Benefits to Establishing Florida Residency

As each year passes, it can be easy to forget about the little things. As retirement creeps closer and closer, its normal to ponder the bigger picture: where youre going to spend your retirement, if youre financially prepared and what your new chapter will look like. However, as important as those larger-scale milestones are, theres plenty of smaller considerations to note that can enhance your experience.The decision-making process starts many years before you hit 65, and one of the first major choices to make is determining where you want to be a decade from now. Depending on your budget and lifestyle considerations, do you want to be in an independent living community with like-minded people with activities to keep you social and engaged, or would you prefer to age in place in the home youve worked so hard to achieve? If you choose to age in place, take into consideration how significant that decision is. Choosing to embark on the aging journey from the comfort of your home is admirable it shows dedication to the life youve built and a passion for freedom and independence. With a large decision like that comes great responsibility it is now up to you to make sure that your wellbeing is prioritized, from protecting your assets to creating a future health plan.Prioritize Your HealthIts imperative to make sure that your wellness is the top priority as you age, even though you may be a healthy, independent adult it never hurts to have your bases covered, especially if your future health needs change.Visit a health care provider to receive a standard physical, mental, and emotional assessment. Youll also want to ensure that any and all health conditions you may have, regardless of whether they are minor or chronic, are addressed. If your conditions present a need for ongoing attention, like physical therapy, make those arrangements proactively. Consider creating a summary document that outlines your health history try to update it annually or as your needs change. The document can include:      Name and date of birth      Contact information and emergency contacts      Health conditions, if applicable      Medications with dosage information, if applicable      Health care providers and contact information      Insurance information      Family historyAvoid IsolationWhen aging in place, isolation should be avoided; the Centers for Disease Control reports that isolation has several health impacts, including an increased risk of heart disease, stroke, Type 2 diabetes, mental health issues and dementia, among others. Socialization can lead to a sharper memory, better processing speed and an improved mood. Spending quality time with family and friends is known as the door to a longer and fulfilling life. Not only does good company improve your mood and put you in high spirits, but it also presents several cognitive, physical and emotional health benefits. With retirement comes an abundance of free time, which can be spent engaging in social activities. Is there a social sport you enjoy, like pickleball or golf? Perhaps youre a member of a book club or you enjoy hosting gatherings. Socialization can even be a few phone calls with family members each week or going to a weekly religious service. Whatever avenue you seek, find a consistent social activity that works for you.Fuel Your BodyWith each stage of life comes its own set of considerations, particularly in terms of dietary needs. Older adults should pay special attention to their eating habits, as certain nutritional requirements can reduce the risk of chronic disease and help maintain a healthy weight and lifestyle. A well-rounded diet can also improve brain and memory function, heart health, gastrointestinal function and more.For the 60+ community, dietary needs include:       Eating a variety of foods from different food groups      Choosing foods with low or no added sugar, saturated fats and sodium      Eating protein throughout the day to maintain muscle mass      Getting in key nutrients, like potassium, calcium, vitamin D and B12, and dietary fiber      Staying hydrated with water, 100% juice, and low- or fat-free milk      Avoiding beverages high in salt or added sugarsMake sure to fit in all five food groups: dairy, fruits, grains, vegetables, and protein. Small snacks, like chopped fruits and nuts, can be enjoyed between your three meals each day.At the end of the day, retirement is one of the greatest joys in life; youre able to fully enjoy the home you love, travel the world and enjoy years upon years of freedom that youve earned. Through proactively protecting your physical and mental health, you can maximize these years, age successfully and peacefully, and soak up a lifetime of joy. To learn more about Senior Choice at Home, please visit SeniorChoiceatHome.com/Benefits or call 239-788-0694.

Standing in the Sphere in Las Vegas this past January, surrounded by people who share my vision, I felt something profoundsomething beyond words, beyond business, beyond the logistics of travel. GOMO Travel was invited by Delta to celebrate its centennial anniversary with a first-of-its-kind experience during CES 2025. It was a moment of unity, a collective heartbeat of those who believe, as I do, that travel is not just about movement but about connection, about safety, about ensuring that no journey is out of reach.As Deltas CEO, Ed Bastian, spoke, his words resonated deeply, not just as a call to action but as a validation of a mission I hold close to my heart. In that space, among leaders and visionaries, I wasnt just listening, I was feeling. The energy, the commitment, the unwavering belief that travel has the power to bring people together, even in lifes most uncertain moments.I was emotional, proud, and more driven than ever. Because in that room, in that moment, we were bound by something greatera shared purpose that only we could fully understand. Safe travel is not just an industry goal; it is a promise, a responsibility, a mission that guides every step we take. That day, I walked away not just inspired but reinvigorated, knowing that GOMO Travels work is part of something much bigger.What truly sets GOMO Travel apart is the privilege we have to touch lives at their most vulnerable moments. Every day, we witness the transformative power of enabling someone to visit a loved one they thought unreachable, or helping a family navigate medical travel with dignity and peace of mind. Theres something sacred about being entrusted with these journeyswhen a grandmother with mobility challenges can attend her granddaughters wedding, or when a patient receives life-saving medical treatment in a remote location.If possible, I would give GOMO Travel 10 stars. I made a life-changing move from NY state to Northern California and my experience with GOMO Travel was beyond amazing. Tracy C.These are not simply logistical victories but human triumphs. The tears of gratitude and the sigh of relief when someone realizes they dont have to face their journey alone are the moments that remind us of our purpose. In a world that often moves too quickly, GOMO Travel stands in the gap, ensuring that no one is left behind simply because travel seems too daunting. This isnt just a service we provide; its a calling we answer, a privilege we honor with every itinerary planned, every accommodation secured, and every traveler safely guided to their destination. We are not just changing the way people travelwe are changing the way people connect. And in the end, that is what truly matters.RN, CDP, EMBAFounder, GOMO Travel

Protecting Your Parents Assets From Nursing Home CostsNursing home care costs have been rising over time, with many older Americans who require long-term care unable to afford it.With proper planning, seniors may be able to rely on Medicaid to pay for this care and still retain some of their assets by exploring several different strategies.The aging U.S. population means that more people will likely need nursing home care in the coming decades. Meanwhile, the cost of nursing home care is increasing and expected to keep increasing.With the exorbitant cost of nursing home care, many families worry about depleting their loved ones life savings to pay for the care they need. Private health insurance does not cover nursing home care, and while long-term care insurance is available to cover nursing home costs, these plans are also expensive and may come up short for long-term stays.This leaves millions of Americans reliant on Medicaid to pay for nursing home care a far from perfect solution that usually involves spending down assets to qualify. With proactive Medicaid planning, though, it is possible for someone to qualify for Medicaid and still retain some of their assets. The sooner you start planning, the more options youll have for protecting your parents assets from nursing home costs. Odds of Needing Long-Term Care Are HighThe lifetime likelihood of needing nursing home care is relatively high. About 70 percent of people who turn 65 today will eventually need some type of long-term care, including nursing home care.About 1.3 million Americans aged 65 and older currently live in nursing homes, and about 40 percent of todays 65-year-olds will spend some time in a nursing home before the end of their lives.Women are more likely than men to need long-term care, and the older a person gets, the more likely they are to need it. At the same time, there has been a growing trend of younger adults (those under the age of 65) living in nursing homes, in part due to Medicaid eligibility expansion under the Affordable Care Act. Research shows that this group increased from 10.6 percent of total nursing home residents in 2000 to 16.2 percent in 2017.Medicaid expansion has led to more people of all ages qualifying for the joint federal and state health insurance program. Intended as the payer of last resort when it comes to long-term care, Medicaid has become the primary nursing home insurance for millions of Americans due to the absence of any other public program covering long-term care.In 2020, around 6 million Medicaid enrollees used the program to pay for long-term support and services. Around one in five enrollees received institutional care, such as care provided at a nursing facility.After age 65, more than a quarter of adults receive at least 90 days of nursing home care. Thirteen percent of them receive long-term Medicaid-financed nursing home care.Medicaid typically pays for 100 percent of nursing home costs and may be the only insurance option available for long-term stays. Long-term care insurance can be purchased, but most policies have limits on the maximum daily or monthly benefit amount and the total lifetime benefit, as well as terms and health requirements that may exclude coverage.A nursing home stay isnt necessarily permanent. About 15 percent to 20 percent of admissions are for short-term rehabilitation. Among current residents, the average stay is one year and four months. More than half of residents stay for at least 100 days, while 15 percent of older adults spend over two years in a nursing home.With nursing home costs running $250 to $300 per day in some states, costs can add up quickly. The average nursing home stay of little over a year, or about 485 days, could end up costing upwards of $150,000.Extrapolate these costs over multiple years, and they are unsustainable for many families. Medicaid Planning StrategiesWhether a nursing home stay lasts months, years, or is permanent, you may have crunched the numbers and determined that Medicaid is the only feasible payment option for a parents nursing home care.This is a good news, bad news scenario. The good news is that its possible for somebody who doesnt currently meet Medicaids income and asset limits to spend down their excess assets to meet limits. The bad news is that these limits are generally only $2,000, which requires significant planning, since the average net worth of Americans is more than $1 million, including nearly $1.8 million for those 65 to 74.Another upside is that not all a persons assets count against the limit. A home, for example, is typically exempt. Someone can also own one car without exceeding Medicaids asset limits.Many Medicaid spend down strategies take advantage of workarounds that allow nonexempt assets to be converted to exempt assets, thereby excluding them from Medicaid calculations. But these strategies often involve navigating a tricky five-year lookback period where past asset transfers are scrutinized to ensure applicants dont give away assets to qualify for Medicaid.Keeping these considerations in mind, there are financial planning strategies that can help to protect a parents assets from nursing home costs and a Medicaid spend down. Medicaid-Compliant Annuities (MCAs)MCAs, a type of single premium immediate annuity, allow countable assets (like cash or investments) to be converted into a stream of income that doesnt count toward the Medicaid asset limit. The payout structure must be based on life expectancy, and once purchased, the annuity cannot be cashed out or changed; funds in the annuity are no longer accessible as assets.Annuity income may affect your parents eligibility for other needs-based government programs, such as Supplemental Security Income (SSI). In addition, the state Medicaid agency must be the primary beneficiary in case of the annuitants death during the annuity period. Medicaid Asset Protection Trusts (MAPTs)Medicaid-compliant trusts, like MAPTs, hold assets for a set period, after which they transfer to beneficiaries (usually children or other family members).Assets in the MAPT are no longer considered part of your parents estate for Medicaid purposes. They are legally owned by the trust, not your parents, although they may be able to benefit from these assets, such as remaining in a home transferred to a MAPT.Creating a MAPT triggers a penalty period of Medicaid ineligibility under the lookback period thats based on the value of assets transferred. A MAPT is therefore most effective when implemented well in advance of potential Medicaid need, often in conjunction with a parents estate plan. Promissory NotesA promissory note is a legal agreement that allows your parents to lend money to someone (e.g., a family member) who agrees to repay the money with interest over time. This converts a lump-sum asset into a stream of income.Not all states recognize promissory notes for Medicaid planning. In states that do allow them, they may be subject to scrutiny by state Medicaid agencies. The note must clearly outline the repayment terms and the interest rate must be at or above the applicable federal rate (the minimum interest rate the IRS allows for private loans).Interest income from the loan may be taxed at a lower rate, and the terms can be customized to meet individual needs. For the Medicaid applicant, however, the effectiveness of a promissory note is largely dependent on the borrowers ability and willingness to repay the loan. Life EstatesA life estate lets your parents transfer ownership of their home to a child or other family member while retaining the right to live there for the rest of their lives. It removes the homes value from their countable assets for Medicaid purposes and may protect the family home from Medicaid estate recovery, a program that empowers states to recoup Medicaid expenses from the deceased beneficiarys estate.Medicaids lookback policy applies to life estates, so the transfer must be done well in advance of needing care. Your parents may also lose some control over the property, and there could be tax implications. Other Spend Down StrategiesA spend down strategy might additionally include a parent spending on needs or wants that can both enhance their quality of life and help them qualify for Medicaid.Paying off debts, making necessary home repairs, purchasing a new car, prepaying funeral expenses, or taking a family vacation are ways to spend down assets and derive an instant benefit.Gifting assets to loved ones outside of the lookback period can reduce countable assets and fit into a gifting while living strategy, but annual and lifetime gift tax exemptions apply.If only one spouse needs nursing home care, Medicaid allows the other spouse (the community spouse) to retain a certain amount of income and assets.Because state Medicaid laws and individual nursing home care needs vary, there is no one-size-fits-all strategy for protecting a parents assets from nursing home costs and a Medicaid spend down. To develop a personalized plan that avoids penalties or disqualification from Medicaid in your state and also maximizes asset protection, consult with Ashley Day.  Phone: 251-277-3377.