HOW TO PREPARE YOUR FINANCES FOR THE MOVE TO SENIOR LIVING

Author

American House Florida

For more information about the author, click to view their website: American House

Posted on

Jun 08, 2021

Book/Edition

Florida - Sarasota, Bradenton & Charlotte Counties , Florida - Southwest

share-this
Share This
For more information on American House Sarasota, CLICK HERE.
By Alyse Wagner - American House
So, you've made the decision to move to easy street, where you can enjoy maintenance-free living, chef-prepared meals, weekly housekeeping, salon and barber shop services, modern fitness centers and so much more. But, where do you start?
A good first step is to identify, gather and organize any documentation so you have it all in one place.
Think about what information or documentation you have, and collect the paperwork on any real estate, investments, or other assets, you think youll need and have it in one spot. Consider creating electronic files and storing them in a secure platform for easy access.
Note: Titling assets is no easy task, so you may consider consulting an advisor.
Here are a few components to include in stored files:
Titles to Property and Assets*
To ensure your wishes are respected, establishing and updating how your property is titled is crucial. It is also helpful to provide copies of this information for dependents or loved ones.
Retirement Accounts and Pensions*
There are many types of retirement accounts and pensions, and they can come from current and/or past employers, as well as accounts created by you or your loved one.
You'll want to identify all accounts and put things in order in case of an illness, emergency, death or other significant event. Be sure to include accounts and resources from which you are currently receiving benefits. Having this information organized and readily available will help to simplify the process.
Insurance Documents*
Health
Having copies of your health insurance is important. You'll want to have a copy of your summary of benefits and coverage, as well as proof of insurance (insurance card).
Life
Like your health insurance, its important to have copies of your life insurance. You'll want to have a copy of your policy and current beneficiary information.
Be sure to review all beneficiary designations on policies to make sure they are up to date. You will also want to know whether you, or a loved one, is currently paying for any premiums or receiving any benefits.
Wills*
A will is commonly defined as, a document in which a person specifies the method to be applied in the management and distribution of his/her estate after his/her death.
Without a will, there are no legal instructions about how property and assets are distributed to loved ones. In the situation where a will is not in place, the state decides how your property and assets are distributed, which means it may not be distributed the way you intended.
If you have a will, you will also want to review any versions to make sure your beneficiaries and assets are up to date.
Living Trust*
A living trust is commonly defined as, a trust created during your lifetime.
With a living trust, you may transfer property to a separate entity created to own that property, such as a house, boat, jewelry or mutual funds. Property may be removed from the trust, beneficiaries can be changed, or the trust may not be used any longer at all.
Aspects of a Living Trust:

Allows the successor trustee to step in automatically at incapacitation, as defined in the trust document.
Assets do not pass through the will upon death.
Typically avoids guardianship court hearing upon incapacitation, as defined in the trust document.
Assets are not part of the probate estate.

Veterans Benefits*
There are many benefits available to veterans and their spouses. Veterans and survivors who are eligible for a VA pension, and who require the aid and attendance of another person (or are housebound), may be eligible for additional monthly payments above the normal pension amount. A VA pension can help pay for the assistance one may need for everyday tasks such as medication management, eating, bathing and dressing.


Commonly Used Financial Terms*:
Corpus (Body) The capital or principal amount of an estate or trust.
Distribution The dissemination of property to those entitled to receive it, according to the terms of a will or trust agreement.
Estate Signifies the total assets of a person at the time of their death.
Estate Plan A plan for the administration and disposition of an individuals property during their lifetime and at their death; established in a will and/or one or more trust agreements.
Fair Market Value The price that a property is transferred between willing buyers and sellers who are both acting rationally and with complete knowledge of the situation.
Fiduciary An individual or institution bearing a relationship of trust and responsibility for the benefit of another. Examples include an executor, administrator, trustee or guardian, who is legally bound to work in their clients best interest.
401(k) Plan This retirement plan is established by employers and enables eligible employees to designate a portion of their salary to defer to the 401(k) investment choices selected by their employer. Employers may contribute to their employees 401(k) by matching a portion of the investment.
Gross Estate The total value of an individuals property in an estate before liabilities are deducted.
Individual Retirement Account (IRA)(also see Roth IRA) An IRA is a tax-deferred investment and savings account that acts as a personal retirement fund for people with earned income.
Joint Tenancy Two or more people mutually holding legal title to property in the event that one owner dies, the surviving owner receives the entire property.
Living Trust A trust that becomes effective while the creator is still living.
Lump Sum Distribution One lump payment of an individuals retirement plan benefits; rather than equal payments over a specific period of time.
Pension Plans(defined benefit plan) This is a traditional retirement plan offered by some employers that pays a set amount each year during retirement. These are company pensions that guarantee a specific amount of benefits to employees.
Roth IRAs(also see Individual Retirement Account) Retirement contributions are not deductible up front, but withdrawals can be made tax-free after age 59, in contrast to the traditional IRA.
Trusts Trusts are legal arrangements by which the legal ownership and the beneficial ownership of assets are separated. Trusts can be divided into two major categories revocable or irrevocable. Irrevocable trusts cannot be changed (with very few exceptions) once they are put in place. Revocable trusts can be amended and/or changed.

Other Articles You May Like

Signs It Might Be Time for Assisted Living

As our loved ones age, it can be difficult to determine when additional support is needed. While many seniors value their independence, certain signs may indicate that transitioning to an assisted living community is the best option for their safety and well-being. In this article, well explore key indicators that suggest it might be time to consider assisted living and how to approach this decision with care and compassion.1. Difficulty Managing Daily Activities If your loved one struggles with daily activities such as bathing, dressing, cooking, or cleaning, assisted living can provide the necessary support while allowing them to maintain their independence in a safe environment.2. Frequent Falls or Mobility Issues Mobility problems increase the risk of falls, which can lead to serious injuries. Assisted living facilities are designed with safety features, such as grab bars and emergency call systems, to help prevent accidents.3. Decline in Personal Hygiene Noticing unkempt hair, dirty clothing, or an overall decline in personal hygiene can indicate that daily self-care tasks are becoming too challenging. Assisted living staff can assist with grooming and hygiene to ensure residents maintain their dignity and well-being.4. Poor Medication Management Skipping doses, taking incorrect amounts, or forgetting to take prescribed medications can lead to serious health complications. Assisted living communities offer medication management services to ensure residents receive the correct doses on time.5. Unintentional Weight Loss or Poor Nutrition If your loved one is losing weight, eating poorly, or experiencing difficulty preparing meals, it may be a sign they need assistance with nutrition. Assisted living facilities provide nutritious, well-balanced meals tailored to residents dietary needs.6. Increased Isolation or Loneliness Social isolation can negatively impact mental and emotional health. If a senior is withdrawing from social activities, losing interest in hobbies, or expressing feelings of loneliness, assisted living can offer opportunities for social engagement and companionship.7. Memory Loss or Cognitive Decline Forgetfulness, confusion, and difficulty managing finances or remembering appointments could be signs of early dementia or cognitive decline. Assisted living communities provide specialized memory care programs to support individuals with cognitive challenges.8. Difficulty Maintaining a Clean and Safe Home A cluttered or unclean living environment, unpaid bills, or expired food in the refrigerator may indicate that home upkeep has become overwhelming. Assisted living eliminates the stress of household chores by offering housekeeping and maintenance services.9. Increased Caregiver Stress Family caregivers often experience emotional and physical exhaustion. If caregiving responsibilities are becoming too demanding, transitioning to assisted living can provide the necessary support while giving family members peace of mind.Additional TipsHave an open and honest conversation with your loved one about their needs and preferences.Visit multiple assisted living communities to compare services and amenities.Seek professional guidance from senior care advisors or healthcare providers. Recognizing when its time for assisted living is a crucial step in ensuring your loved ones health, safety, and quality of life. By understanding the signs and exploring available options, families can make informed decisions with confidence. Let Seniors Blue Book assist you in finding the right assisted living communitycontact us today at hello@seniorsbluebook.com or call 800-201-9989 for expert guidance.

Best Senior Moving Services: Making Relocation Stress-Free

Moving is challenging at any stage of life, but for seniors, it can be particularly overwhelming. Whether transitioning to a senior living community, downsizing, or moving in with family, having the right senior moving companies can make all the difference. In this guide, well explore how relocation services for elderly individuals can ease the process, ensure a smooth transition, and reduce stress.Why Specialized Senior Moving Services MatterUnlike standard moving companies, senior-focused moving services understand the unique emotional and logistical challenges of relocating later in life. From carefully handling sentimental belongings to coordinating a move into an assisted living community, these services ensure a seamless experience for seniors and their families. Steps to a Smooth Senior Relocation1. Plan Early and Create a Moving TimelineMoving requires careful planning, especially for seniors. A structured timeline can help prevent last-minute stress. Key steps include:Decluttering and deciding what to keep, donate, or discardResearching relocation services for elderly individualsSetting up transportation and accommodations in advance2. Hire a Senior-Focused Moving CompanyNot all movers are equipped to handle senior relocations. Look for senior moving companies that offer:Packing and unpacking servicesFurniture placement at the new residenceEmotional support and patience during the transitionCoordination with family members or care providers3. Downsize ThoughtfullyMany seniors need to downsize before moving. To make the process easier:Start early to avoid feeling rushedSort items into keep, donate, sell, and discard categoriesDigitize important documents and photos to reduce clutter4. Prepare for Moving DayEnsuring everything is in order before moving day will prevent unnecessary stress. Key preparation steps include:Packing a personal essentials bag with medications, important documents, and daily necessitiesLabeling boxes clearly for easy unpackingConfirming transportation arrangements for the senior and their belongings Additional Tips for a Smooth TransitionVisit the new residence in advance: Familiarizing seniors with their new environment can ease anxiety.Involve family members: Emotional support from loved ones makes a big difference.Consider professional organizers: They can help simplify the downsizing process.Keep a positive outlook: Remind seniors that moving can be a fresh start with new opportunities for socialization and care.  Making Senior Moving Stress-FreeRelocating can be overwhelming, but with the right senior moving companies and proper planning, it can be a smooth and positive experience. Whether you're moving yourself or helping a loved one, using relocation services for elderly individuals can ensure a stress-free transition.At Seniors Blue Book, we connect families with trusted moving specialists who understand the needs of seniors. Need help with senior moving services? Contact Seniors Blue Book today at hello@seniorsbluebook.com or call 800-201-9989 for expert guidance!

6-6-6 Walking Trend for Senior Adults (Have You Tried It Yet?)

If youve heard of the 6-6-6 walking trend and havent tried it, now is the time. The routine is simple, flexible, joint-friendly, and safe for most health conditions. If youre having trouble finding a workout that works for your schedule, your chronic conditions, and your weight loss goals, this might be a right fit for you. Walking has long been touted as the best form of exercise for disease prevention. Just walking over 3,500 steps per day has been shown to reduce your risk of cardiovascular disease and risk of death.Here is what you need to know about the 6-6-6 walking workout and how it can benefit you.The Method: 6-6-6 Walking Workout This easy title lays out the plan for you which is 60 minutes of walking at either 6 a.m. or 6 p.m. with a 6-minute warm-up and cool-down. Your warm-up and cool-down are taken at a slower pace and help your body prepare for the workout and recover afterward.You spend most of the workout moving at a brisk pace to keep your heart rate elevated and benefit your cardiovascular system. The simple method and short duration is meant to work for people with tight schedules yet be challenging enough to provide a solid workout.One of the most appealing features of this method is its flexibility. You can choose a pace that suits your abilities and needs. The goal is to appropriately challenge yourself and elevate your heart rate, so there is no prescription for how fast you walk. For older adults and those with health conditions, this is key.Other benefits of the 6-6-6 walking trend is that you log over the 150 minutes of recommended exercise in a week when you do it for three or more days per week. And walking early or later in the day helps you get your workout in before your busy daytime routine begins or after it ends.Health Benefits of the 6-6-6 Walking WorkoutWalking boosts weight loss and cardiovascular health when you keep your heart rate in the fat-burning zone, which is 50-70% of your maximum heart rate. The cardio zone, which requires more vigorous activity and a higher heart rate is also great for cardio health but not as effective for burning fat in the short term.This means that by calculating your fat-burning zone and spending most of your 60 minutes at that pace can promote weight loss and keep your heart healthy. Many digital treadmills and smartwatches will calculate your fat-burning zone for you, letting you know when you enter it or move into another zone. But you can also calculate it for yourself.Calculate your maximum heart rate (MHR) by subtracting your age from 200.MHR = 220- [your age]180 = 220 - 40MHR for 40 year old = 180 Then calculate your fat-burning range by multiplying your maximum heart rate by 50% and then by 70%.Fat-burning zone (for 40 year old) = MHR x 50% and MHR x 70%Fat-burning zone (for 40 year old) = 180 x .5 and 180 x .7Fat burning zone (for 40 year old) = 90 and 126Fat-burning zone (for 40 year old) = 90 to 126 beats per minuteWhen you walk in this zone, youre burning more fat as fuel, which is more immediate and effective for weight loss. Additionally, this walking has a lower impact than running or other types of exercise, making it gentler for the long term and more accessible for many people.Other benefits of walking include:Reduces anxiety and depressionImproves gut healthImproves bone healthImproved cognition (thinking abilities)Improves sleepIncreases energy and staminaImproves memoryLowers blood pressure, blood sugar, and cholesterolReduces risk of stroke, heart disease, diabetes, and some cancersHow to Start a New Walking RoutineTo get started with any new workout, you must want it. You must have some benefit in mind that makes it worth making a change and sticking to it. Perhaps youve recently been diagnosed and your doctor prescribes exercise for management. Or, maybe youve been gaining weight and are seeking a way to reverse the trend. You might also be motivated by the realization that aging increases the risk of many chronic diseases, and you know its time you were more proactive with your health. Whatever the case, find your motivation first.When you first start, begin slowly. You might find that an hour is just too long for the first day or week. Thats okay. Find what you can do and start there. If you can only walk for 10-15 minutes, its a starting point that you can build from. Plan to slowly increase your time.Other tips include:Dont skip your warm-ups and cool-downs. This gives your body time to adjust and makes your workout go more smoothly.When youre comfortable, try alternating your pace with faster and slower intervals. You can gradually increase the time you spend walking faster. This is only if your health allows.Try walking uphill or incline your treadmill to make the walk more challenging and burn more calories. Again, only if your health allows.If you get bored, try watching your favorite show on a device or listen to a podcast or audio book while you walk.Recap of the 6-6-6 Walking TrendThis workout recommends walking 60 minutes per day at either 6 a.m. or 6 p.m. with a 6-minute warm-up and cool-down. When you adopt this workout method, you can reap many benefits like weight loss, improved cardiovascular help, better sleep, improved mood, and even diabetes prevention.Before you begin, be sure to find your motivation and experiment with your speed and interval walking when you need more of a challenge. If you find walking boring, try using a device and earbuds to occupy your mind with a favorite show or podcast.

Local Services By This Author

American House - Bonita Springs

Assisted Living 11400 Longfellow Lane, Bonita Springs, Florida, 34135

American House Senior Living Communities, located at 11400 Longfellow Lane in Bonita Springs, FL, offers fully remodeled senior living in a warm, welcoming environment. Our community provides a wide range of amenities, services, and activities designed to enhance the lives of our residents. We offer assisted living, living well memory care, respite stays, and coordination of hospice care.Our community has been awarded Best Assisted Living in Bonita Springs in 2023 and is conveniently located between Fort Myers and Naples on a 26-acre campus with beautiful, landscaped grounds, ponds, and wildlife. Our apartments range from studios to one- and two-bedroom units, some with pond views, and all residents have access to our spacious common areas.We offer a maintenance-free lifestyle, allowing residents to focus on themselves. Whether you prefer relaxing by the pool, shopping trips, or socializing at our daily happy hour, the choice is yours.Our vibrant community offers activities and friendships, with assistance available when needed. Our services include meals, laundry, medication reminders, physical therapy, and activities of daily living. We also offer a variety of floor plans to suit your needs.Visit us today for a tour of our newly renovated community and see why American House is the right choice for your senior living needs.

American House- Bonita Springs

Memory Care 27300 Foster Lane, Bonita Springs, Florida, 34135

American House Senior Living Communities, located at 11400 Longfellow Lane in Bonita Springs, FL, offers fully remodeled senior living in a warm, welcoming environment. Our community provides a wide range of amenities, services, and activities designed to enhance the lives of our residents. We offer assisted living, living well memory care, respite stays, and coordination of hospice care.Our community has been awarded Best Assisted Living in Bonita Springs in 2023 and is conveniently located between Fort Myers and Naples on a 26-acre campus with beautiful, landscaped grounds, ponds, and wildlife. Our apartments range from studios to one- and two-bedroom units, some with pond views, and all residents have access to our spacious common areas.We offer a maintenance-free lifestyle, allowing residents to focus on themselves. Whether you prefer relaxing by the pool, shopping trips, or socializing at our daily happy hour, the choice is yours.Our vibrant community offers activities and friendships, with assistance available when needed. Our services include meals, laundry, medication reminders, physical therapy, and activities of daily living. We also offer a variety of floor plans to suit your needs.Visit us today for a tour of our newly renovated community and see why American House is the right choice for your senior living needs.

American House Sarasota

Assisted Living 4540 Bee Ridge Rd., Sarasota, Florida, 34233

American House Senior Living Communities provides exceptional senior living options in Sarasota, Florida. Our community is located at 4540 Bee Ridge Road and offers a range of living options, including Independent Living, Assisted Living, Living Well Memory Care, and Respite Stays.At American House Sarasota, we pride ourselves on creating a warm and welcoming environment where residents can age in place with dignity and comfort. Our community is situated on 18 wooded acres, offering a serene setting while being conveniently close to Sarasota's white sand beaches, cultural attractions, and shopping districts.Our award-winning SUN Program sets us apart, offering engaging activities, helpful services, and a long list of amenities designed around our residents. Whether you're looking for a maintenance-free lifestyle or seeking a supportive environment for a loved one, American House Sarasota has everything you need.Experience luxury senior living at its finest. Schedule a visit today to see why we were awarded Best Senior Living in Sarasota, FL in 2023. Call us at (941) 306-4030 or visit our website to learn more and download our Visitation Policy.