HBO: Documentaries: The Alzheimer’s Project: About the Project: Landing Page

HBO: Documentaries: The Alzheimer’s Project: About the Project: Landing Page

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San Diego’s Elder Care Resource Team is available to meet your speaking needs

Our members are local professionals with speaking experience on a wide range of topics. Individual or panel presentations are available at no cost. Click here to download an informational flyer.

A sample of available topics:

• Avoiding financial pitfalls during retirement
• Benefits planning and retention
• Selecting a successor trustee or financial power of attorney
• Effective estate planning techniques
• Reverse mortgages
• Understanding long term care insurance
• Assistance with bill-paying and paperwork
• Aging in place: Making your home suit your needs
• Facilitating effective family conversations
• Dementia care: Strategies and resources
• Nutrition deficiencies and the symptoms of aging
• Home and community-based resources for long-term care

We will customize an informational, engaging, and non-promotional presentation to meet the unique needs of your venue and audience.

Speakers bureau members:

• Amy Abrams, Geriatric Care Manager
• Jim Colville, CPA & Tax Specialist
• Lauren Derstine, Daily Money Manager
• Irving Eisenberg, Financial & Investment Advisor
• Jody Hubbard, Long Term Care Specialist
• Joan Kallin, Geriatric Nurse Practitioner
• Mark Leppert, General Contractor & Home Remodeler
• Michael Pohl, Mortgage Broker
• Richard Scott Stewart, Elder Law Attorney
• Nancy Thornton, Private Professional Fiduciary
• Elizabeth Wagner, Dietician & Nutritionist

References and biographical information are available. For more information, please contact Jody Hubbard at jody@hubbardltc.com, or (866) 944-3800.

The Professional Fiduciary: Little Known Resource CanTackle Big Concerns

 

The Role of the Private Fiduciary

A fiduciary is a person who assumes responsibility for a position of trust.  Professional fiduciaries protect the assets, interests and dignity of their clients.  They should act as an advocate in safeguarding the client’s civil and legal rights by making decisions that maximize and protect the rights of the client, and allow for maximum independence and self-reliance.  Private professional fiduciaries serve in a number of roles:

·         As a Successor Trustee to carry out the terms of the client’s Trust document.  A private fiduciary may be named as successor trustee as an alternative to a family member, friend or institution.

·         As a Conservator who is legally appointed to manage the Conservatee’s estate and/or person when the individual is deemed by a court to be physically or mentally incapacitated.

·         As a personal representative appointed by the Probate Court to serve as Executor if named in the will, or as Administrator if not named in the will, or if there is no will.

·         As a Representative Payee designated by the Social Security Administration or other retirement plans to receive the income and pay the expenses of an incapacitated individual.

·         As an Agent Under Power of Attorney for Financial Matters where the fiduciary conducts personal and financial business pursuant to the client’s written instructions.

·         As an Agent under an Advance Health Care Directive, where the fiduciary acts as attorney-in-fact to make health-care decisions, including placement, medical, treatment and final burial arrangements.

Some private fiduciaries provide a range of other personalized services to individuals and families during unexpected life transitions including bill paying and personal financial management, healthcare administration, real property and household management and disposition, liaison with attorneys, CPA’s, bankers, investment advisors and others.

Recent Legislation Created Professional Fiduciaries Bureau

In 2006, the California Legislature passed and the Governor signed Senate Bill 1550 creating the Professional Fiduciaries Bureau to license and regulate private fiduciaries including conservators, guardians, trustees, and agents under durable powers of attorney as defined in the Professional Fiduciaries Act (Business and Professional Code Section 6500). Attorneys, Certified Public Accountants, and Enrolled Agents are exempt from licensing.  For licensing, applicants will be required to provide information including business and home contact information and disclosure of conviction, bankruptcy, and breaches of fiduciary duties, complete thirty (30) hours of pre-licensing education, submit fingerprints to the Department of Justice for a criminal background check, consent to a credit check for the application review process, agree to adhere to the Professional Fiduciaries Code of Ethics, sign an affidavit under penalty of perjury. Ongoing continuing education and detailed reporting will be required for annual license renewal.  (Source: www.fiduciary.ca.gov)

Professional Fiduciary Association of California (PFAC)

PFAC is the professional association for private professional fiduciaries practicing in the State of California. It is an affiliate of the National Guardianship Association. Its purpose is to provide economic, social and political information and ongoing continuing education to promote minimum standards for private fiduciaries.  Its members are dedicated to serving and protecting the best interests of those who have placed their trust in them by ensuring the highest standards of ethics and practice, establishing comprehensive statewide certification, maintaining high qualifications for membership, and requiring continuing education of its members.  (Source:  www.pfac-pro.org)

In the next issue of our newsletter, I will address “Things to Consider When Naming a Successor Trustee”.

Ms. Thornton is a Certified Public Accountant and a Licensed California Professional Fiduciary.  Combining her 30 years of business experience with her personal experience as a private trustee, Ms. Thornton founded Foster Thornton LLC to provide objective, personalized fiduciary services to individuals, families and small businesses during life’s transitions and especially to protect the assets, interests and dignity of those involved.

 

 

Nancy F. Thornton CPA, CCF

858.350.1391 o|760.730.1392 f|619.805.6908 c

Office Address:  11988 El Camino Real, Suite 101, San Diego, CA 92130

Mailing Address:  2604B El Camino Real, Box 103, Carlsbad CA 92008

www.fosterthornton.com

 

 

 

 

 

 

 

Planned Giving

 At different stages in our life we have different priorities. Somewhere along the line we begin to think in terms of helping others rather than accumulating more wealth. Let’s look at the basics.

Donating cash or other assets to a charity is deductible by you. If it’s a non-cash donation the amount of deduction is the fair market value of the property given. It doesn’t matter if the value is higher or lower than your cost. Let’s look at a possible scenario.

Let’s say that you purchased Alpha Great Technology stock several years ago for $1,000 and it’s now worth $500,000 and you desire donate it to your favorite charity. If you sell the stock, you will have capital gains tax on the profit which could be over $100,000 (federal and state taxes), greatly reducing the amount available to donate. But if you donate the stock without selling it, there is no taxable event to you and the charity now has the full $500,000 (or whatever amount you contributed) and you get a deduction for an equal amount. There is no tax on the sale of the stock by the charity. To restate the rule, the deduction is the fair market value of the property donated. The amount deductible in the current year may be limited, but any unallowed deduction is carried over to the next year. There are other technical considerations but remember, this article is keeping it simple.

Now, let’s talk about making such a contribution and receiving income in return. A charitable remainder trust (CRT) is a special type of nonprofit entity set up by you in which you make contributions. The income earned by the CRT is not taxed and distributions can be paid to you. This can be a high as 10% of value of the assets on hand. But let’s say the amount is determined to be 8%, which would be about $40,000 per year. This is taxable to you, but may be sheltered by the $500,000 deduction, which will most likely span several years due to annual limitations on the deduction. Upon your death the assets in the CRT are then distributed to the charity or charities you designate when setting up the trust. So what you have done is to set aside your desired contribution into the CRT which pays you tax sheltered income, while you are alive. Your favorite charity gets the donation upon your passing, achieving the objectives that you determined today.

This article is intended to be basic. There are many variations on what is discussed here and many solutions can be used in conjunction with each other. Hopefully you can see the power in creative and careful planning. The rules get complex and you must stay within the rules that govern type of planning instrument you choose. This simple, yet powerful, educational article is your first step in understanding how planning can be of great benefit to all concerned.

Depending on your philanthropic desires, the size of your estate and other things unique to you; objectives that many times are thought not possible can be achieved. You can achieve great success with your giving, still leave an estate for your heirs, create income and divert money from taxes to organizations that are doing a great job of achieving their mission which is alignment with your desires.

Next time we’ll discussed donor advised funds and private foundations.

Jim Colville is a CPA with over 35 years of experience.. His wealth of knowledge allows him to more than meet the needs of our aging population. Jim can be reached at 858 682 9668 or email directly to Jim@JimColvilleCPA.com

Keeping the Parent-Child Conversation Going

You’ve opened the door to begin the difficult conversation with your loved ones about deciding to move out of the family home, or to stay at home with some assistance. Now is the time for families to identify the potential obstacles to their effective communication. Some will have the time and motivation to work out these problems; many will not. Some may wish to engage the services of a professional to facilitate the decision-making process. Regardless of how it is accomplished, take some time to acknowledge the emotional “land mines” that may impede progress toward consensus.

 

Each party should ask themselves the following:

·       How would I describe my own communication style, and how would others describe it?

·       How is my view of the world different from that of my parents and children? How has being a member of my particular generation shaped my ways of thinking?

·       What role(s) do I play in this family, and how have they changed over time?

·       Are there members of this family with authority on certain subjects, and do we need to include them in this decision-making process?

·       What am I expecting from my children/parents in this process? Are those expectations realistic?

·       Children: Do I feel unreasonable guilt about the long-term care of my parents?

·       Parents: Do I have unrealistic expectations about whether or not my children should take care of me?

·       How do I define “home?”

·       What does the specific residence (house, condominium, or apartment) in question mean to me, and what do I think it means to the other members of my family?

·       Am I uncomfortable talking about illness, disability, or mortality, or the mortality of those I love?

·       What is my image of life in a retirement community, assisted living apartment, or skilled nursing facility? Upon what do I base this image?

·       What are my thoughts about in-home care? Upon what do I base these ideas?

·       Is it difficult for me to talk about finances with members of my family, and if so, why?

·       What are my goals for this discussion? If these goals are achieved, what will it mean for me?

Retirement Communities or Assisted Living……Where Should I Move?

How to plan for your next life style change can be perplexing, but can be greatly simplified if you use the talents of professionals trained to handle Senior Living. After earning my SRES designation (Senior Real Estate Specialist) I joined the Eldercare Resource Team. We are a collaborate group of independent professionals working in a variety of different industries (from Accounting to Care Giving) who have come together to help raise the level of care for Seniors in San Diego.

Our team can provide you with information that will aid you in analyzing what style of living is right for you at this point in your life.

When it comes time to think of selling the family home and moving into age-appropriate housing, there are many options to consider. Here are just a few:

• Retirement communities
• Condos
• Independent living facilities
• Assisted care homes
• Skilled nursing homes

Condos and Retirement Communities usually do not provide any type of care or meal service. Independent Living Facilities may offer you your own apartment with some kind of meal service available. Assisted Living Communities usually have individual apartments that you need to furnish, but they offer more care. They can help you bathe, dress and go to the doctor’s. They provide all of your meals, even at your bedside if you are not feeling well. The Skilled Nursing Homes are for individuals who require 24-hour, complete nursing assistance.

To make a decision that will determine your entire lifestyle, consult a professional and ask for their advice. As a REALTOR® and a Senior Real Estate Specialist, I am trained in Senior moves. Whether you are contemplating a condo, a retirement community or some independent living facilities, I am available to answer your questions.

You may also want to speak with Amy Abrams, of Eldercare Guides. She specializes in finding the right assisted living or nursing facility. Irving Eisenberg of Wealth Manager Group can help you figure out how you can afford this move. Michael Pohl of RSF Mortgage may help you find the money to borrow for such a move. Our team is devoted to making your moves less stressful and helping you plan your sunset years for relaxation and peace of mind.

One Active Retirement Community for those 55 years and above is nestled in the hills above Carlsbad, California. It is called, Ocean Hills Country Club. This gated community of 1600 homes is priced from the mid $300,000 to $800,000 and has homes from approximately 900 sq ft to over 2500 sq ft . Some have ocean views, some golf course frontage and all are architecturally interesting with white stucco and red tile roofs. Numerous amenities are available like the golf course, pool, tennis and clubhouse. Call me at (619) 540-5891 for more information or if you would like a private tour of the community.

Want to see more photos of the Ocean Hills Country Club? Follow the link below:

Starting the Parent-Child Conversation about Long Term Care

Starting the conversation about whether to move out of the family home, or making plans to stay at home with assistance, can be overwhelming. Children may find themselves involved in their parents’ personal affairs for the first time in their lives, treading the unfamiliar terrain of a parent’s declining physical or cognitive abilities.

Parents are being asked to talk explicitly about their finances and private lives with their children or professionals in ways that may never been required of them before. Many perceive a loss of control, and fear a loss of independence.

These discussions are often initiated by concerned children, but parents should drive the decision-making process to the greatest extent possible. Adjusting to a changing home environment is easier for an individual empowered to make decisions about their own long term care than for someone whose decisions were made quickly by someone else at a moment of crisis. Plans often need to be made fairly quickly, however, and with insufficient time to resolve long-standing family disputes or communication problems, families must identify these issues, acknowledge them, and resolve to set them aside temporarily for the purposes of accomplishing their agreed-upon goals. Many find that the assistance of an objective professional to assess current and future needs, and to facilitate the decision-making process reduces conflict and keeps everyone focused on the task at hand.

“Baby Steps” toward a Calculated Leap

 

While transferring responsibility for your or your loved one’s daily affairs is scary, it can be achieved in a series of “baby steps” so long as the person you have hired to lead you down this new road is perceptive, sensitive and willing to tread lightly. Often times, an initial “ice- breaking” meeting, with the attendance of all key parties, is warranted to determine whether the personalities will likely result in a positive working relationship. While a clear designation of the client’s desires and willingness to transfer control should be established early on, it must be balanced with the client’s realistic cognitive abilities and current financial circumstances. For example, a review of the check ledger, bank account statements, and or creditor’s bills may reveal that despite the client’s resistance to receiving assistance, late fees, a lack of or illegible entries may require a “reality check.” If the client and the daily money manager agree, the daily money manager could write checks for the client and record the entries while the client retains signature authority. More often than not, after a few sessions of “hand-holding” and trust building, the client will be willing to transfer signature authority and feel very comfortable about doing so.

Senior Support Gives Value Added Services for a Reduced Cost

Aside from coordinating adequate cash flow with money managers or financial advisors, liaising with key authorized family members and ensuring timely payment of bills, Senior Support assists its clients to minimize tax liability. Specifically, Senior Support tracks medical, pharmaceutical and insurance payments and payouts, and reviews insurance policies to maximize benefits. Due to nine years of diverse civil litigation defense experience, which included the daily review and analysis of thousands of medical records, contracts and insurance policies, Senior Support’s critical eye for spotting fraud or inconsistenciesin medical records, billing or other financial records, adds a competitive advantage through proactive monitoring of clients’ monthly bills. For example, during a recent document review, followed by a brief exchange of written correspondence and a few telephone calls, Senior Support got one client a $10,000 reimbursement from a private health care provider due to a “billing discrepancy.”  Senior Support’s bill was less than 10% of the reimbursement. Lauren Derstine is a licensed attorney who founded and heads Senior Support, a daily money management or billpaying venture. 619-303-2558

Selecting an In Home Care-Giver

So the “Aha” moment arrives. Circumstances make you realize two things: 1) I’m not as young as I used to be, and 2) “Old age ain’t for sissies” as the great Bette Davis once said. Gradually, or sometimes suddenly, it happens… we can’t keep up with household chores, we can’t see the street signs to drive safely, we give up cooking or we can’t walk without holding on to the furniture.

And it begins, a nagging fear that we’re losing our independence. In fact, loss of independence is the biggest fear among seniors. So what is the typical senior response? Pull ourselves up by the bootstraps and keep on going, of course! Call in the kids to help out! They’re supposed to take care of us in our old age, aren’t they? Unfortunately, the kids have spouses and children of their own. And they have full time jobs, not to mention they live out of town. It’s time for a new strategy.

Many seniors are finding the solution to remaining independent at home lies outside the family circle with paid caregivers. Most seniors find caregivers in two ways. The old way is to run a classified ad or hire through a temporary service. The senior bears all the “employer” responsibility for this kind of caregiver.

The Elder Care Resource Team is Here to Help

Caring for an elderly relative or adult dependent can be a real challenge and can cause major issues with your ability to keep an appropriate balance with work and life. Making arrangements, handling financial and legal issues, and finding community resources can be time consuming, frightening, and frustrating. And it can get worse if you have to deal with all of this during work hours or with other ongoing issues of your own.

The Elder Care Resource Team is group of independent professionals who have teamed together to offer most all of the services needed during such trying times by elevating the standard of care and professional services for elders and their families in the San Diego community. Regardless of the time frame that you are experiencing, planning in advance or have current and pressing issues, our professionals are here to help. Simply find your need on this page and click on the link. You will find a brief description of the services they provide and their contact information.