Laura’s thoughts.

Financial Dimensions of Aging Series: Providing quality resources and insights for your family to plan for the most important factors as we age, and to help remove the worry of the financial needs.

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Make a Plan for Age Transitions

As our population ages, more and more families are facing the challenge of accommodating the changing needs of their elderly parents. Many times a family does not know how to approach a loved one when the time has come to make a plan for elder care. I had the good fortune to talk with two of our best experts in the community regarding this subject. Below is a little about each of them, and a few highlights from our conversations.

Kris Chana is the founder and owner of SeniorSource.com. He created a wonderful guide, Florida's 5-Step Guide to Senior Care, about caring for your aging loved ones, and can be downloaded from his site. I found the guide to be easy to understand and practical. In our interview Kris shared:

  • When a parent is discharged from a hospital, this can be a time of panicked searching for elder care resources. It quickly becomes an overwhelming project. Breaking the task down into actionable steps will change this experience, as outlined in the 5-Step Guide.
  • Become knowledgeable of the high and low price ranges regarding home health or assisted living communities in the area. Then, align the ranges with the financial resources available.
  • Be open to learning what's out there. Discover what is available in your area. Have an 'openness factor' to talk about it. There are so many more options available now.

Paula Carney, CSA® and co-owner of Navamaze, formerly Senior Living Solutions of Venice, personally consults with a senior and their family to help facilitate age transitions. This often includes referrals to home health professionals, visiting assisted living facilities, consulting with families on cognitive aging issues and social services, as well as financial and legal matters. By engaging an expert, a family can get a plan in place in dramatically less time than doing it on their own. She shares these best practices of actionable advice with us:

  • Clarify "Who's in charge?" Find and organize documents such as the Power of Attorney and Advanced Directive. Then locate the people who have been named and often aren't aware they have been listed in those roles, especially if the documents are older.
  • Talk in simplest form with the senior. Seniors can easily become overwhelmed, which can cause 'shut-down'. Smaller bits of information at a time often helps, especially when meeting with financial advisors and attorneys.
  • Become knowledgeable about "how to pay for it" and "when to move". Learn ahead of time when and how to start the conversation. A phrase she suggests is, "Let's have a family meeting with someone who can help us make a plan."

As financial advisors, we can be of tremendous help to families when they are faced with an age transition. By incorporating family conversations surrounding advanced aging issues into the ongoing planning process early, we can help with communication of personal wishes for the advanced age years. We often have information and connections to assist families finding resources, through facilitating meetings with other experts and providing knowledge regarding cost ranges for care. In addition to planning for the future, when crisis moments happen, we assist the families to align the existing financial resources with the needs of the moment.

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Laura Amendola, CFP®, has been passionate about working with retirees since 1994, is an active member of O.C.E.A.N. and is based in the Punta Gorda, FL area. She can be reached at Laura.Amendola@RaymondJames.com.

Kris Chana, Owner | Founder
SeniorSource.com
Phone: 888-373-7614
Email: kris@seniorsource.com

Kris Chana and SeniorSource.com are not affiliated with Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.

Paula Carney, CSA®, Co-Owner
Navamaze, Navigating Through Life's Maze
Phone: 877-255-0744
Email: info@navamaze.com

Paula Carney and Navamaze are not affiliated with Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete .


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Use Your Wealth to Maintain Your Health

In my recent interview with Ashley Olson, ISSA Certified Fitness Trainer, she shared her valuable insight on how exercise can help seniors enjoy retirement and stay independent longer. Located in Punta Gorda, Florida, Ashley specializes in metabolic training. She also coaches her clientele on developing a positive mindset around fitness to enhance their daily lives. When I asked Ashley what she believes is particularly helpful to the fitness transition into our elder years, she mentioned four specific areas for seniors to focus on:

  • Not being overweight – those extra pounds can affect your health
  • Healthy joints – regular stretching and movement
  • Muscle and bone density – a focus on the whole body
  • Balance – strengthen through simple exercises to navigate everyday obstacles

Ashley said that out of all of the above, balance is the most important. Tripping over fixtures encountered in everyday activities can cause serious injury due to falls. The biggest culprits are curbs, parking stops, and even door thresholds. The other three areas of focus will also be supported through exercises that improve balance. Ashley suggested alternating lunges and squats. Modified as necessary for the elderly years, these two exercises can have the most impact for seniors as they age.

When it comes to personal frustrations toward fitness, Ashley shared we must be mindful of our expectations. Expectations need to be in-line with where a person is at individually. This could be with regard to age and/or life situations. Being mindful of self-boundaries is the key to avoiding frustration, and then developing a personal mindset. For a senior, that mindset may be toward maintaining independence longer. Once the mindset is in place, the motivation will follow.

As a financial planner, I say to my clients all the time, “use your wealth to maintain your health.” I encourage clients to plan for the expenses that support a vigorous and healthy life. Some of these include: fitness training, home modifications such as pool lifts, and additional physical therapy beyond insurance plan offerings. Allocate some of your wealth now to maintain and live a robust life well into your elder years.

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Laura Amendola, CFP®, has been passionate about working with retirees since 1994, is an active member of O.C.E.A.N. and is based in the Punta Gorda, FL area. She can be reached at Laura.Amendola@RaymondJames.com.

Ashley Olson, Owner
ISSA Certified Fitness Trainer
Ashley Olson Fitness, LLC
Phone: 941.258.5250
Email: ashley@ashleyolsonfitness.com

Ashley Olson and Ashley Olson Fitness, LLC are not affiliated with Raymond James Financial Services

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.


Downsizing or Liquidating an Estate

A topic we can all relate to–downsizing or decluttering. This difficult task can be even more overwhelming for a senior. I recently spoke with the owner of Auction Diva, LLC, Jasmin Menegatti, to gain her expert insight regarding these challenges encountered by seniors when they need to downsize or declutter their home.

Jasmin shared with me that, for the senior, downsizing is a heavy emotional experience. The first major challenge they face is figuring out a plan to downsize. It's hard to know where to start, and often feels overwhelming. The transition of letting go of generations of stuff is painful and evokes deep levels of loss. This process is compounded by not having the physical strength to tackle the task. Downsizing is also a confirmation of a permanent change, for example–moving into an Assisted Living Community. Change is hard. There is a mourning period as the senior accepts the reality of moving into what they consider to be the final stage of life. These loss emotions are often coupled with an intense fear that sets in regarding the ability to pay for the new care they are downsizing for and the possibility of running out of money. Seniors often worry there will be hidden added costs. Downsizing quickly becomes a psychological journey to get through that is heavy and hard.

From the perspective of the adult child, it can become frustrating to understand why it is so difficult for their loved one to work through a downsize event. Jasmin has experience working with these family interactions. Many times the grown kids do not feel the same emotional attachment to the generations of stuff found stacked up around the home. They are shocked by how much has accumulated over the years and the work it will take to get through it. Adult children are busy and are often pressed for time to assist. This can cause feelings of anger toward the task ahead of them. Jasmin suggested that families who are successful with the aging transition have often helped their loved one well ahead of time by organizing and decluttering early. This includes gathering papers together to be located quickly for health events, and organizing everything from medications to jewelry.

Due to the deep emotional attachment to items that represent their life, figuring out the plan to downsize is often the most feared and procrastinated part of the process. Jasmin sees firsthand the emotional pain seniors experience. Having observed families in frustrated discussions, she points out the importance of bringing in someone neutral. They can help provide realistic insight regarding what items and collectibles are actually worth. This can ease the transition greatly as well as speed up the decision process of what to keep. Seniors are often shocked and sadly disappointed by the news that items are not worth nearly what they thought they would be. This news can cause a downsize to come to a complete halt as they must process the disappointment.

Taking extra time and care with the senior to talk through the transition, Jasmin has a series of steps she uses with her clientele:

  • meet and walk through the home
  • discuss realistically how much can they take with them
  • group items for assessment
  • within groups, identify items for donation
  • prepare for an estate sale and/or putting collectibles online
  • begin the pack up process

As an advisor, one of the ways I serve my clients is to connect them to the additional resources in our community to make this challenging process as straight-forward and easy as possible. Jasmin is one of those wonderful people and I appreciate all the insights she had to share. As a trusted resource, financial advisors can proactively do many things to help before and during the downsizing process. Early on we can assist clients by providing ideas for recordkeeping systems and advising on documentation retention, such as taxes, legal documents, or medical records. Your advisor can be the one to broach the family conversations about the admittedly difficult subject of health and elder care expenses. These conversations can be incorporated into your ongoing planning process, and will help you with communication of your personal wishes about advanced aging issues with your family. This will help you be informed regarding costs of care and thus have greater confidence when preparing for downsizing.

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Laura Amendola, CFP®, has been passionate about working with retirees since 1994, is an active member of O.C.E.A.N. and is based in the Punta Gorda, FL area. She can be reached at Laura.Amendola@RaymondJames.com.

Jasmin Menegatti, Owner
Auction Diva, LLC
Phone: 941.257.3130
Email: Info@auction–diva.com

Jasmin Menegatti and Auction Diva, LLC are not affiliated with Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.


Plan To Still Be Active At 90

I recently sat down with industry expert, Chuck Vollmer, owner of our local 101 Mobility® located in Sarasota, FL. Chuck is knowledgeable and passionate about the independence needs of seniors having walked this journey with his father. His business is dedicated to mobility solutions that help clients live more comfortably and self- sufficiently in their homes. I am excited to discuss in this week's blog simple, but often overlooked, mobility modifications that can have enormous beneficial impact on our lives as we age.

According to Chuck, the most overlooked modification is the portable pool lift. By modifying how to get easily in and out of the pool, it quickly goes from being a mere decoration to one of the most usable enhancements a senior/retiree can ever make. Most seniors in Florida have pools. Getting out of the pool becomes more dangerous as we age, thus use of the pool declines dramatically, if it is being used at all. Pools are irreplaceable for ongoing health maintenance while minimizing pain or pressure on bones, muscles, and joints. For anyone who has a pool lift installed, it is becoming common to have therapy prescribed right at home. The once dormant pool is now safe again.

In my practice, I often see seniors desiring to purchase that 'last new car'. Chuck talked about two key overlooked auto modifications. To help maintain balance and prevent falls when getting in and out of the car, add passenger seats that swivel and move outward. Auto lifts can be installed for motorized scooters. He also spoke about taking advantage of new car modification rebates and sales tax exemptions available only at the time of purchase.

Chuck shared he is impressed at how many more active seniors there are over 85. They are remaining socially active and independent well into their 90s. To deal with this new longevity, seniors are age-proofing their homes. The greatest frustration he encounters is private pay for these types of modifications. Because many members of this senior cohort are veterans, Chuck reminded us about the importance of continuing to pay dues as we age. Benefits are available to help our veterans with ramps, lifts and car modifications. There is so much more to this discussion about accessibility and Chuck is an excellent resource for a deeper conversation.

After speaking with Chuck, I came away amazed at the increased number of mobility solutions available today to help us live more comfortably and self-sufficiently at home, as well as how affordable the solutions have become. Our discussion illuminated the importance of examining our future accessibility needs and combining this into our financial planning. Consider having a planning session with your financial advisor about longevity needs and accessibility modifications.

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Laura Amendola, CFP®, has been passionate about working with retirees since 1994, is an active member of O.C.E.A.N. and is based in the Punta Gorda, FL area. She can be reached at Laura.Amendola@RaymondJames.com.

Chuck Vollmer, Owner | Operator
Contact: (941) 378-0797 or CVollmer@101mobility.com

Chuck Vollmer and 101 Mobility® are not affiliated with Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete


Aging and the Transition of Independence

This week's post highlights my interview with industry expert, Colette Russell, owner of our local BrightStar® Care. We spoke on the topic of aging and the transition of independence. Her business is about providing a higher standard of home care [full continuum of care] that families are seeking when they have a loved one in need.

Colette, what are the current trends you are finding working with seniors?
Seniors are wanting to remain socially active and a part of their community. They do not want to be discriminated or labeled [due to age]. Seniors are people too.

From your professional perspective, what is the first major challenge they face that you help them solve?
Fear and being taken advantage of [due to losing their independence or faculties]. It's terrifying to them. For a man, it's the car, and for a woman, it's the stove.

What seems to be their greatest personal frustrations with regard to your industry and how do you help them with this?
The greatest frustration is having different caregivers. The remedy is to provide continuity of the caregiver. This must be the top priority and focus of the home health provider.

What do seniors need in their relationship with their financial advisors?
A trust factor [in their financial advisor] is the most important thing. They are almost like family. This relationship is a voice that keeps families in check, and is critical to seniors. Seniors want a say in what happens to their money and how it is used. The dad does not want to be led by the son.

During my interview with her, Colette was brilliant and articulate about seniors often feeling vulnerable when having to negotiate change, balance relationships, and ultimately paying for this type of care to maintain their independence for as long as possible. I found her comments to match exactly what we are seeing in the office too – seniors are afraid.

As a financial planner, I understand one of the most important factors as we age is the quality of resources and services to maintain one's independence. I believe, if we first take the time to understand and plan for the natural progression of aging, this will help navigate financial decisions and possibly remove the fear. Families can use a model such as the Elder Care Continuum for advanced age planning. This will parallel financial resources with personal preferences regarding health, mobility, and housing needs. The resulting outcome allows a financial plan for aging events to be fiscally defined, organized, and prioritized.

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Laura Amendola, CFP®, has been passionate about working with retirees since 1994, is an active member of O.C.E.A.N. and is based in the Punta Gorda, FL area. She can be reached at Laura.Amendola@RaymondJames.com.


Colette M. Russell, Owner
Contact: (941) 412-4070 or
c.russell@brightstarcare.com

Colette M. Russell and BrightStar Care® are not affiliated with Raymond James Financial Services.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of Laura Amendola and not necessarily those of Raymond James. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete


NEARING RETIREMENT | Things To Consider!

Defining Expectations | Funding Your Lifestyle | Continuing the Journey | Benefiting Others

For years, you’ve envisioned exactly what you want from life after you stop working, and you’ve diligently planned for it!! But now that it’s closer than ever, you may wonder what you need to do to smoothly manage the transition.

Have confidence that you’re ready for whatever comes next!

RETIREMENT ISN’T THE ENDGAME!

It’s a full and active part of your life that could last a LONG TIME! So be as prepared as you can – financially, emotionally, AND physically!!

Here is a guide to get you thinking…

Nearing Retirement – Things to Consider

Laura


What EXACTLY is Wealth Management?!?

The term "wealth management" is thrown around PLENTY… in mainstream articles, boardrooms of private client firms, and by financial advisors in front of clients. Still, most professionals are hard pressed to actually DEFINE the term with any degree of precision!!

SIMPLY PUT: "It is the SCIENCE OF MANAGING/DESIGNING A PLAN TO HELP ENHANCE a client’s financial situation delivered in a CONSULTATIVE manner."

And SCIENCE means PROCESS! (So there better be one!!)

I like to say, "It’s finance… beyond investing."

Wealth management entails coordinating a team of experts to address the needs and wants of clients after determining what’s important and WHY! (btw…only after the WHY can the wealth manager be able to bring in the appropriate experts and then provide the appropriate financial products)

Being consultative, wealth managers are collaborative and truly client-centered. A good wealth manager meets without any presupposition about what financial products or services are appropriate for that individual.

IN SUM: Wealth Management is the consultative process designed to meet the needs and wants of clients by providing the appropriate financial products and services.

It’s THE BIG PICTURE with many moving parts… NOT just INVESTMENTS.

Laura

Any opinions are those of Laura Amendola, CFP® and not necessarily those of RJFS or Raymond James.