Identity Theft – How Seniors Can Protect Themselves

Protect personal identity concept of privacy theftWhile identity theft affects people of all different age groups, more and more senior citizens are becoming targets of this crime.

There are a few different reasons why older people fall prey to identity thieves:

  • After a lifetime of saving, they have more money than younger people
  • More people have access to their personal info, thanks to nursing homes and the health care system
  • Seniors tend to be more trusting and may not see the signs of identity theft
  • Older people are less likely to report identity theft out of fear of losing their independence

Fortunately, there are steps seniors and their caregivers can take to avoid falling victim to identity theft.

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What to Consider in Retirement Planning

retirement money

Read up on retirement planning in America, and you come across some pretty startling statistics:

  • One in three Americans have no retirement savings. The same number of people say they expect to work in retirement to supplement their income
  • More than 40 percent of single seniors over 65 get at least 90 percent of their income from Social Security
  • Even healthy couples will pay close to $400,000 on health care in retirement

With all that in mind, it becomes painfully apparent how important it is to plan for retirement, yet it’s a process that many people aren’t even sure how to approach.

With that in mind, we’d like to suggest some questions you should ask to help start putting together your retirement plan.

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Choosing the Right Trustee

Choosing the Right Trustee

When planning for your loved ones’ future, you may consider creating a trust to protect assets set aside for them. If you create a trust, you will need a reliable and trustworthy person to name as the trustee who will manage the trust. Choosing the correct trustee is an important decision because he or she will be responsible for carrying out your wishes when managing the trust.

The trustee will be responsible for duties such as managing investments, paying bills, preparing tax returns, and managing other accounts within the trust.

Before choosing a trustee, consider the following points that will help you determine who will be best suited for the role.

1. A trustee must be over the age of eighteen and capable of managing his or her own affairs successfully.

2. The trustee should be completely trustworthy and committed to the beneficiary’s best interests.

3. The trustee should be able to make sound judgments and have a strong understanding of his or her duties as the trustee. While not required, legal or financial expertise is valuable.

4.  If a person is going to be the trustee of a special needs trust, knowledge of public benefits and how to avoid invalidating these benefits is beneficial.

5. The trustee should be someone who is healthy and will be able to continue managing your trust for many years to come.

6.  A trustee should have the time to devote to managing your trust effectively. If the person you are considering is very busy, you should consider other candidates before making your final choice.

7.  If you don’t know someone who would be a suitable trustee, consider hiring a professional trustee or institution to manage your trust. Professional trustees may include a trust company, accountant, lawyer, or investment manager or advisor. However, professional trustees or institutions do charge a fee or percentage to manage your trust.

8.  Consider co-trustees if you would like to have a trusted friend or family member and a professional trustee manage your trust together.

9.  Understand your family dynamics when selecting a trustee. If you are choosing a family member to be the trustee, try to avoid conflicts between family members and explain to other relatives why you have chosen a particular person to be the trustee.

10. If you make a relative or friend your trustee, decide who will be the successor in the event that the person is no longer able to manage your trust.

After you have chosen a trustee, it is advisable to reexamine your choice every few years to ensure that your trustee is still the best choice for your needs. If circumstances change, you may need to assign a different trustee who is better suited to the required responsibilities.

If you need assistance preparing a trust or choosing the right trustee, contact Newman Elder Law. If you want to learn more about our elder law services, click here.

Source:

http://www.elderlawanswers.com/how-to-choose-a-trustee-15384

Tips on How to Declutter

Tips on How to Declutter The mid to later part of the 20th century has given us many inventions, from the computer to the iPod and much more.  Of course, it’s the “much more” that is cluttering up homes across the country. From old LPs to books that have never been read, we all have items that are taking up space in our homes. It is especially true for the seniors. Many have lived through times of scarcity and feel that they should hang on to items, no matter their level of usefulness. Others have mobility and cognitive issues to deal with and have trouble deciding what to keep and what to get rid of.

What compels people to keep things?  Often there are memories attached to many things. Gifts from friends who have since died, pictures of family members from years gone by, letters from past lovers are a part of a person’s life. Then there is hope, as in, “I hope to lose weight, I hope to get time to read those books, I hope to pick up that hobby again.” Then there is not wanting to be wasteful, as in “I may need that plastic container one day.” Never mind the fact that there are 23 plastic containers in the kitchen, some of which don’t have lids.

So, how do you conquer the clutter?  The short answer is one item at a time. The long answer is that you need to talk to your children or grandchildren about clearing out the house. This talk will be easier if a move to smaller quarters or to an assisted living facility is being planned, since you know that you can’t bring everything to the new place.

Once you are on board with decluttering how do you get started?

One Room, One Closet or One Drawer at a Time

Since it can be overwhelming to get rid of years and years of accumulated belongings, it is best to start with one room, such as the bedroom or the kitchen.  Go through a drawer or closet until you have cleared out all the items that are in the way of the things you use more often.  Throw away what isn’t useful and set aside the rest.  Do the same with the next drawer or the next part of the room.

Set aside some items to give away or sell

Invariably, you will come across something that you don’t want to give to a thrift store or throw out. Maybe a grandchild, a friend or adult child would like it. Or you feel that you could make some money selling the item either online or at a yard sale.  Take this opportunity to ask friends and family members if anyone wants the antique gravy boat or salt and pepper shakers from Disneyland. Give away the items that people want, sell whatever remains that can be sold, and what’s left can go to a thrift store. Most thrift stores will pick up from your home, so you just need to schedule a pick up date and time and let them know how much “stuff” you have to donate.

Leave a Giveaway Box

Despite your best efforts to tackle clutter, new things become old things that become relegated to closets and drawers. Having a giveaway box nearby will help keep the clutter from getting out of hand. When you find something that needs to go, put it in the box. When the box is full, take it to a thrift store or sell the items, so that someone will put the items you no longer need to good use.

Since one person’s “junk” may be another person’s treasure, the best way for someone to find that treasure is get rid of your junk.

Sources:

https://www.caregiverstress.com/aging-issues/senior-hoarding/10-reasons-seniors-keep-stuff/

https://www.psychologytoday.com/blog/the-intelligent-divorce/201403/why-people-hold-stuff

What Happens to Digital Accounts When You Die?

Facebook login screenSocial media is great, since it lets you can connect with faraway friends and family.  MP3s and online television networks like Hulu and Netflix are fun as well, since they give you the opportunity to enjoy music and television programs on any device and on your schedule.  Of course, let’s not forget about how great email is. Write a message, hit send and it’s off.

Have you ever given any thought to what will happen to your digital accounts when you die?  Like most people, you probably haven’t given much thought to your digital accounts, since it isn’t a physical thing or even an asset.  Still, it is something that you need to consider because your online accounts don’t just disappear when you die. According to Intel Security, the average person has 27 different logins.  Yikes! That’s a lot of passwords to manage, so it would make sense to set up a plan for your digital assets after your death.

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Checklist for Hiring an in Home Care Provider

Home Care Provider & Elder Care Attorney in Bucks CountyMost people prefer to stay in their own home where they are comfortable, secure, and can be independent, rather than receive care in an assisted living/personal care facility.

However, if your loved one decides to remain in his or her home, support can be provided by a home health care provider. Home health care providers offer a wide range of services to ensure that your loved one is well cared for.. When you begin looking for the right home health care provider for your loved one, consider the following list of tips to help you find the right caregiver.

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Common Scams Targeting Seniors

Senior Woman Giving Credit Card Details On The PhoneWe try to protect the older members of our families. We look in on them when we can, we advise them to keep their homes secure, we make sure they get to their doctor’s appointments.

But in some cases, threats to senior citizens can come from people half a world away.

Financial scams targeting seniors are – unfortunately – everywhere these days. Here are some of the most common, according to the National Council on Aging.

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5 Ways to Help Your Loved One Avoid Loneliness

Lonely old man staring out of a windowLoneliness has become a common hardship for seniors who live alone or who do not have the ability to leave their homes on a regular basis. With an increasing number of seniors living alone, isolation has become a growing concern for caregivers and loved ones. Social isolation can be dangerous for seniors, negatively impacting their mental and physical health, according to a Place for Mom. However, loneliness can be diminished, allowing seniors to live a more fulfilling and happy life.

Here are 5 ways to help your elderly loved one avoid feeling lonely.

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What is Undue Influence and How an Elder Law Attorney Can Help

When a person has diminished mental capacity, is ill or isolated, they become more vulnerable to those who might do them harm.

At times, people take advantage of those who are elderly or vulnerable for financial gain or control over assets. One form of exploitation is undue influence.

Undue influence is not typically considered a crime in and of itself, but acts as the means for committing a crime. It is commonly recognized by the misuse of one’s influence to substitute his or her own will for the will of another. The influencer takes advantage of his or her position of power over another person and the consequences can be very destructive.

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Helping Older Adults Overcome the Holiday Blues

During the holiday season, many people experience sadness, especially older adults. Memories of family and friends who have passed on or the longing for family holidays of the past can cause them to feel isolated even when they are with family.

Often when elderly loved ones live alone, the warning signs of sadness and seasonal depression go unnoticed. During the holiday season, pay close attention to your older loved ones and watch for the warning signs of holiday blues: persistent sadness, feelings of worthlessness or helplessness, weight changes, withdrawal from social activities, slowed thinking or response, inability to concentrate, and excessive worrying.

If you sense that your elderly loved ones are unhappy, follow the tips below to help brighten the holiday season for them:

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