Understanding life resource planning
The Need for Planning
As people progress into old age they lose their independence. This loss may be due to a lack of financial resources, onset of physical disabilities or development of mental impairment. Very few of us leave this life without going through this final phase of our existence. Ironically, very few of us make preparation for this portion of our lives.
The Society for Life Resource Planning represents like-minded individuals who recognize the importance of planning for the consequences of aging. Our goal is to help seniors lessen the effects of aging on their final years of life. We call this process "Life Resource Planning." Life Resource Planning can assist the elderly maintain their dignity and independence in old age and relieve the stress and financial pressure on family members who are supporting their loved ones.
This type of planning need not wait until a family is going through a crisis with their aging loved one. Society Members provide assistance to deal with these crises, but Members have also found that many families are willing to put Life Resource Planning into place earlier in their retirement years. The planning process becomes a great resource to the older person and to the family to guide them into the future.
Life Resource Planning is a comprehensive approach to helping families deal with their challenges. Specific products and services are not solicited as part of an assessment and report. In addition, Members of the Society are prohibited from using their affiliation with the Society or any special recognition derived through their affiliation such as the CLRP designation, for soliciting sales of insurance products, financial products such as investments or investment advice. However, planning clients can recognize through the planning process the need for products or services and the Society Member can facilitate the offering of these products or services.
Individuals wishing to join the Society for Life Resource Planning are required to have a college education or have appropriate background experience to become Members. Candidates for membership are also required to go through specialized training and testing to help them understand and recommend ways to lessen the impact of aging. Life Resource Planning is not about new investments, financially-related insurance products or growth strategies for existing savings. For most aging seniors, the need for this type of planning has progressed well past its usefulness. With Life Resource Planning the need for traditional financial planning is overshadowed by the need to control debt, reduce expenses, find community resources, find programs to pay for long term care, lessen the impact of caregiving and preserve remaining assets through various legal strategies.
The Planning Process
A Member of our Society who has been Certified in Life Resource Planning (CLRP) will meet with a potential client and show that client a sample plan. If the client agrees to the planning process, the client and the person presenting the plan will agree to proceed. A fee may be charged for the service. The member and the client will sign an agreement that stipulates the elements of the planning process and the responsibilities of the Society Member As Well as the payment of any fees if applicable. The agreement also allows the client to share financial and medical information with an employee of the Member. In addition, the agreement stipulates that the purpose of the plan is not to solicit the sales of any products or services, but to make recommendations or suggest strategies that will lead to a resolution of challenges that could be faced in the future. Finally, the agreement states that the CLRP Certified Member will not provide any direction for which that Member lacks proper licensing.
With the help of a certified Member, the client will complete a 130 question survey. This questionnaire will then be processed to produce a Life Resource Planning Report. Once the Report has been completed and printed out for the client, the Society Member will present this 10 to 15 page document and if the client requests assistance, the certified member helps that client implement recommendations in the Report. The planning process may also produce a binder with hundreds of pages of educational and support material for the client. If the Member does not have licensing or expertise in areas needed to implement recommendations of the plan, the member will assist in finding competent individuals to provide this expertise.