When visiting with a senior over the holidays, it’s a great time to take the opportunity to see how they’re doing. Seniors will rarely admit if they’re having financial problems, so be on the lookout for 7 signs that could indicate that they could benefit from assistance for the sake of their financial survival:

1. Unusual temperatures in the home – seniors are more sensitive to temperature as they age, so a colder home in the winter and warmer house in the summer, despite the availability of adequate heating and air conditioning might indicate financial problems

2. Their home is in disrepair – if your loved one is typically on top of home repair and maintenance, if you visit and things are in disrepair, financial problems might be taking place to prevent the needed attention to necessary repairs

3. The outside of the home is lacking attention – seniors often need assistance with outdoor maintenance like lawn mowing or snow clearing, and if they are not being done, seniors may not be able to afford to hire someone

4. He/she is unwilling to travel over the holidays – if your senior typically visits family or travels over the holidays, they might not be able to afford to

5. Medical appointments are being missed – many seniors try and avoid visiting the doctor, but you have to look at the reasons that motivate them

6. Medications aren’t being filled – necessary medications that are going unfilled can indicate financial issues

7. Social activities are being cut out – entertainment, social activities and dining out could be eliminated from a senior’s routine

Via: Home Instead Senior Care

Home Instead Senior Care Dallas - a great assisted living alternative in Dallas for seniors and elders. Call us today for help at 972-239-3934.Myths About the Swine Flu and Vaccine

If you are a senior traveler, or you are a caregiver making travel arrangements for an elderly individual, there are some ways to get a great deal. Many times, seniors are unaware that they may be entitled to discounts when planning a vacation. The best way to find these deals is to plan the trip through a travel agent. The sooner plans are made, the better the chances of getting a discount. By following the tips listed below, senior travelers will have the opportunity to book a trip at a discount.

1. Make sure to know personal preferences before contacting a travel agent. These requests should be made in advance. Some common requests for traveling seniors include aisle seats on airplanes, morning flights and non-smoking accommodations.

2. Be sure to deal with a travel agent directly. Many travel agents have personal assistants that relay messages. If possible, try to arrange to speak with the agent directly.

3. If there are time constraints, make sure to have a back-up plan. Use a calendar to plan for schedule changes. Often times, a change in time could mean a greater discount.

4. Inquire about car rentals and hotel rooms. Your travel agent may be able to book a complete package which would offer additional savings.

Source: www.ehow.com

Image source: sxc.hu

Home Instead Senior Care Dallas - a great assisted living alternative in Dallas for seniors and elders. Call us today for help at 972-239-3934.Myths About the Swine Flu and Vaccine

Many women find themselves on their own later in life due to death or divorce. Those are just a couple of the harsh realities that can come along with getting older. Unfortunately, for many of these women of the boomer generation, it also means financial uncertainty simply because you’re unsure of your financial future. We’ll share our tips for money management below, but we’d like to hear yours. How have you overcome your financial struggles as a boomer woman to secure your financial future?

1. Let go of the idea that it’s too late – you might feel that as you approach your senior years, it’s too late to get yourself out of any financial mess you’ve made or learn new methods when it comes to managing your finances. When it comes to financial planning, it’s never too late to start!

2. Learn about money – this may sound obvious, but start doing your homework and research about all things finance. Learn about investment options, about financing available, about interest rates, and about anything that’s likely to apply to your situation before you even make your next move. Books and the internet are both great resources

3. Talk to a financial planner – you can hire a personal money adviser or speak to one that’s already available to you at your Dallas bank (although someone independent might be more impartial) in order to keep you informed and help you make financial decisions

4. Support yourself – if you don’t have the means to save, invest or pay off debts, you might need to get a job. Find something you love, but ensure you have a set goal for earnings that will help you reach your financial goals

5. Pay off debts – don’t put it off, find a way to start paying off credit cards and loans right away

6. Save and invest – put money away every month without fail, every little bit will help you reach your financial goals and bring financial security

Via: Let Life In

Home Instead Senior Care Dallas - a great assisted living alternative in Dallas for seniors and elders. Call us today for help at 972-239-3934.

Estate planning isn’t only for the wealthy, nor is it a topic people enjoy thinking about. However, the Dallas Better Business Bureau advises consumers that if they own something of value they would like to pass on to family or loved ones at their death, they should create an estate plan.

A 2007 Harris Interactive poll, conducted for Lawyers.com, found that more than half (55 percent) of adults surveyed didn’t have a will. Some of the main reasons for why they didn’t have a will included not wanting to think about dying, not knowing where to start or who to talk to about setting up an estate plan and not believing they had enough assets to need one.

“Those who don’t have a will are leaving it up to the state to decide where their money and children should go if they should pass away,” said Jeannette Kopko, BBB Dallas spokesperson. “While no one enjoys thinking about their death, it’s important to create an estate plan so that assets go to the people you want and your children are taken care of.”

Will
At the very least, anyone who has assets that they would like to pass on to specific individuals should create a will.  A will can allocate assets as well as establish guardianship of children. Most wills have to go through probate after the individual’s death. In probate, a court oversees the payment of any debts and distributes inheritances—the process can last several months.

Living Trust
While a trust might sound like something only wealthy people need, it’s actually a tool for anyone who would like to set conditions on how and when their assets are distributed. A trust can also help reduce the amount of taxes paid on the inheritance and does not have to go through probate—unlike a will. Examples for creating a trust include wanting to give a child their inheritance over time, rather than in a lump sum, and restrict how the money can be spent.

Living Will
A living will provides a way for an individual to communicate their desire for life-saving measures in case they are incapacitated.  In addition to a living will, individuals can also assign medical power of attorney to someone they trust who can further ensure that their wishes are fulfilled.

Many Web sites offer an inexpensive do-it-yourself approach to creating a will; for more involved estates, it’s best to enlist the help of a lawyer. BBB advises researching any estate planning companies or lawyers first at www.bbb.org before paying for assistance.

After creating an estate plan, BBB recommends communicating the terms of the plan with the family members and loved ones it impacts.

For more advice you can trust from BBB on managing personal finances visit www.bbb.org.

Image: tmelaw.net

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Q – My mom’s been thinking about selling her home, which she has maintained even though she is currently living with a relative. After doing some research online, I realized there are some significant tax implications of selling a home, especially when it is mortgage free. Is there a better option to allow her to minimize the tax costs and maximize her assets?

A – The best bet is to have an estate planner review your mother’s specific circumstance and those assets that can be found in her property. However, there are a few options available such as reverse mortgages, trusts, and transfer of assets. Otherwise, at the time of her death, the property will be transferred to the named recipient as outlined on her will. An inheritance and/or estate tax will apply, which can be substantially less than the taxes your mother could pay if selling her home. At that stage, the person responsible for the estate under the will can sell the property to pay for funeral costs, can distribute profits to named family members, rent the home, or live in it themselves. Talk to an estate planner before making any definite decisions about how to handle your mother’s estate!

Sources:
1. ThinkGlink
2. Wikipedia

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

Grants for seniors in Dallas are available from the Federal Government and foundations that provide financial assistance for seniors relating to housing, education and more. There are Federal Grants for seniors that cover a number of areas like housing, volunteerism, nutrition and housing.

Popular Federal Grants for Seniors Include:

•    Capital Assistance Program for Elderly Persons and Persons with Disabilities provides funds to provide transportation to elderly persons in areas public transportation services are not available, or when they are inappropriate due to a senior’s physical or mental condition.
•    The Foster Grandparent Program encourages seniors to volunteer in their communities, specifically with special needs children, through funding which is available for seniors 60 and older who have limited incomes.
•    Mortgage Insurance-Rental Housing for the Elderly -  this grant insures mortgage lenders against loss, to increase the number of quality and affordable rental properties available for seniors.
•    Retired and Senior Volunteer Program encourages community service by seniors 55 and older by offering reimbursement
•    Nutrition Services Incentive Program works with the Department of Agriculture to provide nutritious foods to senior meal delivery programs and other nutritional-focused organizations.

To apply for senior grants provided by the Federal Government or foundations, Dallas seniors must write a proposal, demonstrating the benefits that they would receive, or be able to dispense to others were they to become an approved recipient of the grant.

Sources:
1.    LovetoKnow
2.    Foundation Center

Image: www.heartlandconnection.com

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

At approximately $174,000, the average lifetime cost for senior Alzheimer’s care, the disease can take a toll on the finances of seniors and their families. There are two major aspects of Alzheimer’s and finances that seniors and their families need to consider; advance financial planning, to prepare for a stage when the senior may be unable to be involved in their own financial decisions; and understanding the costs associated with Alzheimer’s care.

Elderly costs for Alzheimer’s care do vary dependent upon the progression of the disease; but can average around $18,000 per year for early Alzheimer’s care, $30,000 for a senior with moderate Alzheimer’s symptoms and $36,000 during the latter stages of Alzheimer’s disease. 75% of the costs incurred are due to Alzheimer’s care required in the home, while the other 25% of average Alzheimer’s costs relate directly to health care. Since costs of Alzheimer’s care are so significant, often seniors are unable to support the costs self-sufficiently, and family caregivers may become responsible for medical and care costs.

Seniors who suffer from Alzheimer’s, may also become physically and mentally unable to manage their finances self-sufficiently, so during the early stages of Alzheimer’s disease it’s important for seniors to establish a living will, appoint a Power of Attorney, and ensure that all bills and financial documents are consolidated.

With appropriate planning and consideration of the costs implications of Alzheimer’s, seniors and their families can put greater emphasis upon health over finance.

Sources:
1.    Alzheimer’s Association
2.    About.com

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

For many seniors, their necessary prescription drug costs can be as great as half of their annual incomes, but by investing in prescription drug cards some of the financial burden of their medications can be alleviated without ever having to sacrifice healthcare. However, for many of these programs, offered primarily by major pharmaceutical companies, the discount available varies for each prescription medication and ranges anywhere from a 1% to 20% savings; which forces seniors to pay into multiple discount card programs and shop around for the best price every time they are ready to fill a prescription.

According to an examination completed by Susan Dentzer for NewsHour, by making use of multiple prescription drug programs, an elderly couple with senior drug costs of $16,000 per year could save anywhere from $500 to $1,600 per year. The discount may seem insignificant when compared to the total annual drug cost, however, the annual savings can add up to a substantial nest egg for seniors who feel the efforts are worth the prescription savings. Recently, a $4 discount prescription program was released by Walmart; to offer even more substantial drug savings for seniors, with hundreds of prescription drugs available at $4 for a 30-day supply.

Seniors can benefit from using discount prescription drug programs, including Medicaid’s prescription subsidies for the elderly who have reached their $4,000 quota. However, the US still has a long way to go to catch up to other countries, like Canada, which have provincial drug subsidy programs automatically available to all senior residents who face the financial reality of retirement.

Sources:
1. Online NewsHour

2. Walmart.com

3. Makoa.org

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

Most Americans understand the importance of saving money to fund their retirement once they stop working, however, most do not know just how much they’ll need to pay for their basic living expenses or fund the retirement lifestyle they desire.

There is no magic retirement amount that will allow seniors to survive financially during their retirement. According to financial planners, the amount of savings needed for retirement all depends on lifestyle, standards of living and goals during retirement. Since life expectancy rates are increasing in North America, seniors should estimate their retirement funds based on life expectancy to age 90.

So how much do seniors need to put away for their retirement during their careers? Retirement financial planners say that 15 times your regular income should fund your bare bones expenses up until age 90; however, you can’t expect to have any money left in the bank or live the luxurious retirement lifestyle you’ve dreamed of. For those seniors who hope to travel, or maintain a less-modest lifestyle during retirement, and still have money left over; at least 22 times your regular income is required.

Financial planners say that retirement planning should start as early as the 20’s or 30’s, so that a sufficient amount of money is available to fund retirement when the time comes, and only a small portion of monthly income needs to be put aside in order to reach retirement goals.

Retirement Cash: Will You Have Enough?  
Most Americans understand the importance of saving money to fund their retirement once they stop working, however, most do not know just how much they’ll need to pay for their basic living expenses or fund the retirement lifestyle they desire.

There is no magic retirement amount that will allow seniors to survive financially during their retirement. According to financial planners, the amount of savings needed for retirement all depends on lifestyle, standards of living and goals during retirement. Since life expectancy rates are increasing in North America, seniors should estimate their retirement funds based on life expectancy to age 90.

So how much do seniors need to put away for their retirement during their careers? Retirement financial planners say that 15 times your regular income should fund your bare bones expenses up until age 90; however, you can’t expect to have any money left in the bank or live the luxurious retirement lifestyle you’ve dreamed of. For those seniors who hope to travel, or maintain a less-modest lifestyle during retirement, and still have money left over; at least 22 times your regular income is required.

Financial planners say that retirement planning should start as early as the 20’s or 30’s, so that a sufficient amount of money is available to fund retirement when the time comes, and only a small portion of monthly income needs to be put aside in order to reach retirement goals.

Source:  Retirement Cash: Will You Have Enough?  (Stuart Foxman) 

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

Are you seeking home care for an aging relative in Dallas? Call Home Instead Senior Care in Dallas at 972-239-3934.

It’s human nature to worry about finances, but as the recession continues to haunt our lives our concerns are increasing; especially those of us in our senior years, retired and living on limited incomes. With the current state of the economy, now might be the time to gain access to additional financial resources through effective asset management to unlock equity and leverage your home.

There are many major lenders and institutions beginning to encourage seniors in this increasingly common practice. Older adults who have already paid off their home mortgages, can leverage the equity in their homes by re-mortgaging or financing to get the money they need to pay for medical bills, assist family members to pay for education costs, or to complete much needed renovations in their own homes.

Maintain Your Independence

A reverse mortgage can give you access to your home equity without having to make monthly loan payments. Instead, you receive tax-free loan proceeds that will not affect Social Security or

Medicare benefits.
You can choose any combination of these flexible payout options at closing:

. A lump sum to cover large expenses
. Monthly installments to supplement income
. A line of credit to draw on as needed

And you can change how you receive proceeds as often as your needs change during the loan term.

Secure Your Financial Future

There are no income, employment or credit requirements. The amount you can qualify for is based on your age, your home’s value, its location, and current interest rates.

. You keep title and ownership of your home
. You continue to pay property taxes and insurance
. The amount you owe can never exceed the home’s value.

Funds received during your loan term, and interest, become due and payable by you or your estate when you sell or permanently leave your home. The home itself-and remaining equity-belongs to you or your heirs.

Reverse mortgages are another option and are HUD backed.

Thanks to Wells Fargo Reverse Mortgage Solutions for providing this information.