Senior Housing: Who Advocates for the Residents?

by Janet Simpson BenvenutiSeniors Laughing

74 million Baby Boomers are entering Elderhood and they won’t Age Quietly. While most will age in place, some will transition to Assisted Living or Continuing Care Retirement Communities (CCRCs). The latter require a significant financial investment upfront with care services provided later in a resident’s aging process. Concerned about the financial stability of these entities and the absence of regulations, one advocacy group, the National Continuing Care Residents’ Association has formed and is gaining momentum. With affiliates in nine states and more joining the network, their mission is to assure that “their communities are well-managed and properly regulated.” If your parents or grandparents are in a CCRC, have them check out this organization. Yes, indeed. The Boomers are Coming!

c Circle of Life Partners, LLC. All rights reserved.

Thinking about Buying Long-Term Care Insurance? Read this first.

confusion-005by Tobe Gerard, CLTC, MBA, MLS, LIA

There are many questions posed by prospective clients when they are first considering long-term care insurance (LTCi), but most begin with the disciplined questioning of the Socratic method: Who? What? When? Where? Why? How?

Who is buying? Couples and single women.

What are they buying? 50% of our clients buy traditional LTCi and 50% buy a hybrid policy that combines LTCi with life insurance. That is a huge shift from just five years ago when traditional LTCi made up 90% of our sales.
>Traditional LTCi Policies Current policies are less robust than years ago, typically they provide $4,500/month or $6,000/month, 3 or 4 year benefit period, 3% compound inflation. Couples almost always purchase the “shared” rider.
> Hybrid LTCi Policies Clients most often re-position $100,000 to fund a policy. The benefits range from $4,500 to over $6,000/month depending upon age, gender, and dollars contributed to fund the policy. The sweet spot appears to be policies that have a six year benefit period and 3% compound inflation.

When are they buying? Most people purchase LTCi in their fifties, but our clients range from 46 to 71.

Where are they buying? The states that have the most “insured lives” are CA, TX, NY, FL, IL, PA, OH, VA, NJ, WA, and MN.

Why are they buying? These are the top six reasons people purchase a LTCi policy.
#1 A desire to protect assets.
#2 A desire not to be a burden to family and other loved ones.
#3 A desire to have choices on where to receive care.
#4 A desire not to rely upon the government for their care.
#5 They have experienced using LTCi for a relative (parent, grandparent, spouse) and saw what a gift LTCi was to the family.
#6 They have experienced caring for a relative without LTCi and they saw how it drained the family’s resources financially and emotionally.

How are they buying? Many clients have been referred to us by their financial advisor, their attorney, or their accountant, although some people purchase policies through their employer; some buy through affinity groups such as college alumni associations or professional associations that offer members a discount; and others search online and buy a policy remotely from an insurance agent who sells by phone in multiple states.

Editor’s Note: For decades, the author has provided families with guidance about selecting long-term care insurance policies as well as how and when to trigger a claim. To help you become a more savvy consumer, we’ve asked Tobe to become an ongoing contributor to our blog.

Reprinted with permission from Tobe Gerard.

c 2016 Circle of Life Partners, LLC. All rights reserved.

Are You One of the Village People?

by Janet Simpson Benvenuti

Next Thursday, June 30th, I’m heading to Cape Cod to join the Village People. I won’t be donning my cowboy boots or singing “Y-M-C-A” but I will be leading a fun, community-wide conversation about aging and aging in place with Neighborhood Falmouth, one of the first virtual retirement villages in the United States. Joining our conversation will be experts in law, financial planning, home care and senior housing along with working daughters juggling aging parents and teenage children, Baby Boomers planning for their own longevity, and a random cowboy or two. If you’re heading to Cape Cod for the fourth of July, especially if you’ll be spending time with your older relatives, stop by and join the conversation. Learn why fewer Baby Boomers will be using senior housing. No singing skills required.

Here’s where we’ll be on Thursday, June 30, 2016, 7pm-8:30pm: Unitarian Universalist Fellowship of Falmouth, Sandwich Road, Falmouth.

c2016 Circle of Life Partners, LLC. All rights reserved.

Broads Talk Money, Careers and Families

Professional Womenby Janet Simpson Benvenuti

On June 5th, I’ll be joining a panel of financial advisors in Boston to discuss the unique financial challenges that women need to manage over the course of their lives and careers. As members of 85 Broads, we are committed to the economic empowerment of women. As founder of Circle of Life Partners, I’m committed to helping adult children – men and women – successfully support their aging loved ones without negatively impacting their careers, health or financial well-being.

Free and open to non-members, encourage the women in your life – colleagues, spouses, sisters, and college-aged daughters – to join us and learn how best to avoid or navigate financial mistakes and increase financial confidence. Click HERE to register.

June 5th, 5:30 – 8:00 PM
Federal Reserve Bank of Boston
600 Atlantic Avenue, 4th Floor
Boston, MA

Panelists:
Cathy Burgess, Morgan Stanley, CFP, ADPA
Janet Benvenuti, Circle of Life Partners, Founder
Deirdre Prescott, Sandy Cove Advisors, President & Founder
Dionne Gumbs, Wealthrive, Founding Partner

Moderator:
Kathleen McQuiggan, 85 Broads Boston Chapter Co-President

© 2014 Circle of Life Partners, LLC. All rights reserved.

Know Your Money: The True Cost of Long Term Care

Calculating the Cost of Care

Calculating the Cost of Care

by Janet Simpson Benvenuti

Recently I asked our financial advisor to do some retirement planning and estimate expenditures through the end of my life. To my surprise, my husband and I both are going to die at age 87 (for the record, I will predecease him), spending $100k/year in today’s dollars for each of the last three years of life. Amused, I wondered where I would find care for $100k in Massachusetts. The last assisted living facility with a memory unit I visited cost $8700/month without hairdressing or a personal care attendant. I’m sure to need both. And only three years of care? Prudently, one would plan for at least six, and with any history of longevity or cognitive impairment, I would plan for 12.

That same day, I spoke with a different financial advisor whose 91 year old client has Alzheimer’s disease. He and his spouse reside in Connecticut and spend a more typical $15,000 a month for assisted living with an aide for additional support, $180,000/year. When I reminded that advisor that home care for someone with Alzheimer’s disease is tax deductible as a medical expense, she expressed surprise, unaware of IRS Publication 502.

What’s going on here? Why are financial advisors so ill-informed about the true cost of care?

Quite simply, few people, including financial professionals, understand the extraordinary cost of long-term care and the options available to manage expenditures wisely in the last decade of life.  Effective financial planning requires more than just the skills to create an investment portfolio or project future expenses, but integrated knowledge about finance, elder law, insurance, health care and inexpensive community resources for aging in place. It’s why I founded Circle of Life Partners.

I’ve been guiding families through the aging journey for years, yet I still find the numbers shocking. Recently, I received a call from a family of three adult children who were growing concerned about their mother’s ability to care for their father safely at home. He was three years past his initial diagnosis of Alzheimer’s disease and the family felt he might be best served by moving into an assisted living facility with a memory unit although he did not have long-term care insurance. I calculated the price tag for nine years in a highly-regarded memory unit and subsequent skilled nursing care, $835,000- $1.25 million. Using an adult day health program or a part-time companion suddenly seemed a much more reasonable option.

Last week, I wrote about the Bipartisan Policy Center (BPC) launch of a new initiative on long-term care led by former Senate Majority Leaders Tom Daschle (D-SD) and Bill Frist (R-TN), former Congressional Budget Office Director Alice Rivlin, and former Wisconsin Governor and Secretary of Health and Human Services Tommy Thompson.  BPC’s Long-Term Care Initiative will propose a series of bipartisan policy options in late 2014 to improve the quality and efficacy of publicly and privately financed long-term support services. Read the white paper here to learn more and follow their work @BPC_Bipartisan.

Let’s hope they can get their arms around this issue. Until they do, I’ll continue guiding families to the resources they need, until I need the same support, at age 84.

©2014 Circle of Life Partners, LLC. All rights reserved.

Listen to Bipartisan Policy Center discuss Long-Term Care

Lonely adult child and parentby Jan Simpson Benvenuti

On Monday, April 7th at 1pm EST, the Bipartisan Policy Center in Washington, D.C. will host an event to discuss sustainable ways to finance and deliver long-term care services. The numbers are staggering. Today, there are 12 million seniors, veterans and disabled adults who need long-term care support and services; that number will jump to 27 million by 2050. As anyone who has cared for a loved one can attest, the time, energy and expense involved in supporting an ill family member can easily deplete a family’s resources, compromise the health of the family caregivers, and disrupt careers and relationships. Listen to the broadcast here.

 

© 2014 Circle of Life Partners, LLC. All rights reserved.

 

Home Care, Adult Day Health and Supportive Living

sanborn placeby Janet Simpson Benvenuti

Each month I visit assisted living and continuous care retirement communities to learn more about housing options for seniors. While most are well-managed, beautifully-appointed communities replete with book clubs and outings, dining rooms and transportation services, I remain uncomfortable that these communities are financially out-of-reach for the majority of moderate-income families. Last week I visited Reading, Massachusetts, population 24,747, to meet Jacqueline Carson, executive director of Sanborn Place, an integrated care solution for lower income seniors and adults with disabilities that includes home care, adult day services, and a continuous care housing option. Recently, Sanborn Place has received national attention and will be featured in Dr. Atul Gawande’s next book on elder care and end of life.

Here are the three programs Jacqui supervises:

Sanborn Home Care provides home care services in short increments, if necessary, working in partnership with the local Visiting Nurses Association, the VNA of Middlesex East.

Sanborn Day is an adult day health center with capacity for 75 seniors or younger people with disabilities. Visually resembling the lobby of an upscale hotel, the center provides breakfast and lunch, exercise classes in partnership with the local YMCA, physical therapy, medication supervision, counseling for caregivers, and activities including a pool table, crafts, and computer games such as the Dakim Brain Fitness Program. My visit interrupted a game of charades with a roomful of joyful elders and it included an unanticipated discussion about the Massachusetts governor’s race with a well-informed senior.

Sanborn Place is a non-profit, federally funded facility for seniors whose incomes do not exceed $33,050 (single) or $37,800 (couple). Upon arrival, I was greeted by four older women sitting in the lobby who proudly revealed their ages: 93, 95, 87 and 83 as they awaited their friend, age 102, who was taking a nap. The community has 73 units, half assigned to seniors who require daily support, others for those needing weekly support or none at all. Each apartment includes a living room and kitchen with a private bath and bedroom not unlike those in high-end communities. Seniors remain in their apartment until the end of their lives.

Payment for these services comes from many sources including Medicare (for skilled nursing care and PT or OT services), HUD, the Veterans Benefits, and Mass Health.

While many communities offer similar programs, what’s unique is the integrated way that care is provided and the number of private citizens involved. Jacqui oversees the delivery of these three programs supported by a stellar team of professionals and individuals like brothers Gregg and Bruce Johnson, who created DKJ Foundation in honor of their father to raise funds for Sanborn Place. You may learn more about their foundation here.

As the tsunami of boomers age, many without enough family members to fill the role of caregiver, I remain encouraged and inspired by people like Jacqui, Bruce and Gregg who take responsibility for the well-being of all of the older citizens in their town and do so with a passionate commitment to help them remain a vibrant part of the community they’ve always called home.

© 2013 Circle of Life Partners, LLC. All rights reserved.

More Boston Seminars on Aging Parents: Navigating the Journey

by Jan Simpson Benvenuti

The fall has been busy as our Aging Parents seminars that bring the experts and families together continue to grow in popularity. My last two public programs offered in Boston for 2012 are noted below. I hope that you or your colleagues can join me.

Two weeks ago, I spoke to an overflow crowd of Harvard-educated executives as they shared their stories about navigating the aging journey with their parents and reflected on how to improve programs for employees within the organizations they lead. Last week, I moderated a panel in Wellesley, MA to help families better understand how to care for their older loved ones and themselves as they juggle work, family, and other responsibilities. This week, I’ll be moderating a program hosted by the Women’s Bar Association in downtown Boston on Thursday evening that is open to the public. And, on Saturday November 3rd, I’ll be speaking in another public event in Boston at the National Association of Healthcare Advocates’ Conference. If you have a personal interest in attending one of these programs on Aging Parents or if you know others who would benefit from expert advice for the price of a latte and a snack, please plan to attend if your schedule permits. Both events require registration, but last-minute registrants are welcome.

  • Thursday, October 25th at Baystate Financial, 200 Clarendon Street, Boston @ 5:30 p.m. Click here to register.

The Women’s Bar Association of Massachusetts is hosting this informative evening on Aging Parents: Navigating the Journey ™. As moderator, I will be joined by Martha Payne, Financial Advisor, Baystate Financial Services; Dianne Savastano, Principal, Healthassist; and Kristin Shirahama, Esq., Partner, Rosenberg, Freedman & Goldstein LLP. Proceeds from the sale of my book Don’t Give Up on Me! will be donated to the WBA’s Elder Law Project.

  • Saturday, November 3rd at the Hyatt Regency in Boston @ 11:30 a.m.  Click here to register.

The National Association of Healthcare Advocacy Consultants will hold its fourth annual conference in Boston. This three-day conference includes medical professionals and experts convening to discuss The Leading Edge of Reform: Roles and Goals for Healthcare Advocates. The Saturday program is open to the public for $25. My session will include a mix of families and the healthcare professionals who advise them. All workshop participants will receive a free copy of Don’t Give Up on Me!

I’m grateful that so many professionals donate their time and expertise to our educational programs. We are planning the 2013 calendar now, so stay tuned as we host programs in cities across the country.

 

© Circle of Life Partners LLC

 

Aging Parents: Navigating the Journey Seminars

Our mission at Circle of Life Partners is to provide the knowledge families need to navigate the aging journey with elders successfully. This month, I’m taking our program to executives at the Harvard Business School reunion, families in the town of Wellesley, MA and attorneys at the Women’s Bar Association. See below for the incredible people who will join me to share their experience and expertise with others.

On the Road Again…

Harvard Business School (not a public event)

Saturday, October 13th, 2:30-3:45 p.m. Aldrich 107

Executives attending their 25th through 45th reunions will participate in a discussion about the key decisions and resources available to navigate the aging journey with older loved ones. The panelists will include Rich Redelfs, General Partner, Foundation Capital LLC,; Jane Beule, Owner of Griffin Black, Inc., a financial advisory practice; and Ken Bacon, retired EVP of Fannie Mae’s $193 billion Multifamily Mortgage Business and Advisor to Stanford’s Center on Longevity. Follow me on twitter at @colpartners as I moderate the panel.

The following week, I’ll be moderating a public forum in Wellesley, MA sponsored by Princeton Alumni of New England (PANE), the Wellesley Free Library and the Wellesley Council on Aging. This program continues my series of public events that bring together local resources and families. The profits from any copies of Don’t Give Up on Me! sold during that event will be donated to the Wellesley Council on Aging .

Wellesley Free Library – A Free Public Event – Click here for more information.

Wakelin Room, 530 Washington Street, Wellesley, MA.

Wednesday, October 17th 7:00p.m. to 9:00 p.m.

The theme for this free public event is “Caring for Our Parents and Ourselves.” The panel will include four speakers: Dianne Savastano, RN, MBA and founder of Healthassist who will share tips for navigating the health care system; Jim Reynolds, CEO of Caring Companion Home Care, who will help families understand how to select a home care agency; Dr. Anne McCaffrey, Chief Medical Officer of the Marino Center for Integrative Health and Debra Brothers-Klezmer, BSN, who will share strategies for reducing the stress that often accompanies family caregiving.

If you’re in the area, stop by for what’s sure to be an informative and engaging conversation. No registration is required.

Dianne Savastano will join me on the road again the following week as we provide another program for the Women’s Bar Association of Massachusetts. Appropriately, this event includes panelists who will share cases that demonstrate how legal advice and financial planning can smooth the aging journey.

Women’s Bar Association – Click here to register for the event.

200 Clarendon Street, 19th floor, Boston, MA

Thursday, October 25, 2012  5:30 p.m. to 7:30 p.m.

Joining Dianne and me on the podium will be Kristin Shirahama, Esq., Partner at Rosenberg, Freedman, and Goldstein, who will describe a complex case involving disability and how she helped that family get the financial resources needed to care for that older loved one well through their later years. Martha Payne, a financial planner for Baystate Financial Services will provide guidance for how to prepare financially for the aging journey with one’s parents.

At Circle of Life, we are committed to your health and well-being. Construction of our new website is underway and until it is ready, we will continue to keep you informed about upcoming events through this blog. If you want to be on our  mailing list for a personal invitation, just post a reply.

© Circle of Life Partners

 

 

 

 

 

 

Your Legacy: Money, Mementos and Memories

By Peggy McGillin, CFP®

How do you want your children to remember you?

There’s a loaded question for you. I’m moved to ask it because of all the stories I keep hearing. They’re sad because the outcomes could have been so different. Here is one particular story that I’ve heard over and over again with slight variations.

The patriarch of a strong and proud family dies. This man was an accomplished and respected member of the community who held high standards for himself and his family. His children were loved and well provided for, and although (or perhaps because) he was known for being a strict son of a gun, they’re all productive adults.

Whether widowed or divorced, at some point the patriarch remarried. And, whether due to negligence, ignorance, bad advice, apathy, conniving, or spite, the new wife has now inherited everything. It’s her prerogative to pass along the “family treasures” as she sees fit: the silver from Mother’s side of the family, that signed baseball, Father’s flight jacket, those coveted season tickets, and, of course, all the money. To add insult to injury, she has her own kids from a previous marriage. So now, her children are summering at the cottage where the patriarch’s kids spent every summer of their lives until now.

This is not a story about evil stepmothers. This is about parents who just didn’t think it through or get it done. Perhaps, in some cases, this is indeed what Dad or Gramps truly wanted. More likely, he just ran out of steam along the way and couldn’t muster the motivation to attend to an estate plan.

Everyone knows that nature abhors a vacuum, and when the human mind doesn’t know the reasons for something, it tends to write a narrative to make sense of the situation. So carefully study the following words:
• Negligence
• Ignorance
• Bad Advice
• Apathy
• Conniving
• Spite
This is not a flattering list. I’ve been told by Howard McGillin, a family member who is an estate planning attorney in St. Augustine, Florida, that the number one reason people call to make an appointment with him is because the new client just attended the funeral of a friend or sibling who everyone agrees was far too young to die. It’s the stark reality about mortality that gets you thinking about how precarious your plans are.

No matter what ultimately motivates you, ask yourself, don’t you want to be the one who is calling the shots? Don’t you want to have a hand in how you’ll be remembered by those you brought into your world?

And, one more minor consideration: if you don’t attend to this, your estate will go through probate, which means it is public information. If you value your privacy and the privacy of your survivors, you will schedule this “someday” item on your to-do list: find an estate planning attorney before the end of next week.

I could shower you with all the benefits in doing so and the risks in not doing so. However, like your average teen, you’d probably tune me out even if it meant that you’d be giving up the most generous gifting opportunities in years, just as you’re not likely to dwell on updating your homestead protection due to recent changes, and these are mere details.

But, what I hope truly motivates you to get this done before it is too late is the thought of how you’ll be remembered by your children for the rest of their lives. It’s not very difficult or expensive to address these issues. You’ll need a will, a living trust, a health care proxy, a durable power of attorney, and most likely a trust; in addition, you will need to have your assets titled properly and make sure your beneficiary statements are updated to reflect your plan.

If I’ve helped to open your eyes, please let me know. I’d like to be remembered as the one who was looking out for you and your family. If you care at all about your legacy, get to it.

Peggy is the owner of Journey Financial Planners. To read her monthly blog, click here.