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You've worked a lifetime, accumulating assets along the way. Planning now can
help you avoid losing your house and emptying your bank account in the event of
a disabling illness or sudden death. Planning now also will help in the smooth
transfer of your estate to the special people in your life.
Estate planning involves more than writing a Last Will and Testament. Many
consider transferring ownership of assets to a "Living Trust," which they or a
designated trustee control during the person's lifetime. A "Living Trust" is
different from a "Living Will," which expresses your wishes about being kept
alive if you' become terminally ill or seriously injured.
Since the approach taken will depend on your personal situation, we suggest
that you consult with your accountant, your lawyer or other appropriate expert
in financial and estate planning. Be wary of "free" estate planning seminars
whose business is to sell legal and financial services even if your personal
situation does not justify it.
The
American Bar Association Guide to Wills and Estates answers the most common
questions about estate planning. More information is available from the
pamphlet:
State Bar of California: Do I Need A Living Trust?
Some things to consider in your financial/estate planning:
- Select the best type of estate/financial plan such as a "living trust"
and "last will and testament"
- Determine your cash flow and the value of your assets. It is very
difficult to develop a financial plan if you do not know how much income you
will receive now and in the future.
- Calculate your net worth. In addition to your regular income and
expenses, identify your assets and liabilities in your overall calculation.
- Anticipate changes, such as illness, inflation, retirement, etc. These
changes could affect your financial status.
- Medicare/Medicaid
Benefits (Social Security Administration)
- Medical services and long-term care costs are important considerations
in end-of-life care planning. Although there is often no easy or simple way
to determine how to meet these future needs, it is important to learn what
kind of financial assistance you may be able to receive under your health
insurance plan, disability insurance plan and Medicare/Medicaid Benefits
(Social Security Administration).
- Place a personal copy of your plan in a secure and accessible place.
Also, keep vital information and records in a safe and accessible location.
Consider using the
Where to Find My Important Papers Worksheet
- Make sure your loved ones know of your estate and financial plan
requests.
- Avoid surprise costs and let your family know your wishes by planning
funeral arrangements.
RESOURCES
Note: This listing is intended as a starting
point and provided for informational purposes only. There are many other
resources available that you may wish to research. Listing here is not an
endorsement of the organization or its web page content. If you have questions,
please consult with your physician, lawyer, accountant or other appropriate
person.
Financing Long Term Care
One of the biggest worries of those caring for an aging parent is how to pay
for the care needed. If you provide more than half of a parent's support and his
or her gross income is less than $3,300 in 2006, you can claim your parent as
your dependent, giving you a tax exemption for each parent so cared for and
allowing you to write off much of the medical expenses. (Note: The dependent
exemption phases out at higher income levels. Check with your tax advisor.) You
may also be able to claim a federal tax credit that will enable you to take up
to $3,000 off the cost of in-home care or day care. Another option is the
flexible spending account (FSA), which lets you pay for a certain amount of care
each year with pretax dollars.
If sending your parent to a nursing home is inevitable, make sure you
research each home extensively. Reservations at the home selected should be made
at least a year ahead of the time that you expect your parent will need it, as
waiting lists are typically long at well-respected facilities. Keep in mind,
too, that the government offers limited financial help for those families paying
for nursing home care. Medicare will only pay for care on a short-term basis,
and Medicaid only offers benefits to low income individuals with limited assets.
And, with the average nursing home stay costing upwards of $6,175 per month,
financial planning has become even more crucial to the economic well-being of
adult children responsible for the care of their elderly parents. Don't wait
until the last minute — start planning now to ensure the future care of your
parents.
Publications for Long-Term Care Issues
• Caring for Your Parents: The Complete AARP Guide, 240 pages,
Sterling Press, 2005.
• Consumer Reports Complete Guide to Health Services for Seniors: What
Your Family Needs to Know About Finding and Financing Medicare, Assisted Living,
Nursing Homes, Home Care, and Adult Day Care, 592 pages, Three Rivers
Press, 2000.
There are other online support services, publications, and resources available
that may meet your needs. Check you local library or senior services agency for
information.
12 clues that a senior's finances
may be slipping
Here are 12 clues, six that may appear on bank statements and
six on credit card bills, that may reveal finances might be slipping beyond a
senior's control. If you detect fraud, contact local law enforcement
immediately.
Checking Account Flags
-
Multiple sequential checks for the same amount or to the same payee.
This could be a sign that a lawn service, handyman or caregiver is taking
advantage of a senior's short-term memory loss to submit a few extra bills
each month.
-
Sequence of checks in the register without deposits. Some seniors
stop listing deposits in their check register as a way to simplify their
bookkeeping. As a result, such monthly credits as Social Security,
retirement and military pensions can balloon zero-interest accounts to six
or seven figures. Excess money should be transferred to a money market
account or CD, where seniors could be earning interest.
-
Lost or missing checks. At best, lost or
missing checks may signal that a senior's bookkeeping is slipping; at worst,
they may be a flag that someone else is helping themselves to a check or
two.
-
Unusually large check amount. If a senior, whose highest monthly bill
is $50, suddenly writes a whopper, it could be a flag that they've been
duped, hustled for the money, or that a caregiver or service provider has
tapped the account.
-
Numerous or monthly NSF or DDA fees. If a
senior writes a check in excess of his or her account balance, the bank can
slap a non-sufficient funds fee, or NSF, of $25 or more per occurrence to
the account, sometimes with a daily maximum. If an account shows no activity
for a specified period, often one year, the bank may impose a demand deposit
account fee, or DDA, also known as a dormant account fee, of $5 or more on a
monthly basis. Alone or in combination, these fees not only indicate that
the account holder may be losing financial control; they also can drain an
account over time if left unaddressed. The good news is many banks will
waive these fees if the cause is age- or health-related. •
Bad math. If you try to reconcile a senior's
monthly statement and it doesn't even come close, chances are there are
cognitive reasons. Some seniors in the early stages of dementia even become
confused over how to fill out a check (where to put the amount, date,
signature and so forth).
Credit Card Flags
-
Minimum monthly payments. If a senior has been falling behind by only
paying the minimum on high-interest credit cards, it could be a sign of
impairment.
-
Multiple purchases for the same amount. Usually the culprits here are
the home shopping networks and pay-per-view channels. Some seniors
inadvertently trigger multiple pay-per-view event purchases with their TV's
remote control without even knowing it.
-
Multiple purchases from the same source. If the same payee shows up
numerous times in the same monthly statement, or once or twice each month,
it could signal that a senior has unwittingly subscribed to a program or
service without knowing it.
-
Unusual monthly volume. A sudden spike in card usage can be a sign
that something fraudulent is afoot. If seniors can't explain it, check to
see if they have the cards in their possession, and if not, find out who
might have borrowed them. Even if they do have the cards, they still may
have fallen victim to a skimming scam.
-
Unlikely purchases. With rare exceptions,
octogenarians do not purchase sport utility vehicles, jet skis, XBoxes or
ski vacations. If something unlikely appears among their credit card
purchases, there's a good chance it was either accidentally ordered or fraud
is involved.
-
Unnecessary fees. With the barrage of
promotional programs and opt-in, free-trial offers that flood our mailboxes
these days, it's no wonder that many seniors inadvertently wind up paying
for months or years of insurance and other card membership programs they
really don't need. If you see any recurring credit card fee, question it.
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Feeling tired all the time?
You’re not alone. In fact, fatigue is one of the most
common complaints that bring adults to doctors’ offices.
Numerous studies indicate that people who see their doctor
about fatigue have generally experienced it for a
considerable length of time — anywhere from six months to
several years!
Fatigue can be due to numerous causes, such as medical
conditions like congestive heart failure, hypothyroidism or
diabetes. It can also be a result of sleep disturbances
brought on by menopause, or by physical changes that
accompany aging. But while fatigue may be an inescapable
part of life, there’s no need to take it lying down. Your
body is geared toward generating energy as well as expending
it. And there are numerous strategies to help regain the
physical and mental energy needed to enjoy life to its
fullest.
Eat for energy
The tried-and-true advice
for healthful eating also applies to keeping your energy
level high:
• Eat a balanced
diet that includes a variety of carbohydrates,
proteins, and fats with an emphasis on vegetables, whole
grains, and healthy oils. Taking a daily multivitamin will
ensure that you get the vitamins and minerals you need, but
taking extra amounts of individual nutrients won’t give you
more energy.
• Eating certain
types of foods in particular amounts can help
prevent fatigue. Because different kinds of foods are
converted to energy at different rates, some — such as candy
and other simple sugars — can give you a quick lift, while
others — such as whole grains and healthy unsaturated fats —
supply the reserves you’ll need to draw on throughout the
day.
• Eat small,
frequent meals. Where energy is the issue, it’s
better to eat small meals and snacks every few hours than
three large meals a day. This approach can reduce your
perception of fatigue because your brain, which has very few
energy reserves of its own, needs a steady supply.
Reduce stress
The most common cause of
persistent fatigue is stress and the emotional response to
it. People who feel fatigued most of the time don’t
necessarily have more stress in their lives than other
people, but they may be more sensitive to its effects.
Stress-induced emotions consume huge amounts of energy.
Relaxation therapy can be an effective tool for reducing
stress and naturally boosting your energy, particularly when
used in combination with cognitive behavioral therapy.
Meditation, self-hypnosis, yoga, and tai chi are all
relaxation techniques. One of the easiest techniques to use
is progressive muscle relaxation, which involves
systematically tightening and releasing sets of muscles,
beginning with your toes and progressing up your legs,
torso, hands, and arms. You might also consider other
relaxation therapies, including aromatherapy and massage.
No
matter what age you are, there are things that you can do to
feel more energetic. Harvard Health Publications’
Boosting Your Energy report will help you take the
first steps toward discovering the causes of your fatigue.
This Special Health Report provides you with the latest
information about fatigue and offers strategies to help you
regain your physical and mental energy. The report discusses
medical conditions that may be the cause of your fatigue as
well as ways to naturally boost your energy.
Reprinted from Boosting Your Energy
— A Special Health Report from Harvard Medical School,
Copyright © 2007 by the President and Fellows of Harvard
College. All rights reserved. |
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