Is It Time to Update Your Estate Planning in the New Year?

The New Year is right around the corner. For most of us, this means spending more time with family, thinking about the future, and setting resolutions. Whether your goal is to improve your health, change your job, or spend more time with your kids, there is not  a one-size-fits-all resolution. Instead, it is about making the changes and improvements you wish to see in your life.

 

With that said, the one New Year’s resolution that should be on everyone’s list is to check-in on estate planning. If you do not have estate planning right now, your main goal should be to create one. A comprehensive estate plan can protect you and those you love most  in the event of a crisis. Advance Directives, such as the Durable Power of Attorney, can ensure you have someone to make your decisions in the event you are incapacitated. Other testamentary documents, such as a Last Will and Testament, can create your legacy by detailing who you want to inherit from you when you are no longer here.

 

If you do have estate planning documents in place, the New Year is a great time to re-evaluate them and ensure they can do what you want them to do. Things change over time and your current estate plan may no longer be a true reflection of your wishes for yourself, your family, and your legacy. Let us highlight a few areas that you may need to revisit in your estate plan in the coming year.

 

  1. Personal Updates. Things change in our lives. There may be, at any time, births, deaths, re-marriages, divorces, and adoptions. Your estate plan needs to be able to contemplate all of these changes. There may come a point, however, when your estate plan needs to be updated to reflect a current understanding of how you wish to create your legacy. Do not wait to speak with your attorney about your personal updates to ensure that your estate plan reflects your wishes.

 

  1. Financial Updates. Your finances may also change at any time. For most of us, our goal is to ensure that our spouse, children, and other family members are protected from any form of crisis. This may include leaving them with enough money so that they do not have to worry about the future. Make sure that your estate plan is updated to reflect your current financial structure. Do not wait to talk to your estate planning attorney about how you can structure your finances through your planning to ensure that your family is protected now as well as able to create a legacy for the future.

 

  1. Legal Updates. In addition to your personal and financial changes, do not forget that the law may have changed since you created or last updated your estate plan. Ask your estate planning attorney to keep you abreast of changes that could impact you and your legacy. Beyond these updates, make time during the year to routinely meet with your attorney to ensure your plan is not impacted by changes to the law.

 

We know this article may raise more questions than it answers. Do not wait to contact us to discuss your estate planning goals as well as the legacy you want to leave to your family. We look forward to talking to you now and in the New Year.

Safer Shopping for Seniors

When we think of shopping, there are certain risks that are always a possibility. Unfortunately, seniors are often more vulnerable to these risks. The holiday season often brings with it criminals who are targeting shoppers, both in stores and online. Below are some tips to help senior shoppers stay safe whether shopping with mobility issues, shopping in general, or online.

General Shopping Safety Tips for Seniors

Shopping can often be overwhelming for all of us, including seniors. Seniors often are less mobile and may move more slowly than others in crowded stores, thus putting them at greater risk for criminal activity. Here are some tips to make shopping safe and successful for you or your elderly loved one.

  1. Shop early in the day, especially on weekdays, to avoid large crowds. Often this is a time when stores are less crowded and seniors can navigate the stores more easily. Another benefit to shopping on weekdays is that many stores offer senior discounts throughout the week. During weekends and evenings after work, many stores become overcrowded and more difficult to get around.
  2. Have a “shopping buddy.” Going with a friend gives added safety if you or your loved one has issues with mobility. There’s much to the saying, “safety in numbers.” Plus, shopping with a buddy makes the experience more enjoyable.
  3. Don’t wait until the last minute. Often stores are busy in the last few days before the holidays. Shoppers can become less careful and more irritable which can present problems for seniors.
  4. Always keep your car locked and store packages in the trunk or out of sight. This will help deter thieves from breaking into the vehicle.
  5. Shop during daylight hours whenever possible. If it is necessary to shop at night, park as close as possible to the door and always in well-lit areas. The light often serves to deter predators.
  6. Be aware of your surroundings and personal belongings. This can go a long way in helping to protect seniors from those who may attempt to take advantage of them or who may try to steal personal belongings.

Online Shopping Safety Tips for Seniors

There are many unscrupulous people who attempt to scam online shoppers. Being aware of this fact and shopping with eyes wide open is key in keeping financial information safe while online shopping. Below are some tips for seniors to remember while online shopping.

  1. Many online sellers offer excellent deals, but it is important to remember that if a deal seems too good to be true it probably is. Check on unknown companies. A quick Google search can provide reviews or information about the legitimacy of online companies.
  2. Create strong and unique passwords. This makes it more difficult for hackers and those trying to steal personal information to get into the accounts. Unique passwords can be difficult to remember, so be sure to keep them written down and in a safe place.
  3. Shop with trusted and known retailers. Most of these websites provide built in security for their shoppers.
  4. Watch extra costs such as shipping. Companies will sometimes offer low prices, but then increase shipping prices to recoup some money.

For seniors, shopping can sometimes seem overwhelming no matter what method of shopping is chosen. It doesn’t have to be. It can be a fun and enjoyable experience just by following these safety tips.

If you have any questions about something you have read or would like additional information, please feel free to contact us.

Emotional Support Animals and Seniors

Most of us know what a service animal is, but the use of emotional support animals is becoming more and more common. So, what is an emotional support animal? An emotional support animal is a companion animal that provides benefits to a person who has an emotional or mental health disorder. In order to be characterized as an emotional support animal, documentation from a health professional must be obtained for the animal. Mostly commonly, these animals are dogs, but other animals can serve as emotional support animals. It is becoming more evident that these emotional support animals can provide some real benefits to the health and wellness of the senior population. Whether depressed, dealing with ongoing disabilities, or chronic illnesses, emotional support animals can be one of the best treatment options out there.

Emotional Support Animals and Physical Health

Emotional support animals can provide a reason for seniors to get out and remain active. For example, a dog needs to be walked. Walking the dog, provides the senior with physical exercise. Exercise is a much-needed part of a healthy lifestyle for seniors and can even improve mobility. The American Heart Association has even stated that people with heart disease who own a dog outlive those who do not. Similar health benefits can be found for other chronic illnesses such as diabetes. In arthritis sufferers, petting an animal can help to work out the arm.

Emotional Support Animals and Mental Health

Having an emotional support animal also helps to reduce depression and anxiety. It can reduce the stress hormone, cortisol, and increase serotonin, a feel-good hormone. Major triggers for depression in elderly people are loneliness and isolation. With an emotional support animal, many seniors often find companionship and friendship that helps them to cope with loneliness and isolation, and can alleviate depression for the senior. It can also help in coping with a loss of a spouse.

In addition, having an emotional support animal can provide mental stimulation for seniors. This can come in the form of talking about animals or even reading about them. This is of great benefit to those suffering from dementia and Alzheimer’s disease. Often those with dementia or Alzheimer’s suffer from bouts of agitation, emotional support dogs can help to calm them down. Those who suffer from loss of appetite due to these diseases have had improved appetite having an emotional support animal.

Types of Emotional Support Animals

As previously stated, dogs are the most common of the emotional support animals, but there are other options. Cats, like dogs, are a fairly common choice. Birds can be an option for people who do not have a lot of space. Birds also do not require a lot of maintenance which makes them ideal for seniors. Birds come in many varieties, so be sure to research to find the right bird. Fish are an option for people who may be allergic to furry pets. The companionship offered by other pets is not there, but watching the fish can be calming and relaxing. Smaller furry animals such as rabbits, hamsters, mice, and even domestic rats. These animals also don’t require a lot of space, but can be handled and many are affectionate animals, good for companionship.

The support for emotional support animals and seniors is fairly recent, but studies on the effectiveness of these animals continue to be surfacing. Service animals have proven to be of great service to people with disabilities over the years, but the benefits do not stop with service animals. If you or a senior loved one is experiencing chronic illness or mental disorders, consider talking to the family and doctor about getting an emotional support animal. This can greatly improve quality of life and increase the length of life.

If you have any questions about something you have read or would like additional information, please feel free to contact us.

How to avoid Medicare Scams

By far the largest types of insurance fraud are scams against government and private health care insurers. Scammers frequently target government insurance like Medicare by stealing newly issued medical ID cards and then stealing identities. The Coalition Against Insurance Fraud estimates that tens of billions of dollars are lost annually to these types of fraud. Additionally, medical identity theft is now a top complaint received by the Federal Trade Commission. Billing fraud is also responsible for huge losses to Medicare funds and is difficult to assess as it can be a billing error or intentional fraud.

How does this affect a senior on an individual level? Scammers typically pose as Medicare officials and ask people to pay for their new cards which in reality are free. Or they phone a potential victim with false news of a refund and ask for the person’s ID number and bank account number to deposit the refund. “Right now … everyone is being inundated with TV commercials, brochures and other official-looking documents in the mail about all the Medicare Advantage plans. It’s so confusing, and in an environment like that, fraud is rampant,” says Micki Nozaki of the California Senior Medicare Patrol. There are more than 50 million Medicare beneficiaries who can annually opt to swap Medicare Advantage and Part D prescription drug plans which provide scammers with the opportunity to prey on vast numbers of seniors.

The Centers for Medicare and Medicaid Services have a list of tips to help prevent fraud. The first and foremost is to protect your Medicare and Social Security numbers vigilantly. It suggests treating your Medicare card like you would a credit card and do not provide the number to anyone other than your doctor, or people you know should have it. Become educated about Medicare with regards to your rights and what a provider can and cannot bill to Medicare. Review your doctor bills carefully, looking for services billed for but not provided to you. Remember that nothing is free with regards to medical care; never accept offers of money or gifts of free services. Be suspicious of your provider if they tell you they know how to “bill Medicare” to pay for a procedure or a service that is not typically covered. Before leaving your pharmacy check to be sure your medication is correct, including the full amount prescribed and whether or not you received a generic or brand name medicine. If your prescription is in error report the problem to the pharmacist before leaving.

Remember Medicare will never visit, call, or email you and ask for personal information such as your Medicare number, Social Security Number, address, or bank account number. Medicare already has this information and does not need you to provide it. Even when Medicare issues new cards that no longer contain your social security number in April of 2019 you will not be required to do anything. You can assume that anyone who claims to be helping you with Medicare and asks for your personal or financial information is a scam artist so close the door, hang up the phone, or delete the email.

When it is time to compare plans be sure to meet with a trustworthy advisor. Some insurance representatives give the industry a bad name by selling you a policy or plan that does not suit your needs or your budget. Some agents go so far as to ask you to sign a release form allowing them to make decisions on your behalf. Never sign anything related to Medicare without first reading it carefully. Additionally, it is a good practice to have a family member or lawyer review the document before signing it.  The non-profit National Council on Aging (NCOA) has a free, brief assessment that allows you to compare plans online. You can also contact your local State Health Insurance Assistance Program (SHIP). SHIPs is a provider of free, federally-funded Medicare counseling via a trained volunteer or staff member.

Medicare fraud wastes billions of taxpayer dollars annually. Carefully review your medical bills and have inaccuracies corrected. Guard your personal information vigilantly and be wary of people asking you to provide that information. Meet with a trusted insurance advisor or compare medical plan options using the sites listed above. If you are unsure about something call Medicare directly for clarification.

If you have questions or would like to discuss anything you’ve read, please don’t hesitate to contact us.

7 Tips for Talking to Your Parents About Long-Term Care Planning Over the Holidays

There is never a right time to talk to your parents and grandparents about their long-term care plans. With the holidays here, you may find yourself traveling to see those you love who live far away. This time together can provide the perfect opportunity to talk together about the future. As we age, many of us will need a bit more help. This help can take the form of paying bills, driving, and assistance with activities of daily living.

Starting a conversation focused on the uncertainty surrounding the aging process is never easy. Especially when you are talking to Older Americans who may have significant fears over the thought of leaving his or her home at some point in the future, the loss of a spouse, or isolation. Many seniors, even those you care about most, may express feelings of resentment and hostility over conversations that focus on their future.

Regardless of how uncomfortable the conversation may be at first, it is critical to have. When you and your parents or grandparents have a plan for how to handle the future, even the most complicated aging issues can become more manageable. Let us share with you the top seven tips we recommend to our clients, friends, advisors, and community that you can use to check-in and start the conversation.

Is their estate planning up-to-date? Many people who create estate planning documents think that once the documents are signed the planning is complete. Nothing is further from the truth. Circumstances change and plans need to be updated. Ask your loved one if their planning is up-to-date and reflects their current needs.

Who are their decision-makers? Knowing who the decision-makers are in times of health and in times of crisis is crucial. Ask now who the decision-makers are, as well as, who the back-up decision-makers are. Knowing who needs to make decisions in a crisis will be helpful should the time come.

Who is their attorney? Although it may seem an unusual question to ask, knowing who the attorney that your loved one works with is immensely helpful in a crisis. Their attorney should be able to guide you through unseen issues and be available to help in the future. Do not wait to ask your loved one the name of their attorney, address, phone number, and website.

What is the condition of the home? It is important to visit the home of your loved one and look around. Is your loved one aging well in their home?  Is it easy for him or her to move around? Is he or she having a hard time with the stairs? What is the state of the food in the refrigerator? Looking at the physical environment can give you insight into your loved one’s current capabilities.

Do you have a list of doctors? In addition to asking who your love one’s attorney is, ask who is his or her primary care doctor. Also, ask if they are regularly seeing any specialists. These inquiries may lead you to discovering conditions you were not aware of. In addition, it is good to be prepared with phone numbers and contact information should you need them in the future.

Is there a current list of medicines? Take the time to ask about medication. Many seniors are taking a number of different medications. Having an up-to-date list is important for you and any future healthcare decision-maker, but it is also important for the Older American to have as well. An accurate list of medicines may not be something that their primary doctor or specialist is privy to right now. Ask your loved one to prepare this list and then take it with them to any doctor’s appointment.

Have they started to plan for the costs of long-term care? Talk to your parents and grandparents about their long-term care planning as soon as possible. Unfortunately, long-term care is expensive and most of the services are not covered by Medicare. Meet with an elder law attorney who understands the landscape and what your loved one needs both now and in the future.

This is just a start in regard to the discussion you can have with your loved ones during the holidays. Always try to speak from a place of compassion and empathy. Remember, this is a conversation that should take place throughout the year, not just during the holidays. If you need help or if this article raises more questions than it answers, do not wait to ask us your questions today.

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