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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In this new episode of How to Help Mom, we are joined by Melissa Pilzner and Ryan Cohen from Making Investing Personal to share the valuable insights about the finances, budgeting, and different things in those realms. They will also share how they can help you build a good nest egg so you can start retiring and relaxing and the value of working with financial professionals to ensure a comfortable retirement and help set individuals on a good financial pathway. Overall, the emphasis is on empowering individuals and families to take control of their financial well-being and make choices that align with their goals and values.

“The point is that you want to see it through and play all nine innings or however many it would go and that the idea is you want to stick with your plan and give it time to work. Because, well, constancy people say Oh, I tried that for three weeks or a month or two. But a lot of strategies are not built for that short of a timeframe. And you really need to give yourself a long time period to  really see it through before making an analysis on if it worked or not. Because things are always changing, and environment. And we really believe that people that do the best that we've seen are the ones that don't let their emotions control or dictate a situation and that they hold firm with their plan ongoing.” - Melissa Pilzner

Highlights of the episode:

• What does it look like when you’re getting ready for retirement? What is the process like? How to get started with a family financial plan.

• What does retirement planning look like post-retirement? How do you make decisions? Budgeting is a key element of retirement planning.

• What happens if you don’t have everything organized? What are the options? Emergency situations where someone didn't plan well and how to plan for an elderly parent.

• What is the best way to pass things along? What to do when leaving assets to younger children.

• How to Segment Your Retirement Plan. General ways to segment retirement planning.

• When a person passes away, it’s important to have a conversation with their heirs. The importance of fully communicating with heirs.

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This week’s episode on How to Help Mom is a continuation of our discussion with Sara Ston, our realtor, the owner of How to Help Mom and a certified Senior Real Estate agent. The conversation continues with the discussion about the right facility for your client, reverse mortgages, the differences between assisted and independent living, helping the seniors understand the cost and benefit of house selling and should you update the house before selling. Hear more about Senior Real Estate on this second part episode with Sara Ston.

“You know, if I were having conversations with my parents, I would be more apt to be more aggressive about the advice but I'm pretty good at saying here's what your options are, here's where everybody's at, and then helping them kind of find that conversation on their own. So we work pretty closely with our placement specialists to work to get like so. Me, my placement specialists, my estate sale companies, my organizers, my movers we all organize it on a timeline together. And that's really what How to Help Mom is for, is get everybody on the system.”

• Sara Ston

Learn more about:

• How to help seniors navigate through the emotional aspects of moving. 

• Advice on finding the right facility for your client. 

• Reverse mortgages and how they work. 

• Differences between assisted living and independent living. 

• How to help seniors in real estate and help them understand their options? 

• Selling a house after the owner passes. 

• What to do when you’re ready to sell? 

Connect with Sara Ston through:

Website https://stonway.com/

Email sara@stonway.com

248-736-5409

For this week’s episode, Sara Ston is joining us to discuss Senior Real Estate. She is our realtor and the owner of How to Help Mom and a certified Senior Real Estate agent. She shares her valuable insight about the field of senior real estate and the unique challenges and considerations involved in buying, selling, and transitioning seniors to new living arrangements. The discussion gets into the sensitivity in working with seniors and their families, addressing issues such as downsizing, financing, emotional attachments to belongings, organizing and decluttering, estate sales, and probate. This episode emphasizes the need for a comprehensive approach that takes into account the specific needs and circumstances of seniors, while also involving various professionals to provide support and guidance throughout the process.

“Mom and Dad sometimes don't want to leave and they're not ready to. And sometimes we don't sell the house, we just make it safe for them to be in so that the kids can have peace of mind for mom and dad staying there. Eventually, they're gonna leave and sell the house, but they're just not ready yet and creating it so that it's safe for them. And that's part of my job as a Senior Realtor, we never sell a house for a senior unless there's somewhere where we know they're going to.”

• Sara Ston

Highlights of this episode:

• What inspired her to specialize in senior real estate? 

• The unique challenges of buying and selling a home. 

• The challenges of qualifying for retirement accounts. 

• Selling a house for seniors. 

• How to prepare for the sale. 

• Protect your family and your finances. 

• The importance of having conversations with parents about retirement plans. 

• Biggest mistakes people make in real estate. 

• Make sure you have a trust before doing title work. 

• Selling the house and donating the proceeds. 

Connect with Sara Ston through:

Website https://stonway.com/

Email sara@stonway.com

248-736-5409

In this episode, We interviewed Clarence Broadnax from Midwest Medicare Solutions to discuss the differences between Medicare and Medicaid. They delve into the key aspects of Medicare, including eligibility, coverage options, costs, and the importance of reviewing plans regularly. Listeners gain valuable insights into navigating the complexities of healthcare insurance for seniors.

Episode Highlights:

1. Medicare vs. Medicaid:

   • Medicare: Federal program for individuals aged 65 and older or those with recognized disabilities.

   • Medicaid: State-based program based on income, available for individuals below the federal poverty line.

2. Medicare Basics:

   • Medicare eligibility: Turning 65 or having a federally recognized disability.

   • Medicare Advantage: Combines Part A, B, and D, resembling employer plans.

   • Medicare Part A: Hospital coverage, usually obtained at no charge after 10 years of work.

   • Medicare Part B: Medical coverage with charges based on income.

   • Medicare Part D: Prescription drug coverage, requiring a separate plan.

3. Medicare Advantage Plans:

   • Offered by private insurance companies as an alternative to Original Medicare.

   • All-inclusive plans combining Parts A, B, and D.

   • No income requirement, but specific plans designed for individuals with Medicaid.

4. Medicare Costs and Considerations:

   • Medicare isn't free; charges vary based on income.

   • The option to take Social Security affects Medicare premiums.

   • Annual plan review is essential to ensure the plan meets changing needs.

   • Triggers for plan evaluation: admission or discharge from a skilled nursing facility, prescribed unusual medication, life changes like job loss or relocation.

5. Retiree Coverage and Medicare:

   • Retiree benefits often make Medicare secondary to employer-provided insurance.

   • Commonly applicable to retirees from industries like automotive, education, and postal services.

6. Understanding Medicare Advantage Plans vs. Supplements:

   • Medicare Supplements (Medigap): Secondary insurance covering the 20% not covered by Original Medicare.

   • No network requirements, allowing freedom to see any doctor.

   • No coverage for prescription drugs, dental, vision, or hearing.

   • Medicare Advantage Plans: Primary insurance run by the federal government.

   • Often have $0 monthly premiums but require following specific plan rules.

   • Include prescription drug coverage, dental, vision, and hearing benefits.

7. Simplifying the Intake Process:

   • Gathering necessary information: Medicare card, doctor names, and prescription details.

   • Discussing Social Security status.

   • Determining the preference for Medicare Advantage or Medicare Supplement based on lifestyle and healthcare needs.

Understanding the nuances of Medicare and Medicaid is crucial for seniors and their families. Sarah and Clarence provide valuable insights into the differences between the programs, eligibility criteria, coverage options, and potential costs. They emphasize the importance of regular plan review and seeking expert guidance to ensure the right healthcare insurance choices are made.

In this episode, we explore the important role of caregiving in situations where families are unable to be actively involved in the care of their loved ones. Our guests, Jeff and Malissa, share their experiences and insights as they discuss the various aspects of their work at "How to Help Mom," a company that provides care services to seniors. They highlight the challenges faced when families are absent or distant and shed light on the strategies they employ to ensure the well-being and safety of their clients.

Episode Highlights:

• The Importance of Involvement:

• Tailoring Care for Independent Clients:

• Legal Considerations:

• Ensuring Comprehensive Care:

• Personal Motivations and Empathy:

• Embracing Technology:

• Signs Indicating the Need for Care:

• Addressing Independence and Privacy Concerns:

• Supporting Spouses in Different Stages of Health:

Jeff and Malissa provide valuable insights into the intricacies of caregiving when families are unable to be actively involved. They emphasize the significance of family support, the importance of legal frameworks, and the integration of technology to enhance caregiving practices. By sharing their experiences, they provide guidance for families navigating the challenges of caring for aging loved ones, ensuring safety, well-being, and a good quality of life.