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American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I'm not going to get the girl, and second, I'll get a cheap funeral before the picture is over.”
Most people don’t spend too much time thinking about their own funeral, and yet many of us have a vision about our memorial service or the handling of our remains. A letter of instruction can help you accomplish that goal.
A letter of instruction is not a legal document; it’s a letter written by you that provides additional and more personal information regarding your estate. It can be addressed to whomever you choose, but typically, a letter of instruction is directed to the executor, family members, or beneficiaries.1
Make a Cheat Sheet
Think of a letter of instruction as a “cheat sheet” to your estate. Here are a few ideas and concepts that may be included:
Identify Funeral Wishes
A letter of instruction is also a good place to leave burial or cremation wishes. You should consider giving the location of your cemetery plot deed, if you have one. You may even wish to specify which hymns or speakers you would like included in your memorial service. Although a letter of instruction is not legally binding, your heirs will probably be glad to know how you would like to be remembered. It also may be helpful to leave a list of contact information for people who should be notified in the event of your death.
There is no “best way” to write a letter of instruction. It can be written in your style and reflect your personality, or it can be written to simply convey information. You should decide what type of letter best fits your estate strategy.
1. Investopedia.com, 2021
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. Copyright 2022 FMG Suite.
Editor’s Note: This article was submitted by Anthony Cisneros, CRPC®, AWMA® CRPS®.
Anthony Cisneros is a Wealth Advisor and President of RTI Wealth Management, and may be reached at 970-236-8800 or by email at acisneros@rtiwm.com
Securities and investment products and services offered through LPL Financial, member FINRA/SIPC. RTI Wealth Management is a separate entity from LPL Financial.
A nutritious breakfast is beneficial not just for seniors but for anyone at any age. Our bodies need more energy and essential nutrients to stay healthy and strong as we age. Starting the day with a balanced meal can help improve mood, boost stamina, and enhance cognitive function. Senior Helpers shares a few easy and healthy breakfast ideas tailored for seniors and offers tips on making breakfast an enjoyable social activity.Nutrient-Rich Breakfast OptionsSeniors often need to pay closer attention to what they consume. Nutritious breakfast options that are easy to prepare and full of all the healthful vitamins and minerals seniors need are a good place to start. Here are some suggestions:Whole GrainsWhole grains are a great source of fiber and essential vitamins. They help maintain healthy digestion and stabilize blood sugar levels. Try oatmeal with bananas or a slice of whole-grain toast with peanut butter. These breakfasts are simple to put together and offer a warm, satisfying start to the day.Protein-Rich Breakfast Protein is vital for maintaining muscle mass, which tends to decrease as we age. A protein-rich breakfast can help seniors stay strong and energized. Simple options include a hard-boiled egg, a yogurt parfait with nuts and berries, or a delicious omelet filled with your favorite vegetables.Fruits and VegetablesFruits and vegetables contain beneficial vitamins and minerals. For breakfast, consider making a smoothie with spinach, apple, and a small scoop of protein powder, or topping a slice of whole-grain toast with avocado and tomato. These are refreshing ways to get a natural nutrient boost.Addressing Common Dietary NeedsDietary requirements often change as we get older. Here are some breakfast ideas that cater to these needs:Reduced Sodium Reducing sodium intake is often necessary to help maintain healthy blood pressure. Try a bowl of low-sodium cottage cheese mixed with fresh peaches or strawberries for breakfast, or make a flavorful herb omelet using fresh herbs like parsley or dill for tasty and heart-healthy meals.Add Fiber Fiber is the key to healthy digestion and helps prevent constipation, a common issue among seniors. Fiber-rich breakfast ideas include a bowl of bran cereal with sliced bananas or a hearty bowl of oatmeal topped with raisins and almonds. Adding fiber to your diet is an easy way to support digestive health.Include Calcium and Vitamin D Fortified orange juice, a smoothie made with yogurt, or simply a glass of milk alongside your morning meal are great ways to include calcium and vitamin D in your breakfast. These additions help keep bones healthy and should be part of a balanced daily diet for seniors.How to Make Breakfast a Social ActivityBreakfast also provides the opportunity for seniors to connect with others. Eating together can improve mood and reduce feelings of loneliness. Here are some ideas to make breakfast a social event:Plan a weekly breakfast gathering with friends or family.Host a potluck breakfast where everyone brings a dish to share.Organize a breakfast club with neighbors.Try virtual breakfast meet-ups using video calls to chat with loved ones.Join a local senior center for group breakfasts.Senior Helpers Knows the Benefits of a Healthy BreakfastSenior Helpers offers comprehensive, in-home senior care services customized to meet the specific needs of our community's seniors. If you live in the Cheyenne or Laramie areas, don't hesitate to contact us anytime at Senior Helpers Cheyenne. We are here to support you and your loved ones in leading a healthier, more enjoyable lifestyle that includes a balanced breakfast meal.
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.
When it comes to aging with dignity and security, having a plan in place is one of the most powerful gifts you can give yourself and your family. Yet for many older adults and their loved ones, the legal side of agingestate planning, long-term care arrangements, guardianship, and navigating government benefitscan feel overwhelming and complicated.Thats where an elder law attorney comes in. Specializing in the unique legal needs of seniors, an elder law attorney can be a trusted advisor helping you protect your assets, plan for the future, and secure the care you deserve. In this post, well break down what elder law is, how an elder law attorney can help, and when its time to seek their support.What Is Elder Law?Elder law is a legal specialty focused on issues that affect older adults. This area of law addresses both the legal and financial aspects of aging, including estate planning, healthcare decision-making, long-term care planning, elder abuse prevention, and more.Unlike general attorneys, an elder law attorney has in-depth knowledge of senior-specific concerns, such as Medicaid eligibility, veterans benefits, powers of attorney, and guardianship laws. Their holistic approach ensures seniors are protected not just today, but well into the future.How an Elder Law Attorney Can HelpOne of the most valuable services an elder law attorney provides is peace of mind. Heres how they can help seniors and their families:Estate PlanningCreating a sound estate plan isnt just about distributing assetsits about ensuring your wishes are honored. An elder law attorney helps draft essential documents like wills, trusts, and powers of attorney. Theyll ensure your estate is handled efficiently and with minimal taxes or legal complications.Advance Healthcare DirectivesIn the event of serious illness or incapacitation, having an advance directive allows you to specify your healthcare preferences. An elder law attorney can guide you through the legal requirements and help ensure your directives align with your values and state laws.Medicaid and Long-Term Care PlanningLong-term care can be expensive, and many families dont realize that Medicare doesnt cover extended stays in nursing homes. An elder law attorney can help you qualify for Medicaid without spending down your life savings, using legal strategies to preserve your assets while securing care.Guardianship and ConservatorshipIf a senior becomes mentally or physically unable to manage their affairs, a court-appointed guardian or conservator may be necessary. An elder law attorney helps families navigate this legal process and ensure the seniors best interests are protected.Elder Abuse and Financial ProtectionSeniors are often targets of fraud, exploitation, and financial abuse. An elder law attorney can help identify and resolve instances of abuse, recover lost assets, and implement safeguards to prevent future harm.Special Needs and Disability PlanningFor seniors with disabilities or those caring for adult children with special needs, an elder law attorney can help establish special needs trusts and other arrangements to ensure continuous care and financial stability without compromising government benefits.When to Contact an Elder Law AttorneyWhile its never too late to seek legal support, the best time to contact an elder law attorney is before a crisis occurs. Consider consulting with one if:Youre planning for retirement or starting to think about long-term careA loved one has been diagnosed with Alzheimers or another cognitive conditionYou want to revise or create a will, trust, or healthcare directiveYoure overwhelmed by Medicaid or VA benefits applicationsYou suspect a senior is being financially exploitedElder Law and Peace of Mind for FamiliesFor families supporting aging parents or relatives, elder law services offer more than just legal protectionthey provide peace of mind. With an elder law attorneys help, families can navigate difficult decisions confidently, ensure their loved ones rights are protected, and avoid unnecessary legal battles down the road.How Seniors Blue Book Supports YouAt Seniors Blue Book, we understand the importance of planning ahead and connecting with trusted professionals. Our directory makes it easy to find experienced elder law attorneys in your area, along with other senior-focused services like home health care, assisted living, and senior transportation.Our platform is designed to be easy to use and free for both businesses and families. By offering valuable resources and listings, we help senior care providers gain visibilityand help families find the support they need at just the right time.Final ThoughtsAging comes with both joys and challenges, but you dont have to face the legal side of it alone. An elder law attorney can provide the guidance and protection seniors and their families need to plan ahead, secure their rights, and focus on enjoying life.Whether youre thinking about estate planning, exploring care options, or worried about a loved ones legal situation, now is the time to act.At Seniors Blue Book, were here to help connect you with the right professionals. Reach out today at hello@seniorsbluebook.com or call 800-201-9989 for personalized support. Well help you get a full care and legal assessment, complete with practical tips you can implement immediately. Plan smart. Protect your legacy. And let us help you find peace of mind for the years ahead.
Our mission is to grow, educate and prepare our clients for the complexity that life can bring through consultation and education to arrive at individual solutions that fit you and your family.This is accomplished by taking a proactive approach at understanding the lives that each of our clients have. We then become that advocate that can help to coordinate and facilitate communication with tax, legal, and insurance professionals as well as other trusted advisors and often even family members.It is not about the value of your things, but what you value. It is everything that makes you, you. Your stories, the challenges you have overcome, the successes you have experienced, as well as what is important to you. You will have a dedicated advisor surrounded by a team with more than 40 years of combined experience in the industry to walk side by side with you on your journey.