Financial & Estate Planning

Create a Binder of Key Documents Before You Need it

Gather important documents and keep them in a file box or safe. It’ll save time and stress later. Discuss with a family member, legal advisor or close friend the contents, location and access directions for documents. Consider including: 

• Contact information for family and friends, church or spiritual advisors. 
• Contact information for doctors, pharmacy and other healthcare providers, 
• Contact information for financial service providers such as tax accountants, estate planners, and legal advisors. 
• Health insurance information, as well as other insurance policies.
• Banking and other financial information with password or access information, safety deposit keys and locations 
• Living will, Durable Power of Attorney, Medical Power of Attorney, Healthcare Proxy, DNR, Last Will and Testament 
• Timeline of health history, surgeries
• Passwords for computers or cell phones 

Here is a program that can help you to “organize your life” all in one binder: 

Life Transition Binder Project- A project for aging seniors or in partnership with caregivers led by Sandra Batra.  The  Life Transition Binder is an organizational tool. It is a resource that pulls together important details from all areas of life. Many refer to it daily since all their information is at their fingertips. It is a gift for family too and can bring peace of mind knowing loved ones can assist if help is needed. What's more, it complements estate planning, and the collection of necessary documents when preparing for any moves to assisted living or when providing family members with the details needed to settle an estate. Learn more 

***NOTE - Winchester plans to host a Life Transitions Binder Project Workshop for more information email Suzanne Norton at snorton@winchester.us

The Complete Eldercare Planner - Where to start, which questions to ask and how to find help, by Joy Louvered 

• Money Matters: Cost of Caring, Buying Time, Eldercare Budget Worksheet 
• Legal Matters: Estate Planning, Justice for All, Financial Literacy 
• Insurance: Insurance Coverage for a Longer Life, Beyond Medicare 
• Low-cost and No-Cost Resources, Action Checklist, Worksheets 
• AARP Financial Resources & Guides: Website 
• Unemployment Assistance 
• Vetarans Benefits (VBA) 
  • Create an account to learn about benefits and track applications. Website 

Activities at the Jenks 

• Tax Assistance: Volunteers provide tax assistance to seniors and prepare income taxes. The program runs from February until April. This is for standard tax returns that would not require an accountant. By appointment.  Contact the Jenks to schedule. (781) 721-7136, Email: info@jenkscenter.org 
• Benefits Checkup, Fridays by Appointment: Millions of older adults and people with disabilities connect with benefit programs that help with health care, medicine, food, utilities, and more.   Contact Jenks Center social worker for a confidential appointment to see what’s available in your area. snorton@winchester.us, 781-721-7136 x 15 
• SHINE (Serving the Health Insurance Needs of Everyone) The program provides free health insurance information and counseling to all Massachusetts residents with Medicare and their caregivers.  SHINE counselors are available regularly at the Jenks. Call the Jenks Center (781) 721-7136 to schedule your appointment. Phone: (800) 243-4636 for Mass support 

Financial Planning

The Cost of Care 

Aging Americans are struggling to pay for assisted living, home care and other forms of long term care. The cost of care for the elderly varies greatly depending on the type of care needed, location, and level of assistance, but generally ranges from around $5,500 per month for in-home care to upwards of $10,000 per month for a private room in a nursing home, with assisted living falling somewhere in between; costs can be significantly higher in certain regions, especially the Boston, New York and California urban and suburban areas. This does not include other insurance, living or medical costs. 

PayingforSeniorCare.com offers tools, national information, and creative ideas which help families and caregivers discover the means to care for their elderly loved ones. Topics include paying for memory care and adult daycare, reviewing products like walk-in tubs, and discussing prescriptions and assisted living costs by state. 

The Cost of Housing 

Entry fees vs monthly rent payment -  In some cases senior residences will require an entrance fee. An entrance fee is a large ($30k - $1 million or more), sometimes refundable, cost at the time of move-in. These are typically charged by continuing care retirement communities and ensure access to care as residents' needs increase. 

Entrance fees are typically refundable (often 100%, 90%, or 50% of the original amount) and are sometimes used by a community to offset lower monthly rent payments. For instance, with a $100k entrance fee the community may charge $4,700 per month in rent, but with a $200k entrance fee the community may charge $4,000 per month in rent. 

The refundability of an entrance fee is dependent on several factors including the amount of care the resident consumes, when he or she leaves the community, the monthly amount paid in rent, or the community's ability to rent/sell the space after the resident has moved out. It is important that you and your estate planner explore all of the scenarios in which you will receive a refund and whether it is a worthy investment.  With senior residences increasingly privately owned, there is not always a guarantee that services will remain at the same level two or five years out regardless of any initial payment. 

Divesting of Homes - When seniors want to get rid of their homes, they can consider options like selling their house outright, downsizing to a smaller home, moving into an assisted living facility, joining a retirement community, selling to a family member, or exploring "aging in place" solutions with home modifications to support their needs depending on their health, financial situation, and desired lifestyle. 

• Gifting Homes to Children or Relatives 
• How to protect your Retirement When Selling A Home 

Hidden Costs of Care 

Hidden costs of senior care include not only visible expenses like medical bills, but also lost wages, missed career opportunities, and the emotional and physical strain on caregivers, impacting their financial stability and well-being. It is important to consider the impacts on you and your family in your planning. 

• Job/Income Loss of Caregiver 
• Increased Personal Health Care Costs of Caregiver 
• Lost College & Retirement Savings 
• Insurance-related Costs 
• Indirect costs, transportation, meals, etc 
• Direct Costs 
• Expenses for well spouse and dependents 
• Pet care 
• Equipment - ramps, walk in showers, health aides, 

Resources for assistance with caregiving costs 

• Benefits Check Up:  - Link 
• Paying for Senior Care.com - Link 
• Minuteman Senior Services: Care Options Counseling 781-272-7177 

Types of Advisors 

Financial advisor: Plans for life events like retirement, disability, long-term care, and estate distribution. For information on how to find an advisor or choose an advisor see this Forbes article. Link

Daily Money Managers: A daily money manager (DMM) is a person who performs the day-to-day financial tasks of another individual. Daily money managers offer services like paying monthly bills, assisting with tax records, balancing bank records, decoding medical bills, and negotiating with creditors. Other services may include notarization, payroll management, or healthcare advocacy. There’s a whole profession dedicated to helping  parents manage their money. It’s called Daily Money Managers (DMM). You can search for one in your area Link.   

Investment advisor: Investment advisors are primarily concerned with the growth and returns of your investments based on the priority purpose of your investment selections. (income, growth, balance, etc).  To find a registered investment advisor look to the National Association of Personal Financial Advisors. Link 

Preparing for Financial Planning 

Have you taken care of your loved one’s finances by:  

• Accumulating your loved one’s essential papers and records 
• Establishing a list of important financial information 
• Organizing contact information for financial and legal professionals 
• Creating a Financial Power of Attorney? 

Social Security 

If you need to coordinate your elderly parents' Social Security benefits due to cognitive decline, you'll likely need to become a representative payee, which allows you to receive and manage their benefits on their behalf if they are unable to do so themselves. In order to do so you will need to take 4 steps: 

1. Make sure that your name is on the account to which the social security checks are being deposited; 
2. Change your loved one's address to your address for social security documents and mailings online, including all email and phone numbers if possible; 
3. Have your parent’s primary doctor write a letter declaring them incompetent (permanently) and incapable of managing their own benefits;
4. Make an appointment at your local Social Security office to complete the necessary paperwork and be interviews. You will need your passport and/or drivers license and the letter from the doctor. A durable power of attorney is not necessary.


• Social Security Administration - Link 
• Understanding the benefits- Link 
  • Social Security Survivors Benefits 
  • Social Security Disability Benefits
  • Social Security Supplemental Income

“Making sure elders have adequate insurance can be a 

matter of economic survival for the entire family.” - Joy Loverde 

Insurance 

Medicare & Medicaid, & Beyond 

Medicare is health insurance for:  People 65 or older, people under 65 with certain disabilities, or people of any age with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant) or ALS (also called Lou Gehrig’s disease). There are 3 Parts to medicare: Part A- Hospital Insurance; Part B -Medical Insurance; and Part D- Drug Coverage.  Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are Medicare-approved plans offered by private companies that must follow rules set by Medicare. 

Medicaid is a joint federal and state program that may help pay health care costs if you have limited income and (in some cases) resources and meet other requirements. Medicaid offers benefits that Medicare doesn't normally cover, like nursing home care and personal care services. The rules around who’s eligible for Medicaid are different in each state. If you qualify for Medicaid in your state, you automatically qualify for Extra Help. Extra Help is a program to help people with limited income and resources pay Medicare drug coverage (Part D) out-of-pocket costs. 

• AARP - Essential Tips Caregivers Must Know About Medicare - Learn how to navigate the system to get the best coverage for your loved ones. Link 
• A Quick Guide to Medicare and Medicaid: Link 
• Caregivers: Why Understanding Medicare Insurance for Aging Parents is Important - Link 
• How to Learn About Medicare Programs to Pay for Caregivers - Link 
• How to Avoid Paying for an Elderly Parent's Nursing Home Bill - Link 

Homeowners or Renters Insurance 

Renters insurance can be a good option for seniors living in assisted living facilities because it protects their belongings and provides liability coverage. Homeowners is essential if their belongings are damaged due to theft or disaster and rebuilding and replacement are necessary to staying independent. 

Auto Insurance 

Auto Insurance can account for more than one fifth of ongoing car insurance. Car insurance rates for seniors can vary depending on age, health, and driving history. However, seniors don't always have the highest rates.  Seniors can take defensive driving courses and tests to qualify for lower car insurance rates. These courses can help drivers compensate for age-related changes and improve driving skills. 

• AAA RoadWise Driver: Teaches the latest vehicle technology, including lane-departure warning systems and adaptive cruise control - Website 
• AARP Smart Driver: Helps drivers learn how to reduce distractions, maintain following distance, and use safety features like anti-lock brakes and airbags - Website 
• Senior Driving Discount of America (SSDA): Offers online classes and tests that demonstrate safe driving skills  Website 

Life Insurance 

Life Insurance helps elders who want to prevent dependents from suffering financially upon the policy holders death and/or to cover the costs of funeral arrangements. 

Long term Health Insurance 

• National Council on Aging: How Much Does Longterm Health Insurance Cost and Is It Worth It?: Link 

Tax Preparation & Resources 

• Senior Citizen Tax Abatement Program: Utilize your skills to enjoy property tax relief.  Requirements for participation includes: Winchester homeownership, age 60 and older, maximum AGI of $67,701 (Individual) or $102,608 (Joint) or less and home value of $1,596,315. For more information contact Phillip Beltz. pbeltz@winchester.us 
• Free or Reduced Tax Filing and or Preparation Software for Elderly: Eligible seniors have many free tax filing options.  Whether they prepare and file their own tax returns or get in-person help, there are easy, secure and free tax filing options for seniors. IRS provides details. Link 
• AARP programs nationally. Website 
• VA Caregiver Support: Website 

Veterans Benefits, Disability Benefits, etc. 

For senior veterans seeking information and resources from the Veterans Administration (VA), the official website is VA.gov Home | Veterans Affairs.This site offers a comprehensive overview of VA benefits, services, and resources, including those specifically tailored for elderly veterans. - website 

• Also, check with Winchester's Local Veteran Agent Greg Quill gquill@winchester.us 

Estate Planning 

Seniors should focus on estate planning to ensure their assets are distributed as desired, someone can make decisions on their behalf if incapacitated, and their wishes are honored, including wills, trusts, and powers of attorney, while also considering long-term care planning and tax implications. 

Estate planning is important because it provides peace of mind for seniors, ensuring that wishes are honored and minimizing conflicts among family members. It also facilitates financial stability by ensuring that loved ones have access to resources and assets that have been protected from probate, creditors and potential disputes. 

• Solo Agers - What if You Don’t Have a Healthcare Agent or Power of Attorney? Link 

Elder Law Attorneys

A good elder law attorney will help your parent clarify his or her financial and health care wishes in detail and then ensure that those wishes are protected, as much as possible, by legal contracts and documents. Elder law attorneys help clients plan for long-term care needs, sort out their advance directives and wills, and make sure the financial power of attorney is in place. They can be a big help understanding the eligibility rules for Medicaid in your parent’s state. Plus, more and more lawyers are teaming up with GCMs to offer one-stop shops. To find an attorney, check out the National Academy of Elder Law Attorneys’ website which has an elder lawyer locator. Website

• Elder Law Attorney Andrea Witt, partner at Spano, Dawicki & Witt, LLC offers free consults with Jenks members. Call the Jenks to schedule a free session and ask questions about strategizing or drafting estate plans, asset protection, tax minimization, probate avoidance, trust administration, among other topics.   
• Massachusetts Bar Association - Website   

Key Documents

• Wills: A will is a legal document that outlines how your assets should be distributed after your death. 
• Trusts: Trusts allow you to transfer assets to a trustee to manage them, offering flexibility and control, and potentially avoiding probate. 
• Powers of Attorney: These documents grant someone the authority to make financial or healthcare decisions on your behalf if you become unable to do so yourself. 
• Advance Directives: These documents, like a living will, outline your wishes regarding end-of-life medical care. MOLST is the Medical Order for Life Sustaining Treatments. It cover more than just a DNR ( a legal document instructing healthcare providers  their wishes regarding end-of-life care, specifically in situations of cardiac or respiratory arrest.) 
• Beneficiaries: Clearly identify who will inherit your assets, ensuring they receive them as intended. 
• Long-Term Care Planning: Consider the costs and needs of potential long-term care, including financial planning and insurance. 
• Tax Planning: Consult with a tax professional to minimize potential estate taxes. 
• Estate Executor: Choose a trusted individual to manage your estate after your death. 

• The five important documents to have for advance care planning are: 
  • F = Financial agent - www.eforms.com 
  • M = Medical agent - www.masshealthdecisions.org) 
  • H = HIPAA release form - www.caring.com 
  • W = (Living) Will (www.fivewishes.org OR www.ourcarewishes.com) 
  • M = MOLST (www.molst-ma.org) 
  • POA FORMS- Printable Forms 

Estate Planning with Children with Special Needs

Estate planning when families have children with special needs can be especially challenging.  Seek out references in your community for specialists who can advise on wills and plans to make accommodations for their future needs.

• Local Referral - Fred Misilo, Fletcher Chilton Law Firm in Worcester, Massachusetts. 508-459-8000.

Advance Care Planning 

Planning ahead for end-of-life care,  advance care planning, helps to ensure that aging adults get medical care that is a good fit for their preferences and health situation. In other words, good planning can help you figure out which care is unlikely to be helpful; understanding this is a powerful factor in what people want and don’t want.

Completing a legal form such as an advance directive or a MOLST form is an important part of advance care planning, but there’s much much more to good planning ahead. It’s especially important for family caregivers to be involved in planning, if possible, because most older adults will need family — or someone else — to help with medical decision-making during a hospitalization, or an emergency.

•  Advance Care Planning - Here’s a helpful slideshow that delves deeper into the details of this process. See more  DNRs, and Health Care Proxies & MOLSTs 

Family Trusts & Power of Attorney 

Massachusetts power of attorney forms legally permit a person (“principal”) to select another person (“agent”) to make decisions on their behalf. Under State law, an individual may grant medical, financial, parental, tax, vehicle, or any other responsibility to a selected person. If the form is durable, the designation will remain in effect even if the principal can no longer mentally think for themselves (e.g. Dementia, Alzheimer’s, etc.). Once a power of attorney document is written and signed in accordance with State law it is immediately available for use. 

By Type (9) 

• Durable (Financial) Power of Attorney 
• General (Financial) Power of Attorney 
• Limited Power of Attorney 
• Medical Power of Attorney 
• Minor (Child) Power of Attorney 
• Real Estate Power of Attorney 
• Revocation of Power of Attorney 
• Tax Power of Attorney (Form M-2848) 
• Vehicle Power of Attorney