Should I Retire?

Senior Thursday

One question more and more seniors are grappling with is whether or not it is the right time to retire.  With the cost of living going up, but income not keeping pace, coupled with the stock market collapse a few years ago, the question isn’t as easy to answer as it used to be. 

Another reason it can’t be answered easily is that everyone’s situation is unique.  We all have different levels of income, varying amounts of debt, and different health concerns.  Nobody’s portfolio (if you even have one) is the same, either.  Add factors such as health and life insurance coverage, ages of your children and grandchildren, your company’s pension plan and you start to see how the answer for you will be completely different from your neighbor or brother’s answer. 

If you’ve been earning a decent pay since college graduation, have put your children through school, and they are financially secure, you’ve grown your portfolio to six times your annual income, and your health is good, you can comfortably retire at 60 or 65.  However, if you’ve been living paycheck-to-paycheck all your life, have medical bills to pay and only one year’s income invested with no company pension, then you may have to work well past 60 or 65 just to make ends meet.

Your financial advisor and accountant can best help you answer this question.  In order to arrive at the best answer, though, you should have the following information/documents together for review:

·        Previous year’s tax return

·        Current pay stubs

·        Most recent statements from investments

·        Most recent statements from bank accounts

·        Summary of monthly expenses (mortgage/rent, food, pets, transportation, utilities, etc.)

·        Summary of assets (real estate, vehicles, savings accounts, etc.)

·        Most recent Social Security Statement

·        Most recent pension statement

·        Life Insurance policies

·        Health Insurance policies

You are never too old to start planning.  But beginning early will help make your retirement years as comfortable as they can be.

Grandparents Raising Grandchildren

Senior Thursday

While historically, grandparents hand over care of children once their own are married and have their own families, today’s economy is forcing many extended families to live under the same roof or combine parenting services. 

Almost 5.8 children are living in homes with their grandparents in the United States.  Of these, more than 2.5 million grandparents are taking on the responsibility for these children.  Often it is because the parents are both working.  Sometimes it is because the parents are not emotionally or physically able to care for the kids. 

Whatever the reason, this places added stress on elderly grandparents who may be physically challenged themselves.  This may put a strain on family relations as well.  Here are some helpful hints on creating a secure, warm environment for these children, their parents and grandparents.

·         Remember that the parents are the decision-makers when it comes to their children.  Respect their wishes.

·         Keep the lines of communication open.  Even though the parents are the decision-makers, grandparents should voice their opinions on matters where the child may be better off otherwise.  For example, if a grandchild shares stories with the grandparent about issues at school, and the child no longer wants to attend after-school care, the grandparent should inform the parents of these problems. 

·         Don’t rely on grandparents 24/7.  They need a break from parenting also.  Ultimately, children are the responsibility of the parents, not the grandparents.  So let them have time off and go on vacations.

·         Keep extensive records on school, health, legal and financial records for the children.  Create a binder to hold all this information.

·         Strive for consistency.  Keep the family on a routine.  If everyone knows what to expect, days will go more smoothly.  Everyone should know bedtime routines, mealtime routines, etc. 

·         Make the home safe for everyone.  This should include child-proofing the house, and keeping grandparents safe from falls and such.  Children’s toys can create a hazard for seniors, who aren’t as stable on their feet as younger adults.

·         Everyone should have a sense of privacy.  This would be a room of their own, and private spaces for relaxing or having phone conversations.

Documents Every Senior Should Have in a Safe

Senior Thursday

We know the importance of having a will—especially when children or blended families are involved.  But as we age, this document, along with others, are a must for the elderly.  In addition to a will, every senior should have a trust, a power of attorney for property and a power of attorney for health care.  An attorney can help draw up these documents.  These documents should be kept in a safe place—either a safe-deposit box at the bank or an in-home fire-proof safe.

In addition to these legal documents, seniors should have copies of their life, auto and home insurance policies, including contact information.  Regarding their health, seniors should have health insurance information in their safe, and a list of their physicians, allergies and medications. 

All financial information should be handy, too, including a list of investment accounts, IRAs, bank accounts, savings accounts, etc., as well as debts such as mortgages or loans.  Account numbers and contact information should be on this list.

Other legal documents to keep safe are birth certificates, marriage certificates and death certificates, as well as powers of attorney you hold for others. 

Finally, include your burial wishes, especially if there are specific instructions you want followed such as cremation or choice of cemetery.  If you already have a burial plot, the paperwork should be in the safe.

Let someone in the family know where your documents are kept, and how to access these documents in case of an emergency.  This can be a child, a close friend, or an attorney.

Losing a loved one, or leaving loved ones is never easy.  Being prepared make the journey smoother.

 

If you need help organizing your papers, contact Prima By Design (847-955-1822) for an estimate.

Do the Pieces of Your Estate Plan Fit Together?

Senior Thursday

Do the Pieces of Your Estate Plan Fit Together? 

by Patricia Deemer

If your estate plan documents are older than 2007 or 2008, you may want to review them yourself and consider having an attorney review them.  The four "basic" document components of a basic estate plan are a will, a durable power of attorney for property, a power of attorney for health care, and a revocable trust.  There are state law rules governing the execution (or signing) of each of these documents that must be observed.

A will disposes of your real and personal property and takes effect only after your death.  You may change it as long as you are competent. Your will may have other provisions, including naming guardians for your minor children or burial instructions. If you have a revocable trust, your will generally 'pours over' into your trust any property not specifically disposed of by your will.

A trust is a legal entity created by a Grantor for the benefit of designated beneficiaries under the laws of your state and a valid trust document.  A Revocable Trust can be changed or completely revoked by the grantor at any time during the Grantor's lifetime as long as the grantor is competent to do so.  A trust must have a trustee.  Often, the Grantor is the initial Trustee of the trust, and the primary beneficiary.  The Trustee holds the legal title to the property for the benefit of the beneficiaries of the trust.  The property held in the name of the trust is known as the trust corpus or trust estate.  The Trustee is a fiduciary, and thus, is held to a high standard of conduct and responsibility to the grantor and the beneficiaries.  The terms of the trust are directions from the Grantor to the Trustee; the trustee is obligated to follow the terms of the trust.  A revocable trust typically provides for Successor Trustees who continue to follow the Grantor's directions after the Grantor is either deceased or no longer able (or willing) to manage his or her trust.  For example, if the Grantor becomes unable to manage his or her own affairs during life, a successor trustee may take over without the need for a court proceeding to appoint a guardian.  A trust continues to exist after the Grantor's death.

A Power of Attorney for Property names an agent, a person who can make financial decisions for you if cannot make them for yourself, without going to court.  Since 2007, an agent under a Power of Attorney for Property cannot take any actions with respect to an account titled in a Trust unless specific language referencing the Trust is included in the Power of Attorney for Property.  Thus, if your documents are older, they may not work together the way you originally intended.  Some people do intend that the agent under a Power of Attorney not have the ability to take actions with respect to their trust accounts, however, it is important that you understand whether or not your current documents still express your intentions.

A Power of Attorney for Health Care names an agent who can make medical decisions for you if you are unable to do so yourself.  This is a very important document that should be a part of every estate plan.

Do you understand how your documents work together? Do you understand them?  Many people are very surprised to learn what their wills or trusts actually say, particularly about how and when distributions are made to their children after their deaths.  A trust should be drafted to fit your particular family's needs and circumstances.

Patricia Deemer, of Deemer Law Firm, has been helping families with their legal needs for over 17 years.  Call her at 847-847-7463 to schedule an initial consultation.

Elder Abuse Awareness

Senior Thursday

Elder abuse is often a silent crime.  Most of us never see it because most victims are abused behind closed doors by their own family members. And, too often, people who do see it choose not to get involved because it’s none of their business.

Yet, if you are a witness to elder abuse, you are legally obligated to report it. 

Elder abuse can happen on various levels.  There is physical abuse (injury, illness, medication administration), neglect (withholding medical care, lack of food, neglected pets), sexual abuse, emotional abuse (lack of eye contact, anxiety around caretaker, confusion) and financial abuse (recent changes in will, frequent ATM use, transfer of titles). 

If you have an elderly relative or friend, the best gift you can give them is time.  Take the time to call them, visit them, and check up on their health and physical space.  Look for signs of abuse on your visits.  If you suspect anything, you should call your local Adult Protection agency. 

Take care of your elders.  It will be you one day.

Preventing Feuds Between Children

Senior Thursday

Death and dying are not very comfortable conversation topics.  Who wants to talk about life after they leave this earth?  Yet being prepared is important, especially in larger estate matters.  Tying up an estate in court usually results in the lawyers making more money than the children will inherit.

In order to have peace among the family, and make sure they get as much as possible from your estate, it is important that you have these discussions and make these decisions. But more than making decisions, you must make the right decisions to prevent feuds among your heirs.   Here are some ways you can prevent these arguments.

·         Name only one trustee—the most competent of your children, rather than co-trustees.

·         Name a corporate trustee who can be an impartial party.

·         Meet with your children (either individually or in a group) and discuss your estate plan with them.

·         Explain your choice of trustee to your children.

·         Tell your children as much as you are comfortable with about your assets, net worth and debt.

·         Collect all your financial information in one place for your children/trustee.

Talking with your children now will prevent stress later.

How to Choose a Reverse Mortgage Company

Senior Thursday

These last two weeks we discussed the basics of a reverse mortgage and the steps in obtaining one.  This week, we'll look at how to select a reverse mortgage company that you can trust, and the qualities you should look for in a company.

First, look for a company that will educate you on the products and help you make the decision that is best for you.  Everyone's situation is different, so it is important to choose a product that will benefit you.

Second, find a company that offers a wide variety of products.  From jumbo loans for high-value properties to smaller products for modest homes, the company you select should be able to handle the size loan you need.

Third, what sort of service and support do they offer?  Are they available by phone or email when you need them?  Or is it difficult to get through to someone when you need them?  Your company rep should be accessible.

Fourth, how quickly can they close the loan?  Will you have to wait several months?  Or can they close it in four to six weeks?

Finally, how do they treat you as a customer?  Are they committed to helping you improve your life?  Or are they just after your business?   Find a company that wants to help you improve your financial security and well-being. 

Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you.  888-302-2762

Maintaining a Healthy Medicine Cabinet

Senior Thursday

As we age, it is a fact of life that our health changes.  Some of us have more illnesses than others.  Some suffer from illnesses such as diabetes and arthritis earlier than others.  But by the time we reach our 70s, we are probably going to be on some sort of medication. 

Being on medication brings its own problems.  One of these is your medicine cabinet.  It contains health hazards if you aren't careful.  Here are some tips for keeping you and your medicine cabinet, and YOU, healthy.

·         Never take any prescription medication that is not yours.

·         Never take a new medication (prescription or over the counter) without consulting your physician.  There could be serious interactions with medications you are already taking.

·         Never take expired medication.  While some are still good for a few months after the expiration date, others can cause serious illness, or even death.  Also, they may not be as effective as they were when fresh.

·         Never double up on medication if you miss a dose unless your physician okays it.

·         Have the basics on hand at all times—first aid supplies and pain relievers.

·         Keep a paper and pen handy to write down when you run out of something and need to replenish.

·         Stock up on seasonal items (like sunscreen or flu medication) before the season so you have it when you need it.

·         Keep your medications within easy reach—especially those you take daily.  Daily meds should be within arm's reach.  Other less-used items can be stored higher.

·         If a medication falls out of its container and you find it later on the floor, don't take it.  It may be something other than you think, or it may be expired.

Is a Pocket Neighborhood Right for Me?

Senior Thursday

A pocket neighborhood is a compact set of houses with common areas between them.  The houses or apartments have pedestrian walkways, gardens, courtyards, shared backyards and/or alleys, and central mailboxes.  Everything is close together.

Why are these good for seniors?  First of all, there is little maintenance.  Assessment fees often cover lawn and yard care.  Front and back yards, if private, are small. 

Another benefit is the companionship.  Because neighbors are so close to each other, they can easily visit.  Spending time with others is as easy as walking out your back door.  Houses have detached garages.  This gives neighbors the chance to see each other before disappearing inside.

That isn't to say there isn't privacy.  Windows aren't aligned to see into each other's houses.  And picket fences line the fronts of the houses to delineate property. 
The biggest benefit in these types of communities is increased socialization with others rather than isolation.  And since social contact is an important part of keeping an aging mind sharp, these communities can keep seniors healthier.

Picking the Perfect Pet

Senior Thursday

When a senior outlives a spouse, the house is suddenly empty.  Loneliness can set in if the surviving spouse is not active or social.  Perhaps their health keeps them indoors.  Or maybe their family lives out of town.  So they turn to a pet for company.

However, this decision must be made intelligently, because the wrong pet can cause more damage than good.

So how do you decide which pet is best for you or your elderly parent?

·         Consider level of physical activity – If the senior is still active and will be taking walks or exercising, a dog will be a good companion on those walks.  If the senior is homebound, then a cat or bird is a better choice.

·         Consider the age of the owner – Is the senior 55 or 85?  Will they potentially have this pet for five years or twenty?  Birds can live more than 40 years.  What will happen to it when the owner passes away?  However, an older dog or cat can keep them company for several years and may or may not outlive the owner.

·         Consider the size and layout of the home – If the senior is living in a small apartment without direct access to a yard, then a large dog is not a good choice.  A cat or small dog would be a better option if the owner is able to walk the dog.

·         Consider the owner's physical limitations.  Small dogs and cats can create fall hazards, as can their toys and litter boxes.  Also, will the owner be able to clean up after a dog in the yard?

·         Consider the pet's temperament.  Breeds differ greatly in their behavior.  A well-trained dog can be a quiet, calm companion.  But a dog who consistently barks and nips at visitor's feet will only cause undue stress.  Research breed characteristics before choosing a pet.

·         Consider upkeep of the pet.  Can you afford the food, vet bills and grooming associated with a pet?  Can you brush a long-haired dog or cat?  Can you afford the licenses required from your community?

·         Consider the guidelines of your community.  Some communities allow dogs up to a certain size, some no pets at all, some just birds or fish.  Find out before you purchase a dog and get attached to it.

If you aren't sure what pet is best for you, consult your local veterinarian.

The Importance of Sharing Memories

Senior Thursday

How many times have you heard from surviving children after their parents have died that they wished they would have learned more about their heritage?  Too often, we are so absorbed in our own lives, that we don't take the time to learn about theirs.  And when they are gone, it's too late.

It is important to talk to your parents, grandparents, aunts and uncles now.  At your next family gathering, ask them about their childhoods. 

Here are some questions to ask to start the discussion:

SCHOOL/EDUCATION

·         How many children were in their classes at school?

·         How large was their graduating class? 

·         How many years of schooling did they have?

·         What was their favorite subject?

·         Which teacher made the biggest impression on them?

FAMILY

·         How large was their family?

·         Were they the oldest/youngest?

·         Where did they grow up?

·         How big was their home?

ENTERTAINMENT

·         How did they celebrate birthdays?

·         Did they go on family vacations?  If so, where and when?

·         What did they do for fun on Saturday evenings?

·         How much did admission to a baseball game cost?

This is just the beginning of wonderful stories and wonderful conversations.  But don't stop there.  Write down what they tell you.  Keep these notes in a journal or transfer them to your computer.  You'll have those memories forever.

Seeing the Doctor

Senior Thursday

When we are born, our parents take us to the doctor every few months to check our growth progress and immunize us.  This continues throughout our school years.  Then as we reach adulthood, we seem to avoid the doctor as much as possible.  It's only when we start to age, and get more ailments, that we seek the doctor's advice again.

Going to the doctor can be easy or stressful, depending upon your health.  Regular check-ups for screenings can be easy.  But if you have conditions that require medication or treatment, the visits can become tiresome.  And if you have several conditions, as seniors often do, the complications that can arise from multiple illnesses can become life-threatening.  This is why it is so important for a person's care (senior or otherwise) to be coordinated amongst your caregivers.  In order to do that, each caregiver must be informed of your progress at each visit. 

So how do you do that?  First of all, every physician you see should know about all your conditions and all your other physicians even if they are not treating you for that condition.   They at least need to know about other medical conditions and prescriptions that may affect the condition for which they are treating you.

When you go to the doctor, be prepared.  Bring a list of all your current medications, including their names, strengths and doses.  Record and report any side effects you are experiencing. 

If you are experiencing symptoms with your illness, write them down, along with the frequency, and report them to the doctor.  Write down any questions you have for the doctor BEFORE you go.  It seems we always forget something if it's not written down.  If you don't understand something the doctor tells you, ask for clarification, or to explain in layman's terms. 

Consider bringing a family member or friend along who can help remember or write down all these things for you.  Sometimes the visit is too stressful (depending upon the condition) so you don't have the mental faculties to write it down yourself.

Finally, before you leave his/her office, review any directions or follow-up that is required.  If you need a new prescription, don't leave without it.  If you need surgery, get the name and phone number of the surgeon.  If you need to change your diet or exercise, review that also.  A good physician will take the time to go over all this with you to keep you at your healthiest.

Staying Safe While Spring Cleaning

Senior Thursday

After the snow melts away and the flowers start coming up, we see all the damage from winter, and the dead foliage in our gardens. It is important to clean up for spring, but it is important to stay safe while doing so. The dangers for the elderly are higher, as they are more prone to falls and other injuries. Here are some ways to stay healthy and safe while cleaning up around your house and yard.

• Lift properly. Place feet apart, bend knees and lift with your leg muscles.
• Use sturdy ladders or stools for climbing instead of chairs.
• Have someone spot you when you are on a ladder.
• Avoid repetitive motions for long periods of time (like pulling weeds.) Vary your tasks to give your muscles a rest.
• Keep yourself hydrated and rested. Don't overdo it.
• Wear protective clothing when gardening or working with power tools.
• Have your cell phone with you at all times in case you are injured and can't get back into the house.

Helping Your Parents Remain Independent

Senior Thursday

One of the biggest struggles we face as we age is remaining independent in our own homes. As adult children caring for aging parents, we often have these discussions with them. While we know their physical and mental limitations, they do not want to leave the home where they raised their family. If they insist on remaining independent, then the most we can do for them is make their lives safe.

First, have your parents sign up for an emergency response system. This will give them 24/7 access to the police/fire department. If they fall, help is only a button away.

Remove all fall hazards, such as throw rugs and sharp corners on tables. Make sure transitions are smooth between rooms, and install grab bars in the bathrooms.

Set alarms around the house. There are alarms for alerting someone that a pot has been left on the stove unattended, or for reminding them to take their medications.

Do what you can to make their life simpler. This may be different door or drawer handles, a long shoehorn, velcro closures, or a grabber for reaching items from upper shelves.

Make sure they eat right and have regular checkups with their physician. Activity is especially important for keeping healthy. If they have difficulty doing any daily activities on their own, hire help to come in and assist with meal preparation, bathing, etc.

Finally, stay connected with them. Loneliness can cause depression and premature aging. But whatever you do, take care of yourself also. If you don't take care of you, you can't take care of them.

Easing the Stress of Travel

Senior Thursday

Traveling means different things to different people. For business travelers, it can be a chore. For students, it's an education and an experience of a lifetime. For families, it can be an adventure. For seniors, however, it can be a hassle, especially if you have physical limitations.

So how can seniors make their travels less stressful so they can enjoy their vacation?

1. Check the itinerary—Confirm all plans before leaving. Know what the restrictions are on each flight/trip, at each hotel, and at each attraction. Is identification required for discounts? Where are your seats? Do you need confirmation numbers for reservations or admission?
2. Physical Limitations—Do your hotel rooms need walk-in showers or do they need to be close to the elevator to minimize walking? Will there be difficulty in boarding modes of transportation, such as tour buses? Is there assistance at the airport? Will stairs preclude you from seeing some attractions?
3. Safety—Be aware of surroundings at all times. Keep wallets and travel documents with you at all times. Never place your purse on the floor next to your seat. If you drive, keep your car locked, and keep valuables out of sight.
4. Packing—Keep suitcases light. Pack enough in a carry-on for an overnight stay in case your luggage gets lost. Carry prescription meds in their original containers. Keep copies of travel documents in your luggage in case the originals get stolen.
5. Health—Do you have dietary restrictions? Do your destinations know of them? Do your medications need refrigeration? Will too much walking affect your health? Do you wear a medical bracelet for your condition?

It may seem like this is too much effort to put into a little trip. But think of the risks if you don't properly prepare for a vacation. Enjoying yourself is priceless. You can make it happen.

Discounts for Seniors

Senior Thursday

As seniors age and leave the work force, their income is usually reduced. Instead of drawing a salary, they rely on pensions or Social Security. Sometimes this is enough to cover their expenses. Sometimes it isn't.

To help with rising costs and falling income, it is wise to look for ways to save money. One way is to find discounts on services and products. There are many places to find discounts.

Organizations like AARP partner with companies to offer discounts for their members. These offers range from health and life insurance to movie theater tickets. And like AAA, they offer discounts on travel.

Pharmaceutical companies sometimes offer discounts to seniors on their prescription medications, and there are discounts on other health care products as well.

Many stores offer discounts to seniors once a week. This may be a clothing store, a bakery, or book stores. Check with your local retailer to see what discounts they have. Services may be discounted also. Ask around your auto repair shop or your beauty parlor. Professional services, such as financial, legal and medical may also be discounted.

And while eating out can be expensive, check for hours/days your favorite restaurants offer senior discounts. You may be able to treat yourself more often than you think.

Find what you need at SeniorDiscounts.com. Just put in your zip code, and search results will supply everything from museums to spas that offer specials to the aging population.

Always check the requirements for each offer, though. For example, some have age restrictions of 50+, while others require that you be at least 65 years old. Some are only available on certain days of the week, or during certain hours. Know before you go.

Resources for Seniors

Senior Thursday

As a large part of the population continues to age, they require special services unique to the elderly. Some are a result of health issues, and some are monetary. They may find themselves unable to live in a two-story house because of navigating the stairs. If they already have a ranch home, then perhaps the yard is too much to maintain.

Some seniors can't perform simple personal tasks, such as bathing. So in addition to needing help with their home, they need help for themselves. Others may be healthy, but are struggling financially. In these cases, they need help paying for meds or paying bills.

So where do they find resources for assistance? They may need caregivers, medical advice, housing assistance, or information on laws protecting them. One place for both federal and state resources is USA.gov. This is a great start for many issues facing the elderly today, including raising grandchildren, something new to this generation of grandparents.

Local townships offer great resources also, as do hospitals. These resources include everything from free meal delivery to in-home nursing care. Don't be afraid to ask. Sometimes you can't do it all on your own.

Safety in the Home When Entertaining Seniors

Senior Thursday

We love being surrounded by family, especially when we are celebrating a milestone. We invite friends and family over, from the very young to the very old. Our homes will be filled with people who normally aren't part of the routine. If your children are older or grown, you aren't used to toddlers being around. So you take care to protect them from obvious dangers like electrical cords or outlets.

So too, should you protect the other extreme—the aging senior. For the senior, the dangers are different. They know better than to eat the plants or stick their hand in an outlet. But they don't always see other dangers, especially those that can cause falls. It is up to you to prepare your house for their arrival. Here are some things you should do to protect against accidents.

• Pick up all throw rugs. They are tripping hazards.
• Provide normal height seating for meals—no bar stools or picnic tables.
• Provide a chair in the conversation area that is easy to sit in and get up from.
• Be aware of dietary restrictions such as low sodium, diabetic or gluten-free.
• Hold activities on the main level of the home so they don't have to up/down stairs.
• If stairs are necessary, make sure the railing is secure.
• Watch young children around them when they are walking.
• Keep pets locked up so they don't jump up and knock them over, or get under their feet and trip them.
• Don't hand them anything to hold that is hot (coffee) or heavy (plate of food). Carry it for them and set it down.
Being aware of these hazards will protect your elderly guests. How do you keep seniors safe in your home?

Creating an Emergency Hospital Bag

Senior Thursday
As we age, the possibility of having to visit the Emergency Room increases. It may be from an accident, an illness or a fall. Regardless of the reason, the visit can be very stressful. When this happens, the patient often forgets important information, such as phone numbers, medication doses and allergies. Therefore, having a bag or tote to bring with in case of just such an emergency may save your life.

To avoid confusion, pack a tote or bag with vital information. You should include the following:

• List of prescription medications, their strength and doses. Include the prescribing physician's name and phone number.
• List of physicians under whose care you have been. Include phone numbers and addresses.
• Names and phone numbers of family members and friends to notify.
• List of non-prescription medications, such as vitamins and supplements, along with strength and dosage.
• List of medical conditions, history of surgeries and hospitalizations, allergies and vitals (height, weight, blood group).
• Personal identification--name, address, phone number.
• Change of clothing and toiletries.
Because you may not be home when an emergency happens, save a copy of your medical information on a document and store it on a flash drive. Keep this flash drive with you whenever you go out. Mark it as containing your medical information.

Starting the Discussion About Inheritance

Senior Thursday

Talking about inheritance with a senior can be uncomfortable. First, for the family members who don't want to seem greedy, and second, for the senior whose life is admittedly ending. After all, who wants to talk about leaving this earth?

Unfortunately, it is a discussion that should be held. It will make matters much easier after their death. You don't want their estate to go to probate. And you certainly don't want family members arguing over their money or possessions.

So how to start the discussion? Be clear about your motives. You are not in this for yourself, but rather for them. Know that others may not share your opinion. But be respectful of other's opinions.

"What if…?" is a natural conversation starter, as is "What would you have done…?" Use these opportunities to begin the conversation.

Finally, don't leave it at conversation. Once they face reality, have them see an estate attorney to put their decisions in writing. And have them call a professional organizer to coordinate the downsizing.