity, William’s struggle with relinquishing control over the family’s finances led to a challenging and emotional transition for everyone involved.
Challenges and HT|TC Solutions
Managing Cognitive Decline and Financial Control
For decades, William had been the diligent steward of the family’s finances. He handled the investments, budgeting, and long-term planning with precision. However, as his cognitive abilities declined due to Alzheimer’s, his financial decision-making became increasingly erratic, and mistakes began to surface.
Evelyn, Thomas and Lisa were concerned about the potential consequences of William continuing to manage the finances, but they were unsure how to step in without causing conflict.
HT|TC recognized the sensitivity of this situation and worked closely with the family to devise a plan that would gently move financial responsibilities away from William while maintaining his dignity. The team facilitated regular family PLAN™ meetings where Evelyn, Thomas, and Lisa could openly discuss their concerns and develop a plan that allowed William to remain involved in a limited capacity.
To ease the transition, HT|TC helped the family create transparency and comfort by granting Thomas power of attorney to manage day-to-day finances, as well as sharing account access and statements with him. This arrangement allowed William to feel respected and involved, while giving Thomas and Evelyn assurance that the family’s financial affairs were being handled responsibly.
Coordinating Family Support and Communication
With Lisa living out of state, the Connor family faced the added challenge of keeping everyone on the same page regarding William’s health and financial situation.
HT|TC played a crucial role in coordinating communication between Thomas and Lisa, making sure that Lisa was kept informed and involved in major decisions—and that Evelyn felt supported in her care partner role. The team set up regular virtual meetings to discuss financial updates and the progression of William’s condition. These meetings helped the family maintain a united front and provided a forum for addressing any concerns or conflicts that arose.
HT|TC also provided guidance on how to approach conversations with William about his cognitive decline and connected the family with additional third-party resources to help them navigate these difficult discussions with compassion and understanding.
Trust Management and Estate Planning
Recognizing the importance of securing the family’s financial future as William’s condition worsened, HT|TC helped the Connor family update their estate plan and trust structure.
William had originally established a trust 15 years earlier, but with the growing complexity of the family’s situation, they decided to transfer the management of their family’s trust to HT|TC’s in-house trust company. This move provided better coordination and alignment of the family’s assets and allowed HT|TC to oversee the trust’s management with a deep understanding of the family’s needs.
The team also worked closely with the Connor’s estate planning attorney to update their wills, power of attorney, and healthcare directives, making sure all legal documents were current and reflected the family’s wishes.
HT|TC’s involvement provided the family with confidence that their estate plan was well-structured, and that William’s legacy would be preserved.
Financial Planning and Long-Term Care
As William’s Alzheimer’s progressed, the family became increasingly concerned about the costs associated with his care. HT|TC’s wealth management team helped the Connor family evaluate their financial situation to help ensure that William would receive the care he needed, while also providing for Evelyn during her retirement years.
HT|TC coordinated with their network of qualified third-party professionals to a) provide guidance on making William and Evelyn’s home safer for William to age in place as long as possible; and b) help set up a plan that would provide for Evelyn’s needs should she eventually require care herself.
This comprehensive approach to financial planning gave the family the security of knowing that they were financially prepared for whatever the future may bring.
Outcome
The Connor family successfully navigated the complex and emotional challenges of William’s cognitive decline with the support of HT|TC.
By gradually transitioning financial control to Thomas and involving Lisa in key decisions, the family was able to respect William’s legacy while focusing on keeping their finances secure. HT|TC’s coordinated approach allowed them to stay united and attentive to William’s well-being, while their newly updated estate plan and trust management offered assurance that the family’s wealth would be preserved for future generations.
With HT|TC’s guidance, Evelyn, Thomas, and Lisa were better equipped to support William through his journey with Alzheimer’s, knowing that they had a trusted partner by their side. The family’s long-term financial stability was maintained, and they were able to focus on providing William with the care and support he needed during this difficult chapter of their lives.
* Although this story is representative of the work HT|TC does to support the clients we serve, all individuals are fictional and do not represent actual clients.
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