Tom West, AIF®, CLU®, ChFC® | Source | Signature Estate and Investment Advisors at Lifecare Affordability Plan
Tom West, AIF®, CLU®, ChFC®
Thomas C. West, AIF®, CLU®, and ChFC®, is the Senior Partner at Signature Estate & Investment Advisors (SEIA) and the Founder of Lifecare Affordability Plan (LCAP). Over a twenty-six year career, Tom has had significant experience in advising families struggling with how to support a loved one diagnosed with a chronic illness, disability or dementia. In 2018, Tom launched the Lifecare Affordability Plan®, a fixed-fee financial planning and asset management solution designed to provide families with a financial strategy that meets changing healthcare needs while preserving the caregiver’s quality of life.
Tom is regularly interviewed for his perspective by periodicals such as the Wall Street Journal, The Washington Post, Investment News, and The New York Times, and he regularly educates financial professionals, attorneys, tax professionals and geriatric care managers on the most appropriate financial planning techniques for families facing long term care decisions. Tom has been nationally published numerous times in peer-reviewed professional journals on topics such as Advising Clients Under Stress, A Fiduciary Approach for Clients Who Need Long Term Services and Supports, and Appropriate Investment Strategies During a Period of Care.
Tom’s community service in the aging and disability area has earned him recognition from a variety of non-profits and local government groups. In 2020, Tom was invited to join the board of the Jewish Council for the Aging (JCA), a community-oriented senior support organization that serves the DC metro area. He previously served in leadership positions on the boards of Insight Memory Care Center, the National Capital Chapter of the Alzheimer’s Association, and Goodwin Living's Corporate Board.
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Lifecare Affordability Plan
Signature Estate and Investment Advisors
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Chronic Illness: A Crucial Factor in Retirement Planning
Tom emphasizes the importance of financial wellness for those with chronic illnesses, highlighting the need for emergency funds, income flexibility, and reliable insurance. He advises maintaining a 12-month emergency fund and setting aside $10,000-$25,000 annually for healthcare. Regular financial reviews ensure plans adapt to evolving health needs, providing peace of mind and financial security. -
Financial Planning for Aging: Expert Insights from Tom West
Tom highlights the need for early financial planning, especially for women, to avoid pitfalls in aging. With decades of experience, he advises on ethical strategies for incapacitated seniors. Tom says, "Planning ahead is crucial for those facing health-related dependency challenges." His insights are vital for families making long-term care decisions. -
Gen X: Budgeting Tips for Parents' Long-Term Care
Tom suggests "comprehensive family financial planning sessions" to understand health history and financial resources. Review insurance policies, explore creative financing like reverse mortgages, and seek professional guidance. Maintain open communication and prioritize your financial health while planning for your parents' care.
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I think that we have a limited amount of time to show our value to our clients from a professional standpoint. I'd rather have all our extra events that we're spending money on and bringing people together be adjacent to ways that we're serving clients.
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When you're talking about advice and planning as part of our industry, the value proposition we're giving clients is giving advice. And for advisors, why don't you do some planning in advance?