A1. WHAT HAPPENS WHEN YOU LEAVE A MESS BEHIND
This is the first article in a series that will appear over the following
months.
What do you want to happen to your belongings, money, collections, keepsakes,
embarrassing secrets, and family members when you pass on?
Family members? Yes. Family Members. You DO realize that they have to
deal with your estate once you pass into your glory, don't you? There's
a lot of painful, dirty, tedious detail work to do that no person is ready
for. If you don't take care of it now and ask for help, your family-or
perhaps total strangers-will need to go through everything-the good, the
bad, the embarrassing. All of it.
 Yes.
They will clean up your messy old papers, your power tools, your pantry,
your cat, your medicine cabinet and your refrigerator's contents. They
will read each and every note to the bank …from 1947. The repetition
may cause them to begin to slowly ignore other notes, which, according
to Murphy's law, are likely to be the important ones to notice.
They will try to figure out which accountant's letterhead they find on
your office desk belongs to which part of your life. What to do with the
towels in the linen closet? What to do with this envelope that says "SECRET"
on it and has a nondescript key inside? The sticky notes you wrote to
yourself to remember how to turn on the computer? Those will be sorted
with the sticky notes about your dry cleaning, and your prescriptions,
and your investments.
Here is a typical set of papers one might find when cleaning a loved
one's home:
old travel brochures, life insurance offers, "work from home!"
advertising brochures, grocery coupons, water bills, trinkets from Reader's
Digest or QVC, old gas bills, the $100,000 municipal bond maturation notice,
unwanted pizza-delivery discount coupons, and local community news-fliers
left at the door.
Wait-Did you catch that? Yes, we once found almost exactly that set of
items sitting by the trash and ready for disposal. Among them was a $100,000
municipal bond maturation notice. It would have been eventually relinquished
to the State of California, had we not found it for the heirs. True story.
You see? These stories abound, so it ALL has to be gone through by someone.
The medal you won in high school Latin club will be evaluated with your
football trophy, or the first ring a boy ever gave you, perhaps. Of course
all of this gets evaluated along with the box of self-addressed envelopes
you saved to steam off the return postage back in the days before they
made business-reply envelopes, and the sealed box of Ralston hot cereal
left on your kitchen countertop, and your beloved cat's future.
The safe deposit box you kept secret and 100% of its contents will become
property of the state you live in because you never told your heirs about
it verbally, or formally on paper. Yes, you left that key in the envelope
marked "SECRET," ...but no instructions to go with it. To even
your most responsible heir, it does not exist. The heirloom diamonds in
it? The state of your residence takes that, eventually. Rest assured!
Get the picture? If you do not organize your life, your personal effects,
your papers, your will or living trust, it will be done by others who
will miss many details under the sheer weight of the task, and you will
have ZERO input. Your heirs inherit a headache at best, a nightmare at
worst.
In this series we will explore the reality most heirs inherit when their
parents and other loved ones die, from how to approach the two years'
worth of moldering Meals-on-Wheels food containers shoved under the counter
to how to organize paperwork found in the decedent's home office. We even
have suggestions for what to do with a "secret" key.
We're going to look at your responsibilities both as an heir, and as
a decedent, because in your lifetime you're guaranteed to be both.
Let's start with a basic concept: Everything in your home it will be
examined when you're gone…and most of it will likely be a mystery
for your heirs to solve while they are grieving over their loss of you,
their loved one. This cuts both ways. If you don't like your heirs, just
think of them poring over your most personal and private things! If you
love them dearly, why would you put them through the trauma of sorting
out your estate?
EVERY AMERICAN should take an evening to write down what they want to
happen to their belongings when they die. This is an important, if non-legal
beginning. A first step. That piece of paper isn't worth the cost of air
in a court of law, but it will help you immensely when you sit down with
your advisors to make out a living trust or a will. And, it would STILL
help your heirs if you passed before you got it formalized into a will
because they could read your intentions in black-and-white. Break down
your task into pieces:
- Financial
- Personal
- Property
- Control
Decide who should be in control LAST. Mind you, there are laws on the
books to guide that person, but pick the most levelheaded person after
you've gone through listing what it is that you'll be leaving them to
deal with. The flashy relative you see only once per year isn't the one
to pick, regardless of how much money she/he appears to have.
You want the most responsible, action oriented, decision-making person
who cares about carrying out YOUR wishes first and foremost. List the
following information for such a person to use after you are gone:
- Bank names/Account numbers
- Lawyer contact information
- Accountant contact information
- Investment counselor(s) contact information
- Financial account statements
- Insurance policy documents
- Automobile ownership documents
- Pets' veterinarian information
- Your best friend's contact information
- Your clergy's contact information
Now write out a little note to history. Tell your loved ones, or anyone
else, what you value, what you're proud of, what you wish you had done
differently even. Tell them where the diamonds are buried, about the newspaper
you hid in the wall as a time capsule when you built the house. Tell them
about your best friend, or how to care for Fluffy the cat. This wisdom
will help your family and friends as they handle your final affairs.
If "who should get what" immediately occurs to you, write that
down, too. If not, it can wait a bit. This is an ongoing process, but
one that must be completed in full, and soon.
The next morning, call three estate attorneys for quotes on drawing up
a living trust or will. Estate law varies from state to state, but if
you are allowed a living trust, it is a far more powerful than a will,
and can even help you financially. Speak with your financial advisors
should you choose this method, so they can work with your chosen estate
attorney.
The word "attorney" just sounds expensive, doesn't it? Well,
it's actually not so bad. The consequences of not using one can be totally
devastating to your loved ones, however. Financially, and emotionally.
And those forms at the stationary store? Forget it. One little mistake
in how they are completed, such as a misspelling, or a name on the wrong
line, or a date mistake, and the entire document is worthless, and chaos
takes over. Use an attorney.
Coming in the series:
How to Clean Out a House
Paying off Debts
Hunting Down Hidden or Forgotten Assets
Related financial information may be found at
http://www.seniorresource.com/finance.htm
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A2. NEED TO GET BACK TO WORK?
Does the following description fit you or someone you know? :
You're part of the "sandwich generation." You know, sandwiched
between kids in college and parents who will need, or already are receiving
care. You worked hard, succeeded tremendously, packed your 401(k) and
annuities as full as you could and took a much deserved and hard-won early
retirement.
Then came the mortgage meltdown, and your investments went along for
the ride.
And now you've got to return to work.
You're not alone, and you likely already knew that. For millions of Americans
going back to work after they've retired is a reality. Some have been
contacting their old employers. Others are back in school. Some are starting
new businesses because they know that a recession is one of the best times
to do it. Regardless, there are a number of things to consider, plan for,
and options for everything.
Don't be bitter. Get over it—it shows on our faces over time when
we discuss anything we don't like—and it will in a job interview,
too. Just make an action plan and get after the task like you used to
in your office, and suck it up. Tap your old and new networks and spheres
of influence just like you used to. C'mon, You know how to do this! Brush
up the resume, and then write a new, neutral one that can transfer you
into other professions. Did you graduate from Harvard? Go back under the
executive refresher plan. That goes for other universities, too. What
about going back to school to learn new skills? You probably took some
career-enhancing courses back when you were working; it's the same thing
now. If you don't use technology much, this isn't an option for you. You
MUST learn to do it!
Forget returning to a workforce that is text message-literate, database
spreadsheet driven, and email addicted if you aren't at least capable
in those areas. There are many programs at the local level that teach
these new and different but easy-to-learn skills. Call your city recreation
department, your local school district, and community college for information
on programs like these in your area. Training is likely available online
for you, too, if you retired to a remote, bucolic area or are simply averse
to walking through campus with a bunch of "kids." Remember that
the fastest growing demographic online is senior citizens. If your parents
and peers can do it you can, too.
Many retirees will try to return to their former employer. But in today's
reality that employer may be long gone -or in receivership. If your old
firm is still there you may try returning as a 1099-status contractor,
if not as a W2 employee. The employer gets the benefit of your experience,
doesn't have to incur the extra expenses of benefit package, retirement
plan expense, and health insurance costs. You, the returning team member,
get a good job. Very important-companies will use contractors even when
there is a hiring freeze.
Another option is to apply for a position in the same industry, but at
a competing firm. Your brains and experience are for sale here, and a
competitor may be very interested in yours. It isn't espionage-you don't
work anywhere now. It's just your experience and abilities on the market
to the highest/best bidder you can find for them.
Some can seek part time work in a new industry at a lower pay rate than
they may be used to. "Scrambling" is honorably taking action,
a strong American cultural trait. Yes, the greeter at Wal-Mart is in that
category, and for some it's a perfect fit. But part time work can be found
in other, more intellectually satisfying areas, too. Are your high-level
management skills transferable to a community non-profit? Those skills
could be a valuable addition to a local charitable organization-working
with schools, for instance. Don't think of unseating the organization's
director, but you'll probably be very valuable at mid-level, and there
are many more of those jobs than there are director positions for someone
re-entering the work force.
What about a former salesman working as a fundraiser for a nonprofit?
You can get rich a second time in that profession if you're good at sales,
and nobody in their right mind who needs fundraising will turn up their
nose at a seasoned professional willing to work for "commission +",
or even just straight commission.
What if you're a homemaker and you need to enter the workforce for the
first time? Do you cook? Taking a food-service industry certificate at
your local community college or adult education classes can lead to a
job. Think not just about bustling restaurants and TV chefs; think about
school lunch programs, nursing homes, corporate cafeterias, and hospital
kitchens. There are many, many places to market your kitchen skills that
may be unglamorous but pay a good employee a fair wage.
Can you start a business? If you were an entrepreneur in your former
life, or a business manager, you've probably got this in the back of your
mind already. As you know, a recession is one of the best times to start
one-but remember, your income needs must fit the task and goal. Don't
start a business to mollify your ego if you need cash today. Go get a
part time job and build the business plan at night-like you used to!
Additional financial information may be found at:
http://www.seniorresource.com/finance.htm
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B. DID YOU KNOW...?
1. Mortgage Help on the Way
Homeowners may be able to get help refinancing their mortgage or
in modifying its terms through the Making Home Affordable Program.
This part of the President's Homeowner Affordability and Stability Plan
was created to help millions of homeowners refinance or modify their mortgages
to a payment that is affordable, both now and in the future. You can use
the self-assessment tools provided on MakingHomeAffordable.gov
to see if you are among the seven- to nine million homeowners who may
be able to benefit from Making Home Affordable.
Veterans who are encountering problems making their mortgage payments
should speak with their servicers as soon as possible to explore options
to avoid foreclosure. Contrary to popular opinion, servicers really do
not want to foreclose, because foreclosure costs a lot of money. Depending
on a veteran's specific situation, servicers may offer options to avoid
foreclosure. These options might include a repayment plan, special forbearance,
loan modification, additional time to arrange a private sale, short sale,
or deed-in-lieu of foreclosure.
Learn more at
http://www.homeloans.va.gov/docs/delinquent_veteran_borrowers_in_delinquency.pdf
Additional financial information may be found at
http://www.seniorresource.com/finance.htm
2. Four Honored for 2008 AARP-NAHB "Livable Communities"
The awards, co-sponsored by American Association of Retired Persons
(AARP) and the National Association of Home Builders (NAHB), were created
to shine a spotlight on builders, remodelers, and developers who build
homes and communities with features that improve everyday comfort, safety,
and personal independence for those who live in them.
"The winners of the 2008 Livable Communities Awards have clearly
taken note of the increasing demand for more accessible, livable homes
and communities, and are on the leading edge of change," said NAHB
Chairman, Sandy Dunn. "The trend-setting homes and communities we
honor with the 2008 Livable Communities Awards meet the demands of both
today's and tomorrow's home owners by combining easy living with inviting
design."
"The 2008 Livable Communities Award winners offer some great examples
of appealing, user-friendly design," said Elinor Ginzler, AARP senior
vice president. "The sheer number of boomers will increase demand
for a whole variety of home and community options." The number of
persons 65 and older is expected to grow to 70 million by 2030.
Features help residents adapt the home to life-altering circumstances,
and fully support the option of aging in place. The designs include such
elements as: slip-resistant interior and exterior surfaces, extra-wide
doorways, Americans With Disabilities Act (ADA)-compliant plumbing and
kitchen appliances, and adjustable shelves, which are among the many features
that make this home easy for everyone to navigate. State-of-the-art insulation,
"wise energy" light bulbs, ceiling fans, and Energy Star appliances-all
contribute to reducing long-term utility usage and costs.
The winners were:
Interior Design Details, for the Rathburn residence in Brea, California
This remodeled home was designed for a woman who had limited mobility.
Interior Design Details built archways and widened doorways and installed
automation and sensor units. The remodel also included slip-resistant
interior floors, lever door handles, dimmer light switches, granite countertops
and more.
New Millennial Homes, for the Freedom Home in Tampa, Florida
New Millennial Homes designed and built an affordable home that met ADA
design standards and included Veterans Affairs and Fair Housing Act features.
The home also included Energy Star-rated appliances, state-of-the-art
insulation and other measures to reduce utility costs.
Bainbridge Projects LLC, for Vineyard Lane on Bainbridge Island,
Washington
Bainbridge Projects turned a former vineyard on four acres in Bainbridge
Island into an innovative, livable, 45-unit condominium community. The
property features rustic, well-lit cobblestone walkways, extensive elevator
access, oversize windows, level front entrances, a coffee house, and numerous
public patios.
HallKeen/The Braverman Company for Winooski Falls in Winooski,
Vermont
Located in northwestern Vermont, Winooski Falls provides residents with
a sense of small-town community life for its residents, and features convenient
proximity to a river front walkway, many public transportation options,
downtown Burlington, countless shops, restaurants, two college/university
campuses, and the largest hospital in the state. The community offers
energy-efficient, universally designed and affordable units.
Additional Aging in Place information may be found at
http://www.seniorresource.com/ageinpl.htm
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C. THOUGHTS FOR THE MONTH
We present here some words from those with a birthday this month.
Bjorn Borg - "My greatest point is my persistence. I never give
up in a match."
Tom Jones - "Let's not complain about why things don't work. Let's
see if we can come up with something that we can all get behind."
Anna Kournikova - "God gives all to those who get up early."
Barbara Bush - "Cherish your human connections-your relationships
with friends and family."
Joan Rivers - "I have no methods; all I do is accept people as
they are."
More "Thoughts" at: http://www.seniorresource.com/thought.htm
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D. SPECIAL SURFING SITES
Computer and Internet Security Help
As a public service, the government has established a web site to address
issues related to computer and internet security. OnGuardOnline.gov
provides practical tips from the federal government and the technology
industry to help you be on watch against Internet fraud, how to secure
your computer and protect your personal information.
You can minimize the chance of an Internet problem using "awareness"
as your first line of defense. Being alert while online helps you protect
your information, your computer, and your money.
Here are seven elements that should be part of your online routine
- Protect your personal information. It's valuable.
- Know whom you're dealing with.
- Use security software that updates automatically.
- Keep your operating system and Web browser up-to-date, and learn about
their security features.
- Keep your passwords safe, secure, and strong.
- Back up important files.
- Learn what to do in an emergency.
- Learn more about these elements at
http://www.onguardonline.gov/topics/computer-security.aspx
In an effort to aid our readers we will from time to time provide a few
excerpts from the government site.
The first of these topics is "Email Scams."
We all get spam in our email inbox. However, some of these are bogus
offers looking to take some of our money. Con artists know how to make
their claims seem legitimate. Some spam messages ask for your business,
others invite you to a web site with a detailed pitch.
Either way, these tips can help you avoid spam scams:
- Protect your personal information. Share credit card or other personal
information only when you're buying from a company you know and trust.
- Know whom you're dealing with. Don't do business with any company
that won't provide its name, street address, and telephone number.
- Take your time. Resist any urge to "act now" despite the
offer and the terms. Once you turn over your money, you may never get
it back.
- Read the small print. Get all promises in writing and review them
carefully before you make a payment or sign a contract.
- Never pay for a "free" gift. Disregard any offer that asks
you to pay for a gift or prize.
Learn more about these elements at
http://www.onguardonline.gov/topics/email-scams.aspx
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E. OH MY AGING FUNNY BONE
1. Some Things to Ponder JG, Des Moines, IA
- The trouble with bucket seats is that not everybody has the same
size bucket.
- Do you realize that in a number of years, we'll have thousands of
OLD LADIES tattoos running around (and rap music will be the Golden
Oldies!)?
- Money can't buy happiness-but somehow it's more comfortable to cry
in a Corvette than in a Yugo.
2. The Words of Music
A tourist in Vienna is walking through a graveyard, and all of a sudden
he hears some music. No one is around, so he starts searching for the
source.
He finally locates the origin and finds it is coming from a grave with
a headstone that reads: "Ludwig van Beethoven, 1770-1827." He
then realizes that the music is the Ninth Symphony, but it is being played
backwards! Puzzled, he leaves the graveyard, and persuades a friend to
return with him.
By the time they arrive back at the grave, the music has changed. This
time it is the Seventh Symphony, but like the previous piece, it is being
played backwards.
Curious, the men agree to consult a music scholar. When they return with
the expert, the Fifth Symphony is playing, again backwards. The expert
notes that the symphonies are being played in the reverse order in which
they were composed; the Ninth, then the Seventh, then the Fifth.
By the next day the word has spread and a throng has gathered around
the grave. They are all listening to the Second Symphony being played
backwards.
Just then the graveyard's caretaker ambles up to the group. Someone in
the crowd asks him if he has an explanation for the music.
"Oh, it's nothing to worry about," says the caretaker. "He's
just decomposing!"
For more fun and jokes visit "Oh My Aging Funny Bone" at:
http://www.seniorresource.com/jokes.htm
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This issue has been edited by Betsy Day (betsyjday@aol.com).
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