Rhode Island

Tips for Seniors on Life Insurance Supplements

Having a life insurance policy provides many benefits to seniors. However, few Rhode Island seniors are aware of additional benefits they could get from selling their current policy and buying a new one. This is one way for seniors to pocket some extra money while getting a policy at a lower premium cost. The list below provides some more information on how seniors can use their insurance policy as a financial tool.

1.    Settlements can provide seniors with ways to take advantage of some new policies that have new benefits and lower premium prices. It can be beneficial to use money that was gained from a settlement of an old policy to purchase a new one with better benefits.

2.    Buying a new policy by selling an old one can lower the annual premiums and offer a new policy that will leave more cash in the pocket of the senior.

3.    Using a life insurance settlement as a way to increase wealth and income, seniors are now looking into selling their old policy to get a better one at a lower price.

4.    Though this new financial tool is not commonly used, more seniors are learning of the benefits that come with life insurance settlements. Financial advisors are urging seniors to take action and sell their existing policy. Not only will a new one provide better benefits, but it can also save the senior a lot of money on premiums and also provide cash back from the sale of the old policy.

Global Life Insurance

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Talking to your senior parents about estate planning can be an uncomfortable subject, because many adult children don’t want to feel like they’re interfering with their parents’ personal affairs.

Estate planning typically includes a legal will that outlines distribution of assets; a financial power of attorney which dictates who will look after a senior’s finances when they become unable; a medical power of attorney, the person responsible for carrying out a senior’s medical wishes; and a living will, which establishes a senior’s health care wishes if they become unable to speak for themselves.

Discussing your senior parents’ estate early on with them ensures that you understand the role that they expect you to play after their deaths or during a medical emergency so that their wishes are carried out.

Talking with them becomes more important if they have not completed the necessary steps to protect their assets and secure their wishes. When approaching the topic of family estate planning, make sure that your siblings and immediate family members are involved so they don’t perceive your interests in your parents’ estate as self-serving. Ensure your parents understand you do not need to have the division of assets explained; it doesn’t matter how much they are planning on leaving you. What’s important is that they put the legalities in place to ensure they control what happens to their assets, even once they loose the ability to represent themselves.

Sources:

1. SeniorJournal.com (Robert Valentine)

2. FamilyEducation.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

Caring for a loved one can be stressful enough, without even having to worry about any external factors like where to gain access to the resources and information you need to deal with legal, medical and financial factors. Here are 3 ways you can help you and your senior to learn about their rights and the resources that are available to you and your family caring for a senior in Rhode Island.

1. Find out what local eldercare services are available in your area – contact the Eldercare Locator at 800-677-1116 so you know what’s available near your loved one’s Rhode Island home and how you can get in touch to arrange services.
2. Know which services your senior qualifies for – NCOA has developed an online questionnaire which allows caregivers and seniors to take a survey that helps them determine which services and benefits that they may qualify for. Visit www.benefitscheckup.org to learn about eligible benefit programs for prescriptions, utilities and health care.
3. Understand seniors rights and know how to get assistance – whether you are helping a parent or senior loved one prepare a will, dealing with a situation where a senior has been abused or neglected, or simply want a professional to help explain the legal rights of seniors, knowing where and how to get legal assistance is crucial. Many organizations provide pro bono legal representation for seniors. Contact the National Academy of Elder Law Attorneys, the American Bar Association Commission on Law and Aging or use the Eldercare Locator to find other resources.

Via: The University of Vermont

Image: pro.corbis.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

When choosing a Rhode Island home care agency to provide care for an aging loved one, it’s important that families know exactly what they’re getting themselves into. There are a significant number of agencies out there that can place senior care specialists in the home of a senior, and they come at all price points. However, don’t be fooled by some of the home care agencies that promise the world at a lower price, because you’ll encounter more complications than its worth in many cases that can compromise the level of care received by your loved one.

Many home care registries operate in Rhode Island and around the country; but they’re not to be confused with licensed home care agencies. These home care registries hire their senior care specialists as private contractors rather than employees which can be convoluted when it comes to dealing with the taxes and legalities surrounding hiring a caregiver from a registry. While some of these home care organizations charge less strictly for connecting families with caregivers, families may be responsible for paying taxes, workman’s compensation and other aspects. Some home care registries do cover these costs, but since caregivers under their wing are licensed contractors only, there can be some serious legal and financial repercussions which can drain the family of all resources if a workman’s compensation claim is made after the caregiver has had an accident or injury on the job.

By hiring a caregiver from a licensed home care agency like Home Instead Senior Care, all caregivers are employees of the company, categorized as “nurses and other healthcare workers who travel”. Based on this categorization, fees might be higher, but Home Instead takes care of all of the dirty work; paying all taxes and fees, with no repercussions to the senior’s family should the caregiver have an accident.

It may be tempting during times of financial crisis to pinch pennies in all areas of life, but when it comes to senior home care, you get what you pay for; so if you want quality care with no legal ramifications, go with a licensed home care agency, and you’ll have no regrets.

Sources:

1. Gilbert Guide

Image Source: pro.corbis.com

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.

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.com

2. Wikipedia

Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.