Understanding life resource planning

Understanding Life Resource Planning

The Need for Planning

As people progress into old age they lose their independence. This loss may be due to 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.

As a Society of like-minded individuals we 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. Oftentimes Society members provide assistance to deal with these crises, but members have also found that many families are willing to put a Life Resource Plan into place earlier in their retirement years. A completed Life Resource Plan becomes a great resource to the older person and to the family to guide them into the future.

Life Resource Planning is a fee-based approach to helping families deal with their challenges. Fees may vary depending on the complexity of the plan. Specific products and services are not solicited as part of a life resource plan. In addition, members of the Society are prohibited from using their affiliation with the society or any special recognition derived through their affiliation for soliciting sales of insurance products, financial products, specific services or promoting their personal business services. However, planning clients can request products or services from the presenting member of the Society and the member can facilitate the offering of products or services with a properly signed disclosure furnished by the Society. Membership and any special recognition derived from Society membership are to be used exclusively in conjunction with presenting Life Resource Plans produced by employees of the Society.

Members of the Society for Life Resource Planning have gone through specialized training and testing to help them understand and recommend ways to lessen the impact of aging. To maintain their recognition as Certified in Life Resource Planning (CLRP) members are required to present at least 6 Life Resource Plans a year.

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. In a Life Resource Plan 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 divestment 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 on a suitable fee. The member and the client will sign an agreement that stipulates the elements of the plan and the responsibilities of the Society member preparing and presenting the plan. The agreement also allows the client to share financial and medical information with an employee of the Society. 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 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 10 page questionnaire. This questionnaire will then be sent to the Society for analysis and preparation of the plan. Once the plan has been completed and printed out for the client, the Society member will present this plan and if the client requests assistance, the certified member helps that client implement recommendations in the plan. 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.