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If you’ve felt the sting of economic changes recently, it’s safe to say you’re not alone. Whether your budget has been hit at the gas pump, in the grocery store, or on rent and utilities, we are all feeling the pressure to spend wisely and be risk averse with our investments. In contrast to younger generations who will likely bounce back from such economic fluctuations, our seniors are experiencing more urgency to protect their existing finances. The continuing impact of the economy on seniors in 2023 will depend on various factors, including the evolving state of the economy, government policies, and individual circumstances.
Here are a few risks to be aware of and ways to protect your aging loved ones:
Retirement savings: Many seniors rely on retirement savings, such as 401(k) plans and individual retirement accounts (IRAs), to support themselves in retirement. If the economy experiences a downturn, these savings could be negatively impacted, potentially leading to reduced retirement income for seniors. Finding a trusted financial advisor who can help protect investments and assets from risk is an excellent way to stay protected from significant retirement losses.
Social Security benefits: Social Security is a vital source of income for many seniors. The Social Security Administration adjusts benefits annually based on changes in the cost of living, which is tied to the economy. If the economy experiences inflation or deflation, Social Security benefits could be impacted. Financial resources for seniors, such as Elderlife Financial Services, is a great way for seniors to stay educated on the best way to utilize assets such as Social Security benefits.
Healthcare costs: Healthcare costs are a significant concern for many seniors, and the state of the economy can impact these costs. Rising healthcare costs could make it more difficult for seniors to afford medical care and prescription drugs. Many seniors seek guidance from prominent resources such as AARP, a nonprofit organization for seniors 50+, to learn more about how their medications will be impacted by economic changes and the best solutions to cut down on medical costs.
Housing: Many seniors own their homes, and the value of those homes can be impacted by the state of the economy. A downturn in the housing market could make it more difficult for seniors to sell their homes if they need to downsize or move into a retirement community. Senior living communities, such as Harmony Senior Services, often partner with local realtors to offer seniors much needed insight on housing options.
Overall, the economy can have a significant impact on seniors, and it's important for families to research solutions proactively through local resources such as senior living homes, retirement communities, financial planners, and realtors so all of the necessary information is ready when changes come.
As an estate planning and elder law attorney, I am becoming increasingly frustrated to see how the long term care system is failing our seniors. I had a conversation with a client this week, who feels that the government programs supporting seniors are broken. My clients mom is in a nursing home and we are assisting them to get Medicaid eligibility to pay the nursing home. What he said really resonated with me, because people are continuing to go broke due to the long term care system.In a recent podcast, I discussed the article that was published in the news, about the baby boomers being the wealthiest generation in history. However, 70% of the wealth is concentrated in 7% of the population. Most of the people we work with are the middle-class baby boomers, who are part of the other 93% population. They own their house and have some money in the bank. Most of them have worked for 40-50 years trying to save a nest egg for their retirement. They have been sold this story that they will have healthcare coverage with Medicare when they retire at 65, and believe they will be taken care of should they get sick.Medicare Wont Pay for Long Term CareUnfortunately, Medicare wont pay for long term care. We help many families every month, going through the process of trying to gain eligibility for Medicaid benefits to pay for long term care. This requires some dramatic legal moves and I can appreciate why my clients feel so frustrated.On the long term care website, I read that around 70% of baby boomers are going to need some form of long term care if they get dementia or Alzheimers. Added to that, 20% of those seniors will need long term care for more than five years. Given the cost of nursing homes in this country, which is $150,000 a year, this is unaffordable for most families.The Future is Uncertain, But We Can Still PlanWe dont know what the future holds, and we cannot prevent the likelihood of getting dementia. However, we can take steps to protect ourselves and avoid going broke. If I end up with dementia, I want to make sure my wife has a house to live in and some money in the bank. We meet many families who want to protect themselves from this system, and ask us to advise them. Some people tell us they already have a will and want to know why they need an estate plan. I understand their confusion when I advise my clients that they need more than a Will. It is unfortunate that the attorney they worked with previously, only offered them a Will. This could be because they met with attorneys who work with clients that have a high net worth. They may also have gone to a general practice law firm, who deals with divorces, traffic tickets and Wills, and not estate planning. The attorneys, financial advisors, tax man and nursing homes know that there are ways to avoid seniors going broke, but none of them are doing anything to help.A Will Is Not EnoughA Will only states who will get your stuff when you pass away. Estate planning is not only about who gets your stuff when you pass away but it helps to provide a sense of security, by protecting your house and money. You have worked for your money, and you should keep it not the government or the nursing home. I want to ensure you have a peaceful retirement, without worrying about going broke to pay for long term care. If you need more than five years of long term care, you definitely want to protect your assets.Many of my clients like to use trusts, and I recommend putting your house and some money into an irrevocable asset protection trust. This means that after five years, the house is safe from any claims from the nursing home. You would have to give up access to the equity of the house, assuming of course you wont need to do a reverse mortgage. You also wont receive a distribution from the trust. However, you can still live in your home, but the difference is your house is now protected from the nursing home if you get sick.You Can Avoid ProbateIf you have IRAs, they will need to be beneficiary designated, and will avoid probate. You can put any other money you have that you want access to, in a revocable trust. Having your house in the asset protection trust and money in a revocable trust, will allow you to avoid probate. Your life wont change, but a large percentage of your net worth is protected from long term care costs. This in my opinion is a much better estate plan for you.We will help you to establish a Power of Attorney, as well as health care planning. The result of planning like this, is that you dont have to worry about the nursing home, or probate. We also teach your children, who are the future executors and trustees, about their future roles and responsibilities. Handing legal documents to your adult child and expecting them to know what to do is unfair and unrealistic. Do The Right Thing Get An Estate Plan To learn more about doing good planning for your family, come to one of our Three Secrets Workshops. I am sure you want to have a good retirement without worrying about anything intercepting your inheritance to your kids. Our free workshops will teach you all you need to know to make informed decisions. You will then be able to have the best estate plan for you and your family. By offering the education in a classroom setting, it makes it more affordable for you to do estate planning. Visit sechlerlawfirm.com/workshops to register for a workshop now.
Why You Need To Do A Trust For Your KidsIf you have been listening to my radio shows or podcasts, and reading my blogs, you will know that I have focused a lot on estate planning for retirees, or soon to be retirees, and how to protect their stuff and their family from the issues that they face. These include care costs, eventual probate expenses and taxes. For most of my career I have been dedicated to working through those issues. In fact, my law firm exists because I watched my own grandfather go through all of this money paying for care. Sadly he was battling Alzheimers disease and spent many years in a nursing home. Having spent so many years working on elder law issues, weve become to know how to properly plan for these issues. Working With Young FamiliesRecently weve been working with folks from a young family demographic. My wife and I recently redid our own personal estate plan because our children are getting older, and there are changes in our financial situation too. It is necessary every few years to see if our estate plan does what we want it to do. Most of us learn from our experiences and the situations we find ourselves in, and how to respond the next time. Thats one of the one of the great things about life because we get to learn from mistakes and challenges. Ive been through some challenges with some families that are similarly situated to mine, when has thrown them a curveball. Many of them have had to deal with injuries, disabilities and deaths, as well as unexpected situations. This has made me realise the importance of needing to plan when it comes to younger families. We actually have an entire webinar series for younger families, called Five Secrets to Protect Your Family. We teach you the things you need to know to protect your kids from the cradle to college. Raising Good HumansAs parents of young children, I think our primary job is to raise good humans who will be happy and self sufficient. Hopefully they will find careers that theyre passionate about and a spouse they love and are happy with. Eventually they will have their own kids and it is my job to prepare them for that. I think we also need to accept that our duty of raising good humans who will outlive us, is something we need to plan for too. We need to also face the reality that although it would be devastating if both parents passed away suddenly, there needs to be plan in place for the kids to be taken care of.A Simple Will Is Not EnoughUnfortunately, most young parents of young kids dont actually plan for this. Most young families only have a will which will name who gets the stuff when they pass away. Most young families often dont have many assets, so it is important for them to buy life insurance. You would definitely need life insurance or a retirement account. While it is not enough to only have a Will, it can be used to do some planning. You would need to name an executor who will administer your estate, and guardians for your kids. A guardian would essentially step into your shoes if you pass away. However, guardianship ends when your child is 18 years of age. While they are considered an adult at age 18, leaving money to your 18 year old could be a big mistake for many reasons. I know that people will advise you that you only need a simple Will, which states that everything is left to your spouse and then to your kids. If your kid is a minor when they inherit money, your kid will get their money in a Uniform Transfer to Minors Act Account. This means that somebody else would be in control of the money, until the kid turns 21. However, after the age of 21, your kid is on their own. If I think about it, if at the age of 21 I had been left an inheritance of a million dollars, I would not have make good decisions with spending the money. I dont believe most 21 year old kids would know what to do either. This illustrates why it is not enough to just have a Will, and why one needs to plan for all eventualities.Why You Should Create a Trust for Your ChildI would encourage you to create trusts. The Trust has certain terms and conditions to determine what will happen with the money. Wills have to go through probate which is the court administration process for administering the Will. What happens when somebody passes away with a Will, the executor cant do anything until the judge allows him and it becomes a court process. The Will is then mailed to the beneficiaries, with details of what theyre allowed to have. This can take weeks or months to find out what the deceased owned. The probate process is a time consuming task and also expensive, and we advise to avoid it if possible. This is exactly why we suggest using a trust.Divorce is a Financial ThreatRather than giving the money to your kids outright, the money is held in a separate trust until they reach the age which you determine is suitable. This is known as an underage trust and it protects the kids from their own poor decisions as a youngster. When your child reaches the age you have agreed upon which is often 25 or 30, for them to receive their inheritance, the trust then terminates. However, you need to consider protecting your kids from the next potential issue and the biggest financial threat for adults in their 20s and 30s, which is divorce. What I like to do is for my kid to become a trustee on the trust. Were not distributing the money so it doesnt become a marital asset. It would also be protected from the general creditors, divorces and lawsuits. The money is held in trust for my kid until they turn 25 and can get control of the trust. This is effective estate planning and is more important than having a simple Will. It often happens that most people just do beneficiary designations on their life insurance policies. When the parent passes away, the kids get their money on their 21st birthday. This is not a good idea and it is better for that money to be in a trust. Having a good estate plan in place helps you to do your job as a parent and raise good people.Register for our Webinar for Young Families This is all possible when you start with education because educated decisions are better decisions. Thats why we offer a free webinar called Five Secrets to Protect your family. You can find it sechlerlawfirm.com/workshops. We teach you a lot of the things you need to know about how trusts work. We also share other important information you need to know. Join us!
Estate Planning Is About More Than Wills and InheritanceTraditionally, estate planning brings up thoughts of wills, trusts, and discussions about who inherits what. These are undoubtedly important, but theres another side to the storythe potential for incapacity. Life is unpredictable. Accidents, illnesses, or progressive conditions like dementia can render us unable to make decisions or communicate our wishes. Thats when the true test of an estate plan comes into play.The Spousal AssumptionTheres a widespread assumption that marriage grants spouses the ability to automatically make decisions for each other. This myth is pervasive, yet the legal system tells a different story. Strict privacy and healthcare laws mean that without explicit legal permissions such as a Power of Attorney or a healthcare directive a spouses hands may be tied, unable to manage finances, make medical decisions, or even get information from doctors.The Costly Path of ConservatorshipWithout proper documentation, the only recourse may be to seek a conservatorship where a court appoints someone to oversee the incapacitated persons affairs. Its a route fraught with challenges: it is time-consuming, can be quite expensive, and throws open what are very personal matters to the public eye.How to Protect Your Voice and Your ChoicesThe key to maintaining control is preparation. Here are the documents that every adult should consider: Durable Power of Attorney: This allows you to appoint a trusted individual to handle your financial affairs if you cannot do so yourself. Healthcare Power of Attorney: It enables you to designate someone to make healthcare decisions on your behalf in case youre incapacitated. Living Will: This document spells out your wishes regarding medical treatment, including life support and other critical decisions. The Role of TrustsA Revocable Living Trust can also play a pivotal role. By creating a trust, you not only plan for the distribution of your assets after your passing but also ensure that someone you trust can manage your affairs without court intervention if youre not able to during your life.Educate, Communicate, UpdateCreating these documents is just the first step. Educate the people youve appointed about their roles and your wishes. Keep the lines of communication open and review these documents regularly to ensure they reflect your current circumstances and wishes.Final ThoughtsJay Lenos situation is a lesson for us all, highlighting the need for comprehensive estate planning that anticipates not just death, but also lifes unexpected turns. It emphasizes the importance of preparing for situations where we might not be able to speak for ourselves. For those ready to take the next step, or if youve realized theres a missing piece in your estate plan, were here to guide you. Ensuring your estate plan is complete and up-to-date is the best way to protect yourself and your loved ones from the uncertainties of the future. Please feel free to contact the office at 724 546 6615 if you need assistance getting started.
Harmony at Diamond Ridge in Moon Township, Pennsylvania, is designed so residents can live the lives they choose in a beautiful, enriching, and supportive environment. Our associates embody the ideals we hold so dear, such as genuine warmth, deep courtesy toward each other in a community that celebrates all the possibilities. Our stylish community provides the ideal springboard to all the pleasures of our picturesque city, with spacious, maintenance-free apartment homes, restaurant style dining, and plentiful resources for staying fit and feeling good. This is the place to live your best life.Comfort. Easy elegance. Irresistible cuisine. Friends and family. These are the elements that make a person feel at home, and they are the very essence of everyday senior living at Harmony at Diamond Ridge. Our senior living community offers spacious apartments and a rich menu of services and amenities, perfect for those who are ready to expand their horizons. Our friendly community offers residents unrivaled access to everything our picturesque city has to offer, from a short drive to The Mall at Robinson or enjoy an afternoon at the Pittsburgh Botanic Garden. Within our spacious community, spend the day your way with morning yoga and afternoon art classes followed by an evening conversation with friends over wine and cheese. Come see all that good living can be.Personal Care Harmony at Diamond RidgeTheres a lot to experience at Harmony at Diamond Ridge, and our Personal Care community in Moon Township, Pennsylvania, is dedicated to helping you and your loved one find the most joy in what each day has to offer. Our caring staff works together with you and your family to create an individualized service plan based on a comprehensive assessment. We cater to the whole person, meeting such needs as assistance with medications, scheduling health care appointments, or offering a friendly escort to meals and activities.Spacious, Comfortable ApartmentsThe Personal Care apartments and companion suites at Harmony at Diamond Ridge are sized to fit your unique lifestyle, ranging from cozy, sunlit studios to airy two bedroom apartments. The living is easy and comfortable with large bathrooms, generous storage, and available kitchenettes. Best of all, we take care of the housekeeping and laundry, so you can spend your time doing the things you really love, surrounded by the people who most make you happy. One monthly fee covers rent for your living space, delicious restaurant-style dining, an exciting calendar of events, and the support needed to enjoy it all. View our gallery to take a closer look at Harmony at Diamond Ridge. In our Personal Care neighborhood at Harmony at Diamond Ridge, comfort reigns with charming studio suites sized from 330 to 350 square feet, one bedroom apartments from 450 to 730 square feet, and two bedroom apartments up to 950 square feet. The Harmony at Diamond Ridge Dining ExperienceDining at Harmony at Diamond Ridge provides a delicious journey into the bounty of fresh ingredients available to us year-round. Our executive chef and culinary team prepares elegant meals every day, filled with flavor, enjoyable and nutritious. Enjoy a lovely dinner in our sophisticated dining room or grab a snack in the bistro after your morning exercise class. Great dining experiences play an essential role in our community, offering opportunities to get to know your neighbors, share the news of the day and celebrate special occasions. What could be more enticing than catching the aroma of freshly baked cookies or the intoxicating whiff of a holiday meal as you relax in front of the fire? Nothing says home better than a fine meal among friends and family.Our chef designs each menu to celebrate new flavors while honoring the favorite recipes our residents have come to know and love, helping delight even the most selective diners. Residents of Personal Care enjoy three chef-inspired meals per day along with an in-home kitchenette, perfect for preparing a quiet snack or a cup of morning coffee. Residents of our Independent Living enjoy one chef-inspired meal daily included in their rent, as well as their own full-size kitchen designed for daily cooking. Residents are welcome to add more meals to their plan as needed. Peruse our sample menu, and join us for brunch or a special event at Harmony at Diamond Ridge.Services & Amenities at Harmony at Diamond RidgeBeautifully designed accommodations set the bar high for distinctive senior living at Harmony at Diamond Ridge but its our services and amenities that really set us apart. The advantages begin with our stunning location, close to the natural beauty of the Pittsburgh Botanic Garden, the superior health care services of the PAM medical system, and go-to shopping destinations like ALDI, Target Grocery, and The Mall at Robinson. Our community offers amenities reminiscent of a fine resort, with an onsite fitness center, restaurant-style dining, organized activities, and a friendly team available around the clock to answer your call. Scroll down our long list of advantages and get in touch for a tour.Personal CareBeautiful, Spacious ApartmentsMultiple Floor Plan OptionsAssistance with Activities of Daily LivingDelicious & Nutritious Meals Prepared by an Executive ChefRestaurant-Style DiningHousekeeping & Laundry ServicesTransportation to Shopping & Medical Appointments You have earned every moment of your free time, and at Harmony at Diamond Ridge, we want to make sure you can spend it exactly as you wish. Our monthly calendar of events and activities offers so much more than a way to pass the time. Residents and our Life Enrichment Director work together to create diverse, engaging, and stimulating opportunities for physical wellbeing, intellectual vigor, and pure, simple fun. Take part in seminars offering the latest and most relevant wisdom regarding senior health, join discussions of current events, enjoy cooking demonstrations, arts exploration, and so much more. You or your loved one will also enjoy a variety of off-campus activities. Dip into the local arts scene, sample the latest hot spot for lunch, or visit the Clever Park for a stroll. There is a lot to love about life and Harmony at Diamond Ridge is the ideal home base.Contact us today to learn more or to schedule a personal tour!
Harmony at Diamond Ridge in Moon Township, Pennsylvania, is designed so residents can live the lives they choose in a beautiful, enriching, and supportive environment. Our associates embody the ideals we hold so dear, such as genuine warmth, deep courtesy toward each other in a community that celebrates all the possibilities. Our stylish community provides the ideal springboard to all the pleasures of our picturesque city, with spacious, maintenance-free apartment homes, restaurant style dining, and plentiful resources for staying fit and feeling good. This is the place to live your best life.Memory Care Harmony at Diamond RidgeCaring for a loved one living with Alzheimers Disease or another form of dementia can be overwhelming and have a profound effect on everyone in your family. Our Memory Care neighborhood in Harmony at Diamond Ridge features all the best elements of home, combined with the 24/7 support of our highly trained, compassionate family of caregivers. And because we know that people live happier, more fulfilled lives when they are recognized and celebrated for the individuals they are, we make sure every resident gets the specialized attention they deserve. Our industry-leading caregiver-to-resident ratio ensures that every senior who makes Harmony at Diamond Ridge their home is continually supported in an environment created to bring warmth, light, and connection to every moment. In our Memory Care neighborhood residents enjoy a private, home-like atmosphere with warm finishes and large, easy-to-navigate bathrooms. Senior Living, EnrichedOur Harmony Square Memory Care neighborhood blossoms in a loving environment, exemplified by our Signature Memory Care Program Reflections. Reflections is a Family-Focused Art and Music Centered Memory Care Program that engages the resident's present-day experiences while stimulating positive memories through therapeutic visual and tactile aids. Caring for our memory care residents like they truly are our family sets our memory care apart.Reflections - 5 Key ComponentsFamily FocusedWellnessReflections Program- Echoes in Time - Art Therapy- Rhythms Music TherapyDining with DignityHarmony Square NeighborhoodThe peace of mind, comfort, and convenience that come with individualized support and services provided by loving and caring staff are the foundation of our Personal Care and Memory Care programs. Its amazing how a little bit of help can restore energy and improve wellbeing. At Harmony at Diamond Ridge, we appreciate the importance of family and look forward to bringing our families together. Feel engaged, relaxed, and safe as a member of our vibrant community.Contact us today to learn more.
Harmony at Diamond Ridge in Moon Township, Pennsylvania, is designed so residents can live the lives they choose in a beautiful, enriching, and supportive environment. Our associates embody the ideals we hold so dear, such as genuine warmth, deep courtesy toward each other in a community that celebrates all the possibilities. Our stylish community provides the ideal springboard to all the pleasures of our picturesque city, with spacious, maintenance-free apartment homes, restaurant style dining, and plentiful resources for staying fit and feeling good. This is the place to live your best life.Comfort. Easy elegance. Irresistible cuisine. Friends and family. These are the elements that make a person feel at home, and they are the very essence of everyday senior living at Harmony at Diamond Ridge. Our senior living community offers spacious apartments and a rich menu of services and amenities, perfect for those who are ready to expand their horizons. Our friendly community offers residents unrivaled access to everything our picturesque city has to offer, from a short drive to The Mall at Robinson or enjoy an afternoon at the Pittsburgh Botanic Garden. Within our spacious community, spend the day your way with morning yoga and afternoon art classes followed by an evening conversation with friends over wine and cheese. Come see all that good living can be.Senior Living Apartments in Moon TownshipMaking a change is never easy, but we think you will love life in our stunning senior living community, Harmony at Diamond Ridge in Moon Township, Pennsylvania. Our Independent Living community features gorgeous one bedroom apartments sized from 670 to 890 square feet and two bedroom apartments ranging in size from 940 to 1,310 square feet. Featuring full-size kitchens with stainless-steel appliances and chic granite countertops, our sunny apartments are bathed in light and feature breathtaking mountain views. The Harmony at Diamond Ridge Dining ExperienceDining at Harmony at Diamond Ridge provides a delicious journey into the bounty of fresh ingredients available to us year-round. Our executive chef and culinary team prepares elegant meals every day, filled with flavor, enjoyable and nutritious. Enjoy a lovely dinner in our sophisticated dining room or grab a snack in the bistro after your morning exercise class. Great dining experiences play an essential role in our community, offering opportunities to get to know your neighbors, share the news of the day and celebrate special occasions. What could be more enticing than catching the aroma of freshly baked cookies or the intoxicating whiff of a holiday meal as you relax in front of the fire? Nothing says home better than a fine meal among friends and family.Our chef designs each menu to celebrate new flavors while honoring the favorite recipes our residents have come to know and love, helping delight even the most selective diners. Residents of Personal Care enjoy three chef-inspired meals per day along with an in-home kitchenette, perfect for preparing a quiet snack or a cup of morning coffee. Residents of our Independent Living enjoy one chef-inspired meal daily included in their rent, as well as their own full-size kitchen designed for daily cooking. Residents are welcome to add more meals to their plan as needed. Peruse our sample menu, and join us for brunch or a special event at Harmony at Diamond Ridge.Services & Amenities at Harmony at Diamond RidgeBeautifully designed accommodations set the bar high for distinctive senior living at Harmony at Diamond Ridge in , Pennsylvania, but its our services and amenities that really set us apart. The advantages begin with our stunning location, close to the natural beauty of the Pittsburgh Botanic Garden, the superior health care services of the PAM medical system, and go-to shopping destinations like ALDI, Target Grocery, and The Mall at Robinson. Our community offers amenities reminiscent of a fine resort, with an onsite fitness center, restaurant-style dining, organized activities, and a friendly team available around the clock to answer your call. Scroll down our long list of advantages and get in touch for a tour.Independent LivingAir Conditioning Move In Assistance Wi-Fi Available Custom Lighting Private Balcony Laundry Service High Ceilings Smoke-Free Private Patio Garbage DisposalTrash ServiceIn-Home Washer and Dryer Weekly Housekeeping Dishwasher Microwave Ceiling FansRefrigerator Full KitchenStainless-Steel AppliancesEnergy Efficient AppliancesKitchenette You have earned every moment of your free time, and at Harmony at Diamond Ridge, we want to make sure you can spend it exactly as you wish. Our monthly calendar of events and activities offers so much more than a way to pass the time. Residents and our Life Enrichment Director work together to create diverse, engaging, and stimulating opportunities for physical wellbeing, intellectual vigor, and pure, simple fun. Take part in seminars offering the latest and most relevant wisdom regarding senior health, join discussions of current events, enjoy cooking demonstrations, arts exploration, and so much more. You or your loved one will also enjoy a variety of off-campus activities. Dip into the local arts scene, sample the latest hot spot for lunch, or visit the Clever Park for a stroll. There is a lot to love about life in and Harmony at Diamond Ridge is the ideal home base.Contact us today to learn more or to schedule a personal tour!