When choosing a home care provider, it’s important to ask for references. Suitable references include doctors, discharge planners and other patients or their family members. Be sure to contact the references and ask questions such as: Do you refer clients to this provider often? Do you and the provider have a contractual relationship? If so, do you require that the provider meets special standards for quality care? What feedback have you received from patients under the care of this provider? Do you know if this provider has cared for people with conditions similar to those of my loved one? If so, can you provide me with contact information for these individuals? To learn more about finding and choosing the right professional home care provider, visit the National Association for Home Care & Hospice. The cost of care. Of course, one of the factors you must consider in obtaining professional care
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Trusts come in many “flavors.” Here are five trusts that can be used to achieve specific planning goals. Generation-Skipping Trust (GST) Let’s say your son has remarried and you’re worried that his second wife might not pass his inheritance to the children from your son’s first marriage—that is, your grandchildren. Or maybe one of your children is not responsible enough to handle an inheritance on his or her own and you want to make sure your grandchildren will receive a portion of your assets. With a Generation-Skipping Trust, the assets put into the trust will be transferred to your grandchildren when the GST goes into effect. A GST does not necessarily disinherit your children. The trust can be structured so that your children can draw on the income/earnings from the trust while your grandchildren stand to inherit the balance of the trust. Qualified Terminable Interest Property Trust (QTIP) A QTIP
Continue Reading... →Perhaps you have realized that you simply can’t continue to provide adequate care to your loved one. Or maybe your loved one lives far away and your responsibilities at home won’t allow you to serve as caregiver. In either case, you may need to turn to a professional home care provider. The question is, how do you choose the right person for this important task? The National Association for Home Care & Hospice (NAHC) has created a valuable checklist with questions you should ask providers and others who may be familiar with the provider’s history. Here are some of the questions NAHC recommends. How long has the provider served the community? Does the provider have literature explaining its services, eligibility requirements, fees, and funding sources? Does the provider have what is known as a “Patient Bill of Rights” outlining the responsibilities and rights of the provider, caregiver and patient? How
Continue Reading... →Many families consider purchasing long-term care insurance in advance to help pay for expensive long-term care in the future. Here are three important factors to keep in mind when buying long-term care insurance. Your daily benefit requirement. Many people look at the national averages for long-term care costs and neglect to factor in regional differences. Don’t make this mistake. Be sure to find out the care costs where you live now or where you want to reside in the future. Timing. The issue here is two-fold: The age at which you apply for the policy initially, and the waiting period you choose for the policy to take effect before you begin receiving benefits. Typically, the younger you are when you apply, the cheaper your policy. Of course, the benefits of the lower premium must be factored in against the amount of time a younger person will likely continue to pay
Continue Reading... →It is estimated that someone’s identity is stolen every two seconds. Security expert Frank Abagnale offers some suggestions on how to prevent it from happening to you. Lock your mailbox. If your mailbox doesn’t lock, you can buy one that does for about $40 Don’t leave valuables in your car, particularly your laptop, mobile phone and wallet Shred sensitive documents, don’t just throw them in the trash or recycling bin. Micro-cut shredders, which shred documents into confetti, are available for around $30 Use a password to secure your smartphone. Avoid obvious passwords, such as your birthday, pet names and sequential numbers like 1,2,3,4 Change the password on your computer regularly, at least once every three months. In addition, use strong passwords on all your financial accounts Don’t share your Social Security number unless it is absolutely necessary Don’t carry your Medicare card unless you are going to a health care
Continue Reading... →Most people rely on IRAs, 401(k)s and Social Security benefits to fund their retirement. An article in U.S. News & World Report explored some other options to boost your retirement income. Here are some highlights. Renting out part or all of a home. If your children are on their own, you may have more house than you need. Renting out a room, or making improvements like a kitchenette and bathroom to create an “apartment” within your home, can have a dramatic impact on your income. If you don’t like the idea of having a permanent housemate, websites such as HomeAway and Airbnb allow you to rent out a room or your entire home on a temporary basis. Taking out a reverse mortgage. If you are a homeowner age 62 or older, you can use a reverse mortgage to receive regular payments based on the equity in your home. However, when
Continue Reading... →Last time we discussed the myths, and the realities, of keeping your brain healthy and boosting memory. Now let’s look at some more examples. Myth: You can’t stop Alzheimer’s disease. While there is currently no cure for Alzheimer’s disease, research suggests that eating well, staying engaged with others, reducing stress and stimulating your brain with new activities can slow the onset of symptoms by several years. In a study by Rush University in Chicago, making just one change—eating plenty of fruits and vegetables while consuming less meat and sweets—can reduce the risk of Alzheimer’s and other types of dementia by as much as 53 percent. Myth: Brain games make you smarter. 70 of the world’s leading brain scientists released a statement in 2014 rejecting the idea that computerized brain training can improve cognitive powers. Until we know more, you are better off using proven bran boosters such as meditation and
Continue Reading... →For your estate plan to meet your needs, it must be kept up to date. We recommend having your plan reviewed at least once every two years, but there are certain situations where you should have your plan revised immediately. Here are some of the most common reasons to do so. You get married. Getting married, or re-married, doesn’t automatically change the provisions of your will or trust. While marriage can give each spouse some rights with regard to one another’s property, you should have your plan revised to make sure it addresses your new goals and those of your spouse. You get divorced. Providing for your spouse is likely one of your estate plan’s most important goals. If your marriage ends, chances are you will no longer want your spouse to receive the majority of your estate. You should update your plan as soon as possible after a divorce
Continue Reading... →You’ve no doubt heard plenty of stories about how to keep your brain healthy and boost memory. A recent article on AARP’s website explored this subject and distinguished between myth and fact. Here are some the highlights. Myth: Brain aging is inevitable. Although the brain does shrink with age, exercise has been shown to increase brain mass. Researchers at the University of Pittsburg and the University of Illinois asked 120 older, relatively inactive people to either walk or stretch three times a week. The researchers then took MRIs of the subjects’ brains. It took one year for the walkers to increase the size of their hippocampus by two percent, in essence reversing the shrinkage associated with one to two years of aging. In addition, people who exercise regularly may also have less amyloid (plaques found in the brains of people with Alzheimer’s disease). Myth: Supplements can boost your memory. Substances
Continue Reading... →Clients often ask us about the estate planning tools we use and what each of them can accomplish. Here is a list of the most commonly used tools and brief descriptions of their purpose. Last Will and Testament This allows you to specify “who gets what” when you pass away. Without your own Last Will and Testament, your assets will be distributed according to state guidelines. A Will also allows you to name guardians for your minor children. This is important because if something happens to you and your spouse, the state will decide who will have legal authority over your minor children. This could very well be a person or institution you would never have chosen to have such authority. Durable Powers of Attorney These allow you to name people of your own choosing to make decisions for you in the event of incapacity. A power of attorney for
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