A1. WHAT HAPPENS WHEN YOU LEAVE A MESS BEHIND III
Paying off the debts of a loved one is yet another insult to injury,
or it can be an opportunity.
Sometimes people just grow old in a way that lets them sound perfectly
lucid on the telephone and yet be in complete disarray at home. They can
hold it together long enough to be in public for a while, or for a few
minutes-enough to keep from drawing your attention. Then, when you're
needed to step in, you find the finances are a mess.
You will need a copy of the applicable estate documents, durable power
of attorney, or death certificate to access their accounts, depending
on which state they live in.
Here are a few things to consider when going through the debts of a loved
one who is unable to care for themselves, or has passed on:
-
Does the senior you care for really need to worry
about their credit at this time in their life? If the answer is "yes,"
you'll certainly approach the situation differently than if not. Proceed
accordingly.
-
If there are unpaid hospital bills, call the
finance office of the hospital or doctor and make a cash offer. The
bigger the bill, the bigger the discount you should push for. Try
50% off to start. If it's a giant bill and the heir is deceased, try
90% off. Haggle like you're making a deal in a foreign bazaar or a
used car lot! But be certain of your math and reasoning, be light
and energetic, be polite at all times, and "friendly insistent." Keep
offering, and returning to the dollar amount you are prepared to pay.
If you're convinced the person on the phone can't or won't help you,
tell them that they are doing a great job, you understand they can't
help, but that you request to "speak with a supervisor now, please."
Begin the process anew with the supervisor. Usually the first person
you speak with can't help, but you've practiced on them, and then
you'll get to the supervisor. Expect to be told "no" to your proposition
eight times, in the worst cases, before you succeed. Ignore that you've
just been told "no" each time it happens. Continue the conversation
and cheerfully ask again. Have fun confounding the collection agent
who needs you. You're in control because you have the checkbook. You
need to settle it because they can go after the estate, if one exists.
Also, most people don't think about it, but hospitals are first and
foremost a money-generating business. The ones that lose money close
their doors. They'd LOVE to take a cash settlement in many, many cases,
and want to hear from you.
-
If there is a product that can be returned, do
it. Even for partial credit.
-
If you find evidence of a private debt to a neighbor
or relative, pay that for sure. The individual helped someone you
love, probably asked for no interest payments on the loan, and deserves
repayment.
-
Stop all automatic payments your loved one may
have been making from their bank account, determine which still need
to continue, and cancel the services of those that should stop.
This all may take a couple of days, but keep at it and you'll find you've
squared it away-and likely at a lower cost than you expected.
Here are some additional resources on the subject:
The Estate Lady® offers guidance for any executor, heir,
or beneficiary, sharing some of her most fascinating stories as well as
helpful checklists of the things that need to be done now and at the time
of your loss. If you have parents, this book is for you. The Boomer Burden
gives you practical, effective steps for liquidating and distributing
your parents' assets in a way that both honors them and promotes family
harmony for generations to come. Get your copy here: http://www.seniorresource.com/SRBaz.htm#books
The Surplus Sites, LLC, client base includes landlords/property
owners who have utilized their Estate Disposition Management Services.
Although these services have primarily been used by those who have inherited
properties that cannot be managed due to distance, lack of time or resources,
Surplus Sites, LLC can assist property owners for any reason.
http://www.surplus-sites.com/services/estate-disposition-management-services.html
For more ways to avoid leaving a mess behind, visit:
http://www.thirdage.com/estate-planning/8-ways-to-leave-a-mess-behind-for-your-heirs
Related books may also be found at http://www.seniorresource.com/SRBaz.htm
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A2. THE CREDIT CARD ACT OF 2010 (CARD)
Did you see the YouTube video where Fred Wilharm, from Franklin TN sliced
and diced his credit cards in "The Tennessee Credit Card Massacre"? Mr.
Wilharm, a real-estate investor, had just paid off $3,000 in credit-card
debt after the card issuers increased his interest rates. He said that
making the video helped him deal with his anger. He's not alone.  There
are at least several dozen people who've posted online videos of burning,
cutting, blending, shredding, and otherwise destroying their cards in
response to credit-card companies' increasing rates, lowering card limits,
and charging over-limit fees. The rest of us may now have a less dramatic
way to deal with our anger. In May of this year President Obama signed
the Credit Card Accountability, Responsibility and Disclosures Act (CARD).
This legislation requires the credit-card industry to meet agreed-upon
(by the Senate and instigated by the Federal Reserve) guidelines on interest-rate
hikes and consumer notifications, and for ordinary consumers it looks
like a huge victory. The Senate-passed part of the Act, the stronger part,
becomes entirely effective in February 2010, though parts of it become
active earlier. The Fed's part of the Act doesn't become effective until
July.
Of course, for the credit-card companies, it's a huge defeat. But after
all, the credit-card companies are in it to make money, and they're threatening
to cut reward programs to make up for the lost revenues. Rick Lieber,
of The New York Times, in an article dated May 20, bets that they won't---those
big spenders keep them from going into the red, at the least, and comfortably
in the black, at best. He writes, citing a LoyaltyOne editorial director,
"If you strip away the reward component of a credit card, it's essentially
a commodity. The reward is what gives it its personality. It works…as
a mechanism to influence customer behavior and consolidate spending on
a particular card." And that's important to the card companies and banks;
the people who run up big credit-card bills keep them in business, and
so we may see yet even bigger rewards and lower interest rates for those
big spenders.
Here are some of the provisions that will help protect consumers come
next year:
- The Act moves up the Fed's effective date;
- It restricts all interest rates during the first
year the Act is in place and on all existing balances; CARD protects
young consumers;
- It requires enhanced disclosures, and increases
notice for rate increases on future purchases; The Act calls for reasonable
due dates and time to pay;
- It requires fair application of payments;
- It increases the notice period for rate increases
on future purchases;
- CARD preserves the ability to pay off your card
at the old rates;
- The Act prohibits credit-card companies to charge
you for making a payment by phone;
- It establishes gift-card and fee-harvester (low-credit,
high-interest and fees) card protections;
and
- The Act places limits on fees and penalty interest.
Here are some explanations of the new regulations, which will take effect
at various times during 2010, and a caveat: Please do not rely on this
article for up-to-the-minute information. Do not rush to your bank waving
it in the air, demanding a lower interest rate; check out (via Google
or your favorite search engine) any further changes to the Act-these things
happen.
-
Card companies will have to give 45 days' notice
before raising their interest rates. They must also notify you of
any significant changes to a card's terms.
-
Banks must generally wait until you're 60 days
late in making your minimum payment before applying a penalty interest
rate to your existing debt. And if you pay your bill on time for the
following six months, the company will have to reinstate the old,
lower rate.
-
People under 21 years of age will not be able
to have a card unless a parent, guardian, or spouse is the primary
cardholder. The same goes for a student's request for an increase
in the credit limit.
-
Banks must send out your bill no later than 21
days before the due date. (They can't send it, with, for instance,
14 days to do, hoping you won't get a check to them in time to avoid
a late fee.)
-
If the credit-card company gets the check by 5
p.m. on the due date, it's on time, according to the new rules. Also,
no more late fees if the due date is a Sunday or a holiday and your
payment doesn't arrive until a day later.
-
If you go over-limit, banks will need your permission
before allowing you to spend more-and paying that $39 fee for doing
so.
-
You now pay different interest rates for cash
advances, new purchases, and balance transfers, all at different interest
rates. After the Act takes effect, your payment will be applied first
to the highest-interest debt, and work its way down to the lowest-interest
debt.
-
Gift cards: We all know that gift cards expire-some
in six months, others in up to five years. If you don't use them in
time you're charged a "dormancy fee." When the new rules take effect,
the seller will have to inform you, the buyer, printed on the card
itself, the rules of its dormancy, and will have to inform you separately
when the card expires-which will now be no less than five years. (Don't
forget, they've been using the money, not you!)
However, because the Act doesn't take full effect until early next year,
the credit card companies still have time to raise interest rates on existing
balances for whatever reasons (or just because they want to), to apply
payments to lower-interest portions of a balance and leave the higher-interest
portions of the balance to incur finance charges at a higher rate, and
to cut consumers' credit limits.
You can read more about limits on credit card protections on Consumer's
Union's new dedicated website, http://creditcardreform.org
or on their general site, http://consumersunion.org
Card companies have already begun raising some rates in anticipation
of the new rules. If you find yourself scanning the (still-small) print-another
change, by the way-they'll have to make that print larger and use more
readable language, here are some actions you can take.
Call the card issuer if your rate has increased to try and negotiate
a lower rate, or consider transferring your balance to a lower-interest
card. (http://Billshrink.com lets you see how much more you could earn
in rewards or save with a lower interest rate if you switched to various
other credit cards, based on your credit score and how much you spend
each year.)
If you plan to pay your bill in full each month, seek out a card that
provides rewards you actually want- whether that's cash back, frequent
flier miles, or points redeemable for gifts. The interest rate shouldn't
matter, since you won't be carrying a balance. But look for those with
no annual fee. Bankrate.com and http://creditcards.com also provide comparisons
of cards by the types of rewards offered, among other criteria. Generally
speaking, if you plan to use your card a lot, cash-back programs may be
the best bet. It's easy to get the refund-either through a check or a
credit on your account-and you can use that money for anything. Many large
banks also offer debit cards with rewards, so it can be worth shopping
around for them, too. Creditcards.com also provides a comparison of different
prepaid and debit cards, based on annual fees, related services and credit
requirements.
For most people, using both a debit card and credit card makes sense.
The key is not to spend more than you have with either. If you can do
that, you'll be able to enjoy the benefits that each provides.
Additional financial information may be found at: http://www.seniorresource.com/finance.htm
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B. DID YOU KNOW...?
1. Staying Healthy
With the economic as tough as it is, now is the time to get the most
out of your Medicare. The best way to stay healthy is to live a healthy
lifestyle. Such a lifestyle includes exercising, eating well, keeping
a healthy weight, and not smoking.
In addition to healthy living, you can use preventive services to find
health problems early and to keep you from getting certain diseases or
illnesses. Preventive services include exams, lab tests, and screenings.
They also include immunizations, monitoring, and information to help you
take care of your own health. Medicare pays for many of these preventive
services.
Medicare has published a booklet, "Your Guide to Medicare's Preventive
Services," which covers both preventive services and services that help
keep certain illnesses from getting worse. The services listed in this
booklet are covered if you have Medicare. However, the amount you pay
for these services varies depending on how you get your Medicare benefits-either
through Original Medicare, or through a Medicare Advantage Plan. This
booklet explains the way preventive services are covered if you have Part
B under Original Medicare (sometimes called fee-for-service). If you get
your healthcare coverage through a Medicare Advantage Plan (like an HMO
or PPO), you will need to call your plan for more information.
Get your copy of the booklet here http://www.medicare.gov/Publications/Pubs/pdf/10110.pdf
Additional health information may be found at http://www.seniorresource.com/health.htm
2. Learning about Antidepressants
In any given year, an estimated one in four adult Americans will develop
at least one mental health disorder, such as depression. Nearly one in
two people will develop a mental health issue at some point in their lives.
If you're suffering from depression, you need reliable, accurate information
on antidepressants. Where better to turn for the most cutting-edge research
on depression than Johns Hopkins, ranked #1 of America's Best Hospitals?
Get your copy of the booklet here: http://www.hopkinsreport.com/special_reports/depression/1_reg_landing.html
Additional health information may be found at http://www.seniorresource.com/health.htm
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C. THOUGHTS FOR THE MONTH
We present here some words from those with a birthday this month.
Dustin Hoffman - "Blame is for God and small children."
Connie Stevens - "It's important for us to latch onto the people
that we love."
Roger Federer - "I definitely need to use my chances when they
come because definitely there won't be many."
Whitney Houston - "I decided long ago never to walk in anyone's
shadow if I fail; if I succeed at least I did as I believe."
Gillian Anderson - "You're only given as much as you can handle
at any given time"
More "Thoughts" at: http://www.seniorresource.com/thought.htm
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D. SPECIAL SURFING SITES
1. Hospice Programs
Hospice programs are available to help terminally ill individuals live
their remaining days with dignity. These programs can assist the family
(or other designated caregiver) in making the patient as comfortable as
possible. Hospice now also includes palliative care, and assistance is
available around the clock, seven days a week. Care can be either at home,
in a hospital, or in a hospice setting.
This government site provides information on hospice programs. You can
learn how they work, ways you can pay for hospice care, and much more
on this topic. See: http://www.eldercare.gov/Eldercare.NET/Public/Resources/fact_sheets/hospice_care.aspx
To find a hospice program visit our state pages where some have been
identified. http://www.seniorresource.com/states.htm
2. House Exchanges
Still looking for some vacation ideas? Why not consider a home-exchange
program. Many seniors around the country and around the world share the
same concerns about the high cost of vacations. A home- exchange program
can provide you with an alternative holiday at a cost you never thought
possible.
You can save hundreds on vacation travel. Because most of your vacation
cost is in getting to your destination, with an exchange you save on hotels,
most meals, and depending on the arrangements you make, car rentals and
insurance expenses, thus, making those faraway destinations much more
affordable.
There is a wide range of high-quality exchanges available. Many exchanges
include cars. Some exchanges allow you to offer your motor home or caravan
in a swap. There are many sites on the internet that assist with exchanges.
One such site is http://www.seniorshomeexchange.com
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E. OH MY AGING FUNNY BONE
1. Zen Humor
- A closed mouth gathers no foot.
- Duct tape is like "The Force." It has a light
side and a dark side, and it holds the universe together.
- There are two theories to arguing with women.
Neither one works.
- Generally speaking, you aren't learning much when
your lips are moving.
2. Focused Education For Seniors
Physics 902A
Up in Winter, Down in Summer-How to Adjust a Thermostat Step-by-Step,
with Slide Presentation.
Psychology 103
Comparative Energy Levels-Putting the Toilet Seat Down, vs. Complaining
About it for Three Hours-Group Discussion.
Marketing 101
Is it Possible to Drive Past a WalMart Without Stopping?-Class-Debate
Format.
Design 301
Elemental Differences Between a Purse and a Suitcase-Photographs and
Illustrated Graphics.
Physics 202
Curling Irons-Can They Levitate and Fly Into the Bathroom Cabinet? Examples
on Video.
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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this document is subject to change without notice. Other products, service
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