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Old 02-09-2016, 07:04 PM   #221
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imoldernu, I saw this and thought of you based on your post #165 above. This guide is written for caregivers of people with dementia/alzheimers and provides a great financial planning overview:

http://newageofadvice.com/files/3314...iver_Guide.pdf

This next guide is written for financial advisors to those with dementia but I thought you might find it useful as well:

http://newageofadvice.com/files/2614...f_Dementia.pdf

This guide on guardianship as well (although you probably already have this covered):

http://newageofadvice.com/files/9814..._AMPFI0815.pdf

Quote:
Planning for the possibility of incapacity is an important part
of the financial planning process. It starts by asking some
basic questions:
• Who do I want to manage my financial affairs if I become
incapacitated?
• Are there any specific powers that I would or would not
want my agent to have?
• When do I want my agent’s authority to begin?
• Who do I want to make my health care decisions if I cannot?
• What type of care do I want?
• How comfortable do I want to be?
• Are there circumstances where I would not wish to be
kept alive?
• Have I clearly communicated my wishes to my family
and friends?
Once you’ve answered these questions, you’ve laid the
foundation for a plan to deal with future incapacity.
Last, but not least, this is an outstanding, thorough guide to all financial aspects related to aging in one's 70's, 80's, and beyond from Legg Mason:

http://newageofadvice.com/files/5313...plications.pdf

Quote:
Planning to preserve control, dignity and safety…come what may

For all the talk about “retirement planning,” there is little focus on the
stage after the healthiest and most active years
. If you have faced the
health crisis of a parent, you have renewed respect for the benefits of
proactive planning, rather than waiting for a crisis to drive an immediate
decision. Through careful preparation in partnership with a financial
advisor
and other trusted professionals, you can increase the chances of
maintaining control over the most important decisions related to your
future. With a realistic view of the future, you have the ability to develop
a comprehensive plan that takes in “what if...” and ensures that you
will have control over the decisions affecting where you will live, your
comfort, and care.

Our lifestyles may change dramatically in our 70s, 80s, 90s and beyond, and
the reality of retirement may turn out quite differently from what we have
envisioned. Unfortunately, many of us have looked at our “golden years” in
idealized terms, and have not given careful consideration to the realities of
aging. Aging and frailty know no economic boundaries and often bring physical,
lifestyle, financial planning, family, psychological and social challenges. Truly
understanding the realities of retirement can help in giving financial, emotional
and family considerations the proper attention well in advance in order to make
appropriate plans
Emphasis added
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Old 02-10-2016, 04:19 PM   #222
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Quote:
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imoldernu, I saw this and thought of you based on your post #165 above. This guide is written for caregivers of people with dementia/alzheimers and provides a great financial planning overview:
Thank you so much for your post.

It means a lot to me, and I will share all of the links with my children. We have regular updates on our situation and our plans, and feel that overall we are covered, both from a personal support basis, and financially. That said, your sources are wide ranging and comprehensive, covering more than I ever could to get our kids on the same track.

The financial links, both for the caregiver and the professional are particularly thorough. Though I think we've covered the same bases, it's a good memory jogger, and there were many things that I'll re-review.

One of the most important things that was covered... Elderlaw... is one part that I'd suggest for anyone who may become a caregiver. In our case, we don't feel that we're quite ready, but in looking for an eldercare lawyer it seems that the nearest one is 65 miles away, and doesn't receive good reviews. One of our sons is a risk management lawyer, and will help in our selection. In the meantime, we have covered the basic will, medical directives, and power of attorney. In the coming months we'll review our full financial philosophy and details with the whole family. We've already done most of this, but with everyone on board, we hope to make everything easy in the event of the unforeseen.

If this all seems much ado about nothing, I would suggest that in almost every case we've seen, health, dementia or death, has resulted in tremendous upset amongst the partner or the family.

Whether for dementia, general health issues or just old age, the articles in Options' post will be very worthwhile reading. In particular, the last link offers check lists that cover details that are easily missed.
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Old 02-10-2016, 04:27 PM   #223
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Cool to see you posting again, uralsowisernme.
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Old 02-10-2016, 04:58 PM   #224
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Thanks Options... Great links



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Old 02-10-2016, 07:00 PM   #225
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imoldernu, since you have your estate covered (awesome to have a son as a risk management attorney), have you seen this:

Erik A. Dewey

It's called "The Big Book of Everything" (or to put it in a more morbid fashion, a death book). You can complete it and your executor will have everything they need including all the information to settle your estate. You can download it in either PDF or Excel format.

From the website:

Quote:
What is the Big Book of Everything?

In a nutshell, it is a notebook filled with all of the information anyone could possibly need to know about you. The idea is that in our lives we have countless things that we are involved in. On rare occasions, other people need this information and no one knows how to get it. That's where the Big Book comes in. By filling this out and keeping it current, you can simplify the effort others have to take on your behalf.

Uses for the Big Book are:

After you pass away, people will know what accounts to cancel, have access to your email, know where important papers are kept, and otherwise streamline what is already a painful process.
Filling out applications. The information in the book is often found on various applications, by having the book you can look that stuff up at a moments notice.
Making sure you know what your assets are. By going through and inventorying all of your assets, you have a better idea of where you are financially.
Forcing you to prepare for emergencies. By filling out the forms, it will force you to be better prepared when an emergency strikes.
As I just completed estate planning to include a trust, et al, I wanted a single document my executor could go to and find all information about me. Previously, I would print it out in PDF and fill it in by hand. This time I downloaded it in Excel format so that I can easily make changes in the future. It's the most comprehensive aide for an executor closing out one's estate that I've been able to find.

(I tried to upload it in Excel for you but had trouble; you can download it from the site link above if you feel like giving it a look).
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Old 02-11-2016, 03:45 AM   #226
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I feel the same, and I'm not even 60 yet.

Quote:
Originally Posted by imoldernu View Post
the world is moving faster, and it's getting harder to keep up. .
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Old 02-11-2016, 08:08 AM   #227
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Glad to see your posts Imoldernu! I think it was a few months back I was wondering what happened to you! Welcome back and glad to hear all's well!
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Old 02-11-2016, 08:36 AM   #228
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Count me among the many who are glad to see you back! I always look forward to reading your posts!
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Old 02-18-2016, 06:13 PM   #229
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Yay! You're back. Good for us.
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Old 02-24-2016, 04:59 PM   #230
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Count me among the many who are glad to see you back! I always look forward to reading your posts!
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Old 02-24-2016, 05:32 PM   #231
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Nice to hear back from our elder statesman.
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Old 02-25-2016, 11:05 AM   #232
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Some current thoughts....

Watching the shakiness of the world markets, and our own US skyrocketing debt leads me to think about the neartime coming years, and then beyond, as I don't expect to be here.
Since DW and I are looking at a relatively short horizon.. (probably 10 years at the most, and statistically, more like 6 or 7) we feel we can survive a economic downturn, without too much strain. At the same time, our kids are looking at a 30 to 40 year time frame.
They haven't asked me yet, but I expect that the subject will come up... What to do in a down period.
Since I'm not into investing or portfolio management, I couldn't give advice on the money matters, but would approach the future by encouraging them to build their own safety net, by asking them to take a look at their lifestyle as a way of leveling the cost of living, to become more secure by learning to appreciate life, with lower spending habits and avoidance of debt.

Sounds simple, but maybe not... Lifestyles build over a period of time. What seems logical to me, in retrospect, is not what many younger people understand. Here's the way I'd approach the mental exercise of planning for a downturn:

First, the "shock" approach.
Your job just disappeared. Your pension is in danger. You investments stop earning. Inflation is coming into play with no guarantees on how high it will go.

Build the safety net from there:
There's a macro and a micro.

The macro:
Where you live. If you need to stay employed, does it require staying where you are, or can you move to a less expensive home in a lower cost of living area? Should you take SS early? Major expenses... child in school.. afford?
The second car... really necessary? Ongoing optional costs... phones, internet, cable, memberships... golf, time share, travel.

The micro:
The "eating out" which became second nature... fast food, Starbucks. Cafeteria vs. sandwich... Delivery pizza. Excess daily travel... limit/combine shopping trips. Haircuts, beauty parlors, manicures, pedicures, massages. Exercise... memberships, trainers... High end meats, foods, beverages. Hired services... lawn, cleaning and car dealership services, car washes.... and the list goes on and on.

The point to be made is a reality check... to establish a lowest spending number. A safety net number. My own plan is built on a base that theorizes an absolute minimum income, knowing that people live and continue to survive at the poverty level of $11,770 for one and $15,930 for 2.
If you want to see how your community stacks up on the economic stress scale, here's a website that tell where it stands in your state.
http://eig.org/dci

While this seems a negative approach, having a plan... whatever plan and whatever level brings peace of mind.

So while we feel confident that we can handle a spending level of $30,000 or less, we use this only as a fallback. The point is that we know what to do and how to do it. From our current spending level, we know how to cut $25,000... what to sell, what to keep, and what we can do without.

This probably sounds like a no-brainer, and yet, given a change in the economy, do you have an actual plan? Here are the US historical inflation rates.
Historical Inflation Rates: 1914-2016 | US Inflation Calculator

The 1970's and early 1980s inflation rates really happened. Our near 20 Thousand Billion dollar debt calls for inflation. An hour or so of looking at a way to cope will be time well spent, and that's my plan to torture my kids.

They'll only hate me for a week or so.
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Old 02-25-2016, 12:31 PM   #233
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Old 02-25-2016, 12:58 PM   #234
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Good stuff. Particularly the stress scale info. Doing taxes gets me an economic view of the rural community where I live. Not so prosperous a place. Apparently we are booming when compared to the eastern part of KY and many places down south.


Forced job changes over the years have caused us to implement the mental exercise you discuss. We are better for it and the knowledge has served us well.
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Old 02-26-2016, 03:32 PM   #235
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Originally Posted by imoldernu View Post
Some current thoughts....
.
They'll only hate me for a week or so.


But we won't. Your posts always provide much food for thought. Thank you!


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Old 03-14-2016, 10:59 AM   #236
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Quote:
Originally Posted by imoldernu View Post
Some current thoughts....

Watching the shakiness of the world markets, and our own US skyrocketing debt leads me to think about the neartime coming years, and then beyond, as I don't expect to be here.
Since DW and I are looking at a relatively short horizon.. (probably 10 years at the most, and statistically, more like 6 or 7) we feel we can survive a economic downturn, without too much strain. At the same time, our kids are looking at a 30 to 40 year time frame.
They haven't asked me yet, but I expect that the subject will come up... What to do in a down period.
Since I'm not into investing or portfolio management, I couldn't give advice on the money matters, but would approach the future by encouraging them to build their own safety net, by asking them to take a look at their lifestyle as a way of leveling the cost of living, to become more secure by learning to appreciate life, with lower spending habits and avoidance of debt.

Sounds simple, but maybe not... Lifestyles build over a period of time. What seems logical to me, in retrospect, is not what many younger people understand. Here's the way I'd approach the mental exercise of planning for a downturn:

First, the "shock" approach.
Your job just disappeared. Your pension is in danger. You investments stop earning. Inflation is coming into play with no guarantees on how high it will go.

Build the safety net from there:
There's a macro and a micro.

The macro:
Where you live. If you need to stay employed, does it require staying where you are, or can you move to a less expensive home in a lower cost of living area? Should you take SS early? Major expenses... child in school.. afford?
The second car... really necessary? Ongoing optional costs... phones, internet, cable, memberships... golf, time share, travel.

The micro:
The "eating out" which became second nature... fast food, Starbucks. Cafeteria vs. sandwich... Delivery pizza. Excess daily travel... limit/combine shopping trips. Haircuts, beauty parlors, manicures, pedicures, massages. Exercise... memberships, trainers... High end meats, foods, beverages. Hired services... lawn, cleaning and car dealership services, car washes.... and the list goes on and on.

The point to be made is a reality check... to establish a lowest spending number. A safety net number. My own plan is built on a base that theorizes an absolute minimum income, knowing that people live and continue to survive at the poverty level of $11,770 for one and $15,930 for 2.
If you want to see how your community stacks up on the economic stress scale, here's a website that tell where it stands in your state.
Distressed Communities Index - Economic Innovation Group

While this seems a negative approach, having a plan... whatever plan and whatever level brings peace of mind.

So while we feel confident that we can handle a spending level of $30,000 or less, we use this only as a fallback. The point is that we know what to do and how to do it. From our current spending level, we know how to cut $25,000... what to sell, what to keep, and what we can do without.

This probably sounds like a no-brainer, and yet, given a change in the economy, do you have an actual plan? Here are the US historical inflation rates.
Historical Inflation Rates: 1914-2016 | US Inflation Calculator

The 1970's and early 1980s inflation rates really happened. Our near 20 Thousand Billion dollar debt calls for inflation. An hour or so of looking at a way to cope will be time well spent, and that's my plan to torture my kids.

They'll only hate me for a week or so.
As healthcare spending is one of the main causes of elder bankruptcy, it's also good to have a plan for investing in optimum health, to include diet and exercise. As many are concerned about LTC costs, here's an article on reducing the risks of entering a nursing home.

Tackle these 3 risks to avoid a nursing home - MarketWatch

Quote:
Most Americans want to “age in place,” yet the phrase can be deceiving. It suggests passivity, when successful aging in place involves preparation. And that preparation is best begun in middle age.

About 10% of the U.S. population age 85 and over lived in institutional settings like nursing homes in 2013, according to the Administration on Aging. While plenty of good facilities exist, they’re rarely the first choice of older adults or their families. Whether we wind up in one depends on a number of factors, some beyond our control.

But there are risk factors we can control, and we shouldn’t wait until retirement to tackle them. “I tell people, if you retire and the highlight of your day is checking your mail, you will get sick,” said Leslie Roberts, an investment adviser at Stillwater Financial Group, with offices in Boca Raton, Fla. and Plymouth Meeting, Penn
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Old 04-16-2016, 07:36 AM   #237
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I originally wrote this as a response to a recent thread on downsizing, but decided that it belonged here, as a update to our philosophy of living in the later part of the retirement years.
.................................................. ................................
As we get even older, our philosophy has changed, bringing to mind an old proverb that I learned as a kid...

" Le temps, c'est l'étoffe dont la vie est faite", "Time is the stuff of which life is made" or loosely translated as "Time is money"...

We still have three "homes", full of the normal accumulation of "stuff". Florida goes this year, our lake place next year, and moving to our CCRC apartments, from our Villa, the next year.

No regrets for any of these homes, but we no longer place a monetary value on the belongings therein, so the plan is to turn all of it, over to the kids, to take what they want, and then have them hire someone to go through the clearing out process... ultimately to hire waste management trucks for whatever remains.

The twenty or thirty thousand dollars that may disappear during this process is a pittance compared to the anguish of handling it on a piece by piece basis.

There comes a point in time, when money is much less important than peace of mind, and when quality of life becomes a function of time.
.................................................. .................................................. .

All of this comes as a result of integrating with so many people of our own age, (and those who are even fifteen to twenty five years older) who are enjoying a simpler, very happy life, in the CCRC apartments. A single monthly payment that covers all of the cares of home ownership. Meals, transportation, all utilities, and costs of home ownership as well as age related social activities.

Most recently, as part of this process, a friendship with one of the residents of my own age, who has been totally blind since age six. We are going through a mind bending experience of learning to use the computer without having sight. Since he is very smart, (has taught college history) the challenge is fun for both of us.

Another friend, still living in the Villas, also makes life interesting. He is now 97, and two years ago, renewed his pilot's license. Ten years ago, he finished building his own airplane in his garage. Le Pou de Ciel... the Flying Flea. It is hangered in a small airport fifteen miles from here. Next week, we're going up to check on it. He has a new engine to be installed. (BTW... not for him to fly, but as part of his hobby... the plane is built from 1931 plans for what was to be the people's plane, ala the Volkswagen.

Ooops... too wordy... a genetic flaw...



Not the kind of thing that we think of at age 60 or 70, but a philosophical change of heart that comes in the eighties.
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Old 04-16-2016, 12:10 PM   #238
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Nice reflection, imoldernu. I hadn't thought about it, but my mother was quite happy living in an apartment for the last 7 years of her life after always being in houses. And getting rid of all the accumulated STUFF in the house I grew up in wasn't hard for them when they were ready to sell it (other than the sheer volume of STUFF, including boxes that hadn't been unpacked from her parents' house after they died 40 years earlier).

I think your plan sounds excellent and hope it all goes as you wish.
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Old 04-16-2016, 12:22 PM   #239
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Many thanks to Options for those links!
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Old 04-16-2016, 06:31 PM   #240
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I have been steadily downsizing stuff for years because I didn't want to saddle my kids with the job if something happened to us. I have had to clean out a few people's lifetime of stuff and it was not fun. I started in earnest in my 50's and will be 62 soon. It also feels so much better to live in a smaller space with less stuff. My Mom went into an apartment in her later years and like it very much.
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