In the new episode of How to Help Mom Podcast, Justin Rush from Rush Nemes Family Wealth Management is joining us to talk about financial planning, tax considerations for seniors, retirement planning, estate planning, investment planning, and the importance of education and informed decision-making. The conversation dives into the various financial strategies and considerations and the significance of having a comprehensive financial plan that aligns with individual goals and priorities. This episode also highlights the need to address debt management, funding trusts, the different types of trust and preparing for unexpected events. Overall, the role of financial advisors is to guide the clients through various financial options and help them make well-informed decisions, and financial planning is not a one-size-fits-all approach and should be tailored to individual needs and circumstances.

“There's some different strategies that people can use when it comes to debt. Depending on someone's mindset, depending on you know how they work best. So the two main ones, the first one would be more of a snowball technique where sometimes people will aim to pay off their smallest balance first, kind of gives them more of a little wind to help them piggyback off of that and then give them a little more motivation to continue paying off the rest of their deaths. Some people take more of an analytical and mathematical approach where they may pay off the debt with the highest interest first kind of giving them more savings over the long term. But really, the best plan is going to be something that someone can stick to. And for different people, starting small and building up might work better for some folks kind of tackling that biggest one first might be a better solution for them.” - Justin Rush

Highlights of this episode:

• What is financial planning and why is it so important? 

• The age to start taking distributions. 

• Tax strategies for seniors and those who are self-employed, such as tracking expenses and keeping good records.

• How does estate planning factor into stress reduction? It's very important to review estate planning at least once a year, if not more.

• What does funding a trust really mean? 

• The two main strategies that people can use when it comes to debt depending on someone's mindset and how they work best.

• Advice for people looking to refinance their debt. 

• It's never too late to plan, but it's important to have a plan in case of a crisis.

• How the pandemic shifted financial plans. 

• The Bad Timing scenario. They run a scenario called the bad timing scenario. They simulate and run models to see how they would fare in a market environment similar to 2007-2008.

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This week’s episode is about the importance of having conversations and seeking guidance regarding insurance matters, particularly for seniors and their families. Daniel Conner from Conner Insurance Group, an independent insurance agency based in Salt Lake, Michigan, is here with us today to share his valuable insights about the significance of understanding various insurance options and policies, such as homeowners insurance, auto insurance, umbrella policies, flood insurance, and personal injury protection. We will discuss the things you need to know to navigate the complexities of insurance coverage, the value of working with an independent insurance group that can provide personalized assistance, and the need for proactive discussions, early planning, and being informed to make sound decisions that align with individual needs and circumstances.

“Absolutely. It's a tough conversation to have. Everyone in their own bulletin, a lot of people saying I'll never get an auto accident, I'll never be catastrophically injured. You're really having conversations that are going to shape people's lives if something negative happens. They say, I have Medicare, you know, we present the options bill to them, we lay out what they'd be giving up and make sure that you can make whatever decision you want. But I want you to be informed. So you're making the decision with open eyes.”

• Daniel Conner

Highlights of the episode:

• The two models of insurance: Captive Insurance vs Independent Insurance Agency

• Advice for seniors and families. Understanding how homeowners insurance works in the transition phase.

• What is an umbrella policy and how does it work? Different factors to consider with health insurance.

• Flood insurance and auto insurance. The national flood insurance program is renewed.

• How do you know if you need insurance? 

• Deciding what to do when you’re on a fixed income. Difficult choices families face when downsizing or downsizing. Unlimited coverage vs medicare.

• Talking to people who have done this before. Talking to someone with experience is a game-changer.

• The importance of understanding insurance policies. The importance of insurance for family members.

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Elizabeth, Jennifer and Cindy from Parents Changing Spaces, a Senior Living referral and placement service, join us in this week’s episode of How to Help Mom Podcast. They help individuals and families find various senior living options, including independent living, assisted living, memory care, and more. They prioritize the needs of the family and individuals rather than just financial considerations. They will share some tips and strategies for senior housing placement. The discussion also touches signs that indicate the need for senior living placement and the importance of advanced planning. The discussion covers how to prepare for long-term care, the common emotions that the families need to prepare for, and the role of technology in senior living and how it is evolving. Overall, this episode aims to provide guidance and support to families during the decision-making process for senior living arrangements.

“A big thing is grief, you're proving that your mom or dad or other loved one might not be you know, the same person that you have always known whether that's physically or you have memory issues Alzheimer's and dementia. It kind of like we said, this sticker shock, I don't know if that's really devotion, but you know, thinking about those things, it's a really overwhelming situation. I think grief is kind of the big one.” - Elizabeth

Hear more about:

• All types of senior living, including independent senior apartments, independent living services, assisted living, memory care, residential care homes, group homes, and nursing homes.

• Crisis situations when individuals or their loved ones experience falls, hospitalizations, or sudden changes in their health conditions.

• Many families tend to procrastinate and make decisions in a crisis. Having conversations about future plans and care preferences can be helpful in such situations.

• How to deal with seniors who don't love you anymore. The fear of the unknown, isolation and isolation and the importance of social stimulation.

• Memory Care refers to an approach to care specifically designed for individuals with memory issues, such as Alzheimer's or dementia. It may involve a secure building or specialized care within a senior living community.

• Technology is playing an increasing role in senior living, including fall prevention technologies, remote monitoring, pill dispensers, communication devices like Alexa, and more.

• Parents Changing Spaces assists families by understanding their care needs, geographical preferences, and financial situation, and then creating a list of suitable senior living options. They offer tours, resources, and support throughout the decision-making process.

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