Globe Syndicate
For release Friday August 22, 2003
The Sandwich Generation . . . Helping Your Aging Parents
by Carol Abaya, M.A.
PROTECTION OPTIONS FOR
SINGLE SENIORS
Question: I will retire soon and have been putting my financial and other
personal matters in order. I am single with no close relatives. I’m concerned
about the future when I will need help. What options do people like me have? I’m
scared of being taken advantage of and having my assets stolen.
Answer: You are not alone in your predicament.
My attorney (who I would trust with my life) recommends the following:
• set up a revocable living trust at a bank that has an active trust department;
• find an elder law attorney and accountant, have appropriate legal documents
drawn up, and establish on-going relationships;
• look into alternative living arrangements, particularly CCRCs (continuing care
retirement communities).
In all of these areas, you need to do some research. In the end, you need to
feel comfortable with all your decisions.
• Living Trust with a bank: Identify stable banks in your area that have trust
departments and actively interview the head of the department.
Look at the package of services offered. Will they pay your bills? How do they
handle estate matters after you’ve gone? Will they handle personal care and
living arrangements? What tasks will they do? What are their fees? Who will be
involved - and do you feel comfortable with that person?
With a revocable living trust you can be the trustee or co-trustee and handle
all your financial affairs as long as you want to. If you are not happy with the
arrangements, you can change the bank or their trustee as long as you are able
to.
While an attorney should be used to draw up the legal documents, he/she would
not have the investment and accounting expertise that a bank has.
• Living arrangements: There are many options, the two primary being
(1) Remain in your own home with live-in help when needed, using long term
health care insurance to help pay the cost or
(2) CCRCS.
CCRCs have several levels of living accommodations and care. You can have your
own apartment for as long as you want. When you start needing help, the facility
will provide it either in your own unit or in an assisted living section. If you
need skilled nursing care, this is also available on site.
You can thus establish a relationship with people who will provide care as
needed, for your entire life.
I know two ladies near me who moved into a CCRC when they were in their late
60s. One has been there 14 years, still drives, and retains her independence.
Yet she feels secure knowing help is there 24 hours a day when she needs it.
Everyone, regardless of age or family situation should have:
• Durable Power of Attorney, appointing someone else to help with financial
matters and
• Living Will, detailing medical treatment and end-of-life preferences and
appointing someone else to make decisions if you cannot do so.
Are you juggling doing errands for your aging parents, your children, yourself
and working at the same time? Are you tired, stressed out and upset that your
once vibrant parent is now frail and needy?
Do you feel alone? Rest assured you are not alone! The Sandwich Generation is
dedicated to the 50 million Americans who may have elder/parent care concerns
and/or responsibilities.
* * *
Do you have a question? Send it in. Although letters cannot be answered
individually, appropriate letters will be answered in this column whenever
possible. Letters may be edited. Send letters to Ms. Carol Abaya, mail direct to
her at PO Box 132, Wickatunk, NJ 07765-0132 or contact her through her web site:
thesandwichgeneration.com.
Carol Abaya is an international-award-winning journalist and creator of the
unique magazine The Sandwich Generation: You & Your Aging Parents.
NOTES TO EDITORS: text = 498 words; other material = 160 words
We would appreciate it if you would include the "Globe Syndicate" bug at the end
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©2003 by Globe Syndicate, all rights reserved.