[00:00:05]
UM, AND BEFORE WE START THE GAME, WE'LL PULL OUR FIRST RAFFLE ITEM.
UM, SO I'LL START OFF WITH MYSELF.
HOME CARE, UM, CARING PEOPLE IS A LICENSED HOME CARE AGENCY IN THE STATE OF NEW YORK.
UM, WE'VE BEEN SERVING CLIENTS FOR OVER 25 YEARS.
WHAT WE DO IS WE HELP INDIVIDUALS WHO NEED, UH, HOME CARE AT HOME, SUCH AS A COMPANION.
IT COULD BE A NURSE, UM, IT COULD JUST BE, UH, TEMPORARY.
UH, MAYBE SOMEONE NEEDS SOME LIGHT HOUSEKEEPING.
UH, AND THEN IT COULD GO TO THE OTHER END OF THINGS WHERE YOU MAY NEED A NURSE TO HELP WITH WOUND CARE RETURNING HOME FROM THE HOSPITAL OR SOMETHING, YOU KNOW, LIKE THAT.
UM, MY BROCHURES ARE ON THE TABLE, SO IF YOU WANTED MORE INFORMATION ON THE HOME CARE, WE CAN TALK ABOUT THAT LATER.
BUT TODAY, WE'RE HERE JUST TO SHARE INFORMATION WITH ALL OF YOU, UM, TO KIND OF EDUCATE YOU ON EACH OF OUR TOPICS AND WHAT WE DO TODAY.
I'M GONNA PASS THIS OVER TO TAMMY.
HI, THANK YOU SO MUCH FOR HAVING US TODAY.
I AM THE CLINICAL LIAISON AT CORTLAND HEALTHCARE.
UM, CORTLAND HEALTHCARE IS LOCATED IN CORTLAND MANOR IN UPPER WESTCHESTER, AND WE ARE 120 BED SKILLED NURSING AND REHAB FACILITY.
WE, UM, HAVE LONG-TERM CARE AND SHORT-TERM CARE.
UM, MY BACKGROUND IS IN OCCUPATIONAL THERAPY.
I'VE, UM, I'VE WORKED IN THIS FIELD FOR OVER 30 YEARS, AND, UM, AS A DIRECTOR OF REHAB FOR MANY OF THOSE YEARS, I REALIZED THAT, UM, WHEN PEOPLE FIND THEMSELVES IN A HOSPITAL, THE TRANSITION FROM THE HOSPITAL TO SKILLED NURSING, UM, CAN BE VERY OVERWHELMING AND YOU DON'T GET A LOT OF INFORMATION, AND HEALTHCARE KIND OF MOVES YOU THROUGH VERY QUICKLY.
SO, ABOUT A YEAR AGO, I MET WITH MY COMPANY AND ASKED IF WE COULD CREATE THIS POSITION WHERE I COULD GO TO THE COMMUNITY AND KIND OF HELP PEOPLE NEGOTIATE THEIR WAY THROUGH, UM, THIS HEALTHCARE SYSTEM.
AND I ALSO GO OUT TO COMMUNITY CENTERS, ASSISTED LIVINGS, TO TRY AND EDUCATE PEOPLE BEFORE THEY HAVE THAT NEED, OR THEIR SPOUSE OR THEIR NEIGHBOR, RIGHT? AND, UM, IT'S, IT'S WORKING OUT VERY WELL.
PEOPLE ARE VERY GRATEFUL BECAUSE A LARGE PERCENTAGE OF PEOPLE DON'T EXACTLY UNDERSTAND THEIR BENEFITS OR THE PROCEDURE UNTIL, YOU KNOW, YOU FIND YOURSELF IN THE HOSPITAL.
UM, SO A BIG PART OF MY JOB IS COMING TO TELL YOU, UM, KIND OF WHAT'S NEXT FOR YOU WHEN YOU LEAVE THAT HOSPITAL, WHAT YOU CAN EXPECT, ANSWER YOUR INSURANCE QUESTIONS, THOSE TYPES OF THINGS.
UM, SO AGAIN, THANK YOU SO MUCH FOR HAVING US.
UM, AND WE'LL MOVE THIS RIGHT DOWN THE LINE.
GOOD MORNING OR GOOD AFTERNOON, EVERYONE.
I AM A LICENSED REALTOR IN CONNECTICUT AND NEW YORK.
UM, I WORK FOR KELLER WILLIAMS REALTY, AND I SPECIALIZE IN DOWNSIZING FOR SENIORS.
I BEGAN TO FOCUS ON THIS AREA BECAUSE I MYSELF EXPERIENCED WHAT MY PARENTS WENT THROUGH AND ALSO WHAT MY IN-LAWS WENT THROUGH WHEN THEY DIDN'T HAVE A PLAN IN PLACE.
AND THEY STARTED TO HAVE SOME SERIOUS ISSUES, AND WE, IT IMPACTED ALL OF US AND WE HAD TO MAKE VERY SERIOUS DECISIONS QUICKLY.
SO I WANTED TO BE THE SOURCE TO HELP OTHERS IN THAT.
THANK YOU SO MUCH FOR HAVING US.
I WANNA GIVE A, YOU KNOW, A THANK YOU TO TIARA AND THE TEAM HERE, UM, FOR SETTING THIS UP FOR EVERYONE.
I'M FROM SUNRISE SENIOR LIVING AS YOU SEE MY ORANGE.
UM, SO WHAT I DO, I'M THE AREA DIRECTOR FOR THE COMPANY.
SO I WORK SIX BUILDINGS IN, THREE IN NEW YORK AND THREE IN CONNECTICUT.
I HELP FAMILIES NAVIGATE WHAT COMMUNITY WORKS FOR THEM IF THEY'RE INTERESTED IN MOVING TOUR SUNRISE.
IF YOU EVER WANT TO COME IN FOR LUNCH, YOU'VE GOT MY CARDS, YOU CAN CALL ME.
UM, AND WE HAVE LOCATIONS RIGHT NOW LOCALLY IN YONKERS, MOUNT VERNON, AND ACROSS THE BRIDGE IN NEW CITY, AS WELL AS THREE IN CONNECTICUT AND WILTON.
THAT'S ME, ROB TANGLE, SUNRISE ASSISTED LIVING, MEMORY CARE, INDEPENDENT LIVING, AND ASSISTED LIVING.
UH, AGAIN, THANKS TIARA FOR HAVING US.
I'M ASSISTANT VICE PRESIDENT AND WEALTH ADVISOR AT TOMPKINS BANK.
YOU GUYS HAVE PROBABLY, HOPEFULLY HAVE SEEN OUR SIGNS AROUND AND OUR BRANCHES.
OUR CLOSEST BRANCH IS OUR NORTH BROADWAY AND YONKERS.
UM, AND WE HAVE ANOTHER ONE RIGHT BY THE CASINO AS WELL IN YONKERS.
UM, WE HAVE ANOTHER ONE IN PLEASANTVILLE AND ALSO IN SLEEPY HOLLOW.
SO ALL WITHIN ABOUT 20 MINUTES RANGE OF HERE.
UM, SO AS, UM, AS A WEALTH ADVISOR
[00:05:01]
AT TOMPKINS, I DO WORK A LOT WITH SENIORS, UM, A LOT MEANING IN GENERATIONAL WEALTH PLANNING AND ALSO CURRENT PLANNING.SO LIVING, SO FOR A LOT OF SENIORS WHO ARE TRANSITIONING, OR PEOPLE WHO ARE RETIRING, WHO ARE TRANSITIONING INTO THAT NEXT PHASE OF THEIR LIFE, UM, THAT IS A VERY, VERY, UM, EYE-OPENING, TRANSFORMATIONAL MOMENT FOR THEM.
UM, SO I CAN TALK A LITTLE BIT ABOUT THE STORIES AND THE CLIENTS THAT I HAVE WHO HAVE GONE THROUGH THIS PROCESS EVEN JUST RECENTLY.
UM, AND THEN UP HERE WITH THE, THESE OTHER PROFESSIONALS, WE'LL BE ABLE TO TALK A LITTLE BIT ABOUT HOW FINANCIAL PLANNING, UM, GOES DIRECTLY INTO SENIOR CARE LIVING AND, AND THE PROCESSES ALONG THE WAY.
SO, UM, THANK YOU ALL FOR HAVING ME AND I'LL PASS IT OVER TO BRENDA.
I AM THE PRESIDENT AND OWNER OF AGING ADULT TRANSITIONS.
AND IN MY ORGANIZATION, IN MY COMPANY, THERE ARE TWO THINGS THAT WE DO.
THE FIRST IS I AM A RESOURCE COACH, SO I'M ABLE TO ANSWER THE QUESTION, WHERE DO I START? SO IF YOU THINK ABOUT IT, YOU MAY HAVE A FRIEND OR A NEIGHBOR OR A SIBLING, AND YOU REALLY DON'T KNOW WHERE TO START.
DO YOU GET CARE? DO YOU HIRE AN ELDER CARE ATTORNEY? WHERE DO YOU START? I'M THE PERSON THAT YOU WOULD TALK TO.
THE SECOND PART OF MY ORGANIZATION IS SENIOR LIVING PLACEMENT.
SO AGAIN, YOU MAY ALREADY KNOW IN YOUR MIND THAT YOU HAVE, UH, A SIBLING AND YOUR SIBLING REALLY DOES NEED SENIOR LIVING AT THIS POINT IN, AT THIS STAGE IN THEIR LIFE.
YOU WOULD ACTUALLY CONTACT ME, I KNOW ALL OF THE SENIOR LIVINGS, INCLUDING SUNRISE, WHICH IS A GREAT COMMUNITY.
AND THEN I WOULD PLACE
SO AGAIN, MY INFORMATION IS ALSO IN THE BACK, AND I HAVE GOODIES, CHOCOLATE, CHOCOLATE, CHOCOLATE BRIBE.
SO PLEASE FEEL FREE TO TAKE IT.
HI, I AM PATTY BA AND I HAVE A LAW FIRM, UM, IN WHITE PLAINS, COMMER BAE AND SCON, LLP.
AND I HAVE BEEN WORKING WITH PEOPLE LIKE YOU AND FAMILIES FOR, UM, MY WHOLE CAREER REALLY.
UM, AND WORKING WITH ALL OF THE PEOPLE OR SOMEBODY LIKE THEM THAT'S ON THIS PANEL TO HELP PEOPLE WITH THEIR ESTATE PLANS.
UM, BOTH IN TERMS OF WHILE YOU'RE LIVING WITH EFFECTIVE POWERS OF ATTORNEY AND ALSO, YOU KNOW, UPON PEOPLE'S PASSING.
UM, I'M ALSO WORK IN THE AREA OF ELDER LAW.
SO I HELP LIKE MANY OF THESE PEOPLE DO WITH TRANSITIONS FROM HOME CARE TO, UH, ASSISTED LIVING TO NURSING CARE AND ASSISTING FAMILIES ON HOW TO ARRANGE THEIR AFFAIRS SO THAT THEY CAN, UM, GET THE FINANCES TO HELP THEM WITH THOSE TRANSITIONS, UH, INCLUDING MEDICAID AND PREPARATION OF MEDICAID APPLICATIONS, UM, AND EVERYTHING IN BETWEEN.
WE'D LIKE TO, UM, HAVE A HOLISTIC PRACTICE WHERE WE REALLY GET INVOLVED WITH FAMILIES AND FIND THEM WHERE THEY ARE AND WHAT THEY NEED AND HOW WE CAN HELP THEM.
UM, MY MAIN OFFICE IS IN WHITE PLAINS, BUT I DO HAVE SATELLITE OFFICES.
UH, WE ACTUALLY HAVE A MORE, A MOST RECENT ONE HERE ON THE HUDSON SIDE.
UM, AND WE'RE UP IN MOUNT KISCO AND ALL AROUND.
UH, REGINA MATOS IS HERE IN THE BACK, AND SHE WILL ALSO BE AROUND TO ANSWER QUESTIONS WHEN WE'RE DONE.
AND I HAVE ANOTHER SENIOR ASSOCIATE AS WELL AS A PARALEGAL AND AN ADMINISTRATIVE ASSISTANT.
SO WE TRY TO RUN A EFFICIENT, UM, AND COMPASSIONATE OPERATION TO HELP PEOPLE, UM, AS AS THEY'RE AGING.
SO, UM, I WILL EXPLAIN THE RULES OF THE GAME, UM, AND THEN WE'LL PULL OUR FIRST RAFFLE ITEM.
UM, SO ESSENTIALLY WHAT WE'RE DOING IS I HAVE A WHEEL HERE, A SPINNING WHEEL, AND, UH, WE WILL, UH, DO THE QUESTIONS ONE BY ONE, UH, UNTIL THE BOARD IS CLEARED.
UM, ANYONE THAT IS INTERESTED IN PARTICIPATING, YOU RAISE YOUR HAND FOR THE FIRST QUESTION AND, AND HERE WILL CHOOSE, UH, THE PERSON THAT RAISES THEIR HAND FIRST.
THAT PERSON WILL THEN SPIN THE WHEEL, AND WHICHEVER COLOR THE WHEEL LANDS ON WILL BE THE COLUMN THAT YOU CAN SELECT A QUESTION FROM.
NOW ON MY COMPUTER, THAT COLUMN THAT LOOKS LIKE IT'S YELLOW IS ACTUALLY ORANGE.
UM, SO WE'RE GONNA TREAT THAT AS AN ORANGE COLUMN TODAY.
I DON'T KNOW IF I'M THE ONLY ONE THAT'S LOOKING AT IT AND SEEING IT AS YELLOW RIGHT NOW, BUT IT LOOKS PRETTY YELLOW TO ME.
SO IF YOU LAND, IF YOU LAND ON ORANGE, THAT WILL BE THE COLUMN, UH, WHERE YOU WOULD CHOOSE YOUR QUESTION.
SO FOR INSTANCE, I'M SPINNING THE WHEEL RIGHT NOW.
IF I WAS, UH, TO BE PLAYING IT LANDED ON GREEN.
UM, THE CO THE COLORS CHANGED A BIT AS THEY WENT ONTO THE PROJECTOR.
I PROMISE THAT'S GREEN ON MY COMPUTER.
[00:10:01]
UM, I WOULD, FOR INSTANCE, PICK A QUESTION.SO, UH, ONE OF THE QUESTIONS I'M LOOKING AT RIGHT NOW SAYS, THIS PERSON DECIDES THE PACE, THE PLAN, AND EVERY STEP WHEN IT'S TIME TO DOWNSIZE AND MOVE.
SO NOW SIMPLY, UH, DECIDING TO PARTICIPATE AND RAISING YOUR HAND AND SPINNING THE WHEEL WILL EARN YOU ONE MORE RAFFLE TICKET.
UM, AND THEN YOU HAVE THE OPTION, YOU CAN TRY TO ANSWER THE QUESTION RIGHT THEN AND THERE YOURSELF, OR WE CAN JUST GO RIGHT TO THE EXPERT AND THE EXPERT WILL ANSWER THAT QUESTION.
THE EXPERTS ARE GOING TO ANSWER THE QUESTION ANYWAYS, BUT IF YOU'D LIKE TO PARTICIPATE AND, UH, ANSWER THE QUESTION YOURSELF TO GIVE IT YOUR BEST GUESS, WE DO ENCOURAGE THAT BECAUSE WE WANT IT TO BE INTERACTIVE.
ALSO, THERE'S AN OPTION FOR DAILY DOUBLE.
UM, SO YOU CAN CHOOSE A DAILY DOUBLE QUESTION RATHER THAN, UH, ONE OF THE OTHERS.
THOSE WE DON'T HAVE ADVERTISED HERE BECAUSE THOSE ARE GONNA BE SURPRISE QUESTIONS.
UM, EACH FIVE OF THE EXPERTS HAVE DAILY DOUBLE QUESTIONS.
UH, SO IF YOU SELECT THAT DAILY DOUBLE, WE'LL THEN ASK YOU THAT QUESTION.
AND FOR THAT ONE, YOU DO NEED TO ANSWER IT BECAUSE IF YOU ANSWER IT CORRECTLY, YOU WILL GET TWO ADDITIONAL RAFFLE TICKETS.
UM, SO THAT IS BASICALLY HOW THE GAME WILL BE PLAYED.
UM, ON THIS BOARD, THERE ARE TWO YELLOW SPACES AND, UH, THOSE ARE JUST BONUS SPACES.
YOU'RE NOT GONNA HAVE TO ANSWER A QUESTION OR ANYTHING FOR THAT.
YOU'RE JUST AUTOMATICALLY GONNA GET TWO RAFFLE TICKETS.
UM, AND I WILL REVIEW THIS AGAIN, IF ANYONE GETS LOST OR CONFUSED, I KNOW IT'S THE FIRST TIME FOR ALL OF US.
UH, WHAT I'LL FIRST DO IS I WILL SPIN THE WHEEL, UM, OR ACTUALLY NO, I'M GONNA PULL A RAFFLE QUESTION OR RAFFLE A RAFFLE TICKET TO SEE WHO THE FIRST WINNER IS.
AND THIS WILL BE FOR A, UH, A $25 GIFT CARD TO, UH, THE PIZZA RESTAURANT RIGHT DOWN THE ROAD THERE.
IS ANYONE FAMILIAR WITH PIZZA GRILL? OKAY, GREAT.
I AM GOING TO, I'LL GRAB THAT ONCE WE, UH, ONCE WE GET STARTED, I'LL GRAB YOU THAT, THAT, UH, IT'S IN MY BAG.
ALRIGHT, SO, UM, ALRIGHT, SO I'M GOING TO, UH, ASK WHO WOULD LIKE TO, DO WE HAVE ANY TAKERS FOR THE FIRST SPIN? PERFECT.
WE DIDN'T HAVE TO SEE WHO DID IT FIRST.
USE ALL OF YOUR STRENGTH TO SPIN THIS
AND DON'T WORRY, I'LL READ THE QUESTIONS TO YOU.
UM, AND WE HAVE BINOCULARS TOO.
SO ORANGE WILL BE THIS COLUMN HERE.
OKAY, SO I'M GOING TO, UH, READ THESE QUESTIONS TO YOU.
YOU CAN PICK WHICH ONE, 'CAUSE I'M SURE THAT YOU CAN'T SEE IT FROM HERE.
UM, SO YOU CAN CHOOSE WHICH OF THESE YOU WOULD LIKE TO, UH, ANSWER OR HAVE ANSWERED.
WHAT ARE THE BENEFITS TO HAVING A CORPORATE FIDUCIARY FOR MY TRUST? WHAT ARE COMMON SERVICES OFFERED IN SENIOR LIVING COMMUNITIES? WHAT SHOULD I KNOW ABOUT SUPPLEMENTAL INSURANCE MEDIGAP WHEN PLANNING MY FINANCES? AND LASTLY, WHAT IS THE PRIMARY FUNCTION OF A FINANCIAL ADVISOR WHEN CONSTRUCTING A FINANCIAL PLANNING AND OR ESTATE PLANNING? WHICH ONE WOULD YOU LIKE TO CHOOSE OR WOULD YOU LIKE TO DO DAILY DOUBLE.
SO I WILL DO MY DAILY DOUBLE QUESTION FOR THIS.
SO MY DAILY DOUBLE QUESTION FOR YOU IS, WHAT IS THE CARTOON CAT TV CHARACTER WHO LOVES LASAGNA AND HATES MONDAYS TV SHOW ORIGINATED IN 1968? FAMOUS CAT CARTOON CHARACTER? UM, SHE'LL GET THE CREDIT FOR THE, DO YOU WANNA, YOU WANNA HELP HER OUT? GARFIELD.
GARFIELD? YES, THAT'S CORRECT.
SO I'M GOING TO GIVE YOU TWO MORE OF THESE.
JUST YOUR NAME WILL BE FINE BECAUSE WE HAVE YOUR INFORMATION ON THE OTHERS.
SO JUST PUT YOUR NAME ON TWO OF THOSE AND WE'LL THROW IT BACK IN THE BUCKET.
ARE BUT YOUR, YOUR QUESTIONS THE ONLY QUESTIONS.
WE'RE GONNA GO TO THE NEXT, UM, NOW, OKAY.
[00:15:01]
BRAVE CONTESTANT TO SPIN THE WHEEL? OKAY, PERFECT.OKAY, WE HAVE BLUE, BLUE IS THE SECOND COLUMN.
WOULD YOU LIKE ME TO READ THEM TO YOU? NO, NO.
BUT I DO HAVE THE QUESTION AGAIN.
WHICH QUESTION IS THAT? DO I NEED A WILL AND OR A TRUST? DO YOU NEED A WILL AND OR A TRUST? OKAY, I'M GONNA PASS THAT OVER TO PATTY.
SO, UM, OBVIOUSLY THE, UH, ANSWER TO THIS QUESTION IS NOT REALLY A TWO MINUTE ANSWER, BUT I'M GONNA TRY TO GIVE YOU AN OVERVIEW.
UM, SO A WILL AND A TRUST ARE TWO DIFFERENT MECHANISMS FOR LEAVING WHAT WE CALL A TESTAMENTARY PLAN, RIGHT? SO AFTER YOU PASS, THIS IS WHERE YOU WANT YOUR PROPERTY TO GO, AND YOU CAN DO IT BY EITHER A WILL OR A TRUST.
WE ALWAYS RECOMMEND THAT PEOPLE HAVE BOTH, JUST IN CASE THAT ALL OF THEIR ASSETS ARE NOT IN THE TRUST.
SO WHEN YOU CREATE A TRUST, IF YOU DO IT DURING YOUR LIFETIME AS OPPOSED TO A TRUST AT DEATH, YOU HAVE TO ACTUALLY CREATE THE DOCUMENT SAYING WHERE YOU WANT THINGS TO GO.
AND THEN YOU HAVE TO MOVE ASSETS.
NOW WHILE YOU'RE ALIVE INTO THIS TRUST, SO FOR EXAMPLE, YOUR HOUSE, YOU HAVE TO DEED THE HOUSE INTO THE TRUST.
AND SO WHAT, WHAT THE TRUST DOES IS THIS IS A REVOCABLE TRUST.
THERE'S ALL KINDS OF DIFFERENT TRUSTS, BUT I'M JUST DEALING WITH COMPARING A WILL WITH A REVOCABLE TRUST.
SO WHAT IT DOES IS, IS, IS YOU DO THE WORK NOW AND YOU MAKE IT EASIER ON YOUR BENEFICIARIES LATER BECAUSE YOU'VE, YOU'VE EITHER TRANSFERRED ASSETS INTO THE TRUST IN COMBINATION WITH PERHAPS BENEFICIARY DESIGNATIONS.
AND IF YOU HAVE NO TAXABLE ESTATE, WHICH NOW IS YOU GOTTA HAVE AT LEAST 7 MILLION TO WORRY ABOUT TAXES.
UM, YOU CAN, YOU CAN MAKE YOUR ESTATE RATHER EASY TO DISTRIBUTE AFTER YOUR GO, AFTER YOU GO, WILLS ARE A LITTLE BIT MORE COMPLEX BECAUSE YOU HAVE TO GO TO SURROGATES COURT.
THERE'S, YOU KNOW, YOU HEAR THE WORD PROBATE.
PEOPLE WILL SAY, DO I HAVE TO PROBATE MY WILL? ANY WILL TO DO ANYTHING HAS TO BE PROBATED WHEN YOU DIE, IF YOU HAVE A WILL, IF YOU DON'T GO TO COURT WITH IT AND IT'S NOT PROVED AS A VALID DOCUMENT BY THE COURT, THEN YOU CAN'T DO ANYTHING WITH IT.
YOU CAN ACT UNLIKE A TRUST THAT YOU'VE PUT IN PLACE BEFORE THAT YOU CAN ACT ON WITHOUT GOING TO THE COURT AND YOUR, AND YOUR SUCCESSOR TRUSTEE.
'CAUSE NORMALLY YOU WOULD BE THE TRUSTEE OF YOUR OWN TRUSTEE, YOU'RE SUCCESSOR TRUSTEE, OR WHETHER IT'S A CHILD OR A SISTER OR WHOEVER IT IS, CAN JUST THEN ACT AS TRUSTEE.
THEY DON'T NEED TO GET ANY APPROVAL FROM A COURT.
SO JUST REAL QUICK, THE BEST WAY FOR ME TO SUMMARIZE THIS FOR YOU IS I SAY IN AT LEAST FOUR CIRCUMSTANCES, YOU SHOULD AVOID A WILL.
ONE IS, IF YOU KNOW THERE'S PROBLEMS IN THE FAMILY AND YOU WANNA LEAVE SOMETHING TO TWO PEOPLE AND EXCLUDE SOMEBODY ELSE, THAT'S THE TIME TO CONSIDER A TRUST.
IF YOU HAVE A, UM, WHAT I CALL A DIFFICULT FAMILY TREE, YOU DON'T HAVE A SPOUSE, YOU DON'T HAVE ISSUES, YOU HAVE COUSINS, FIRST COUSINS, FIRST COUSINS ONCE REMOVED.
IF YOU HAVE TRUSTS THAT ARE GOING TO GO ON A LONG TIME, UM, IF YOU'RE IN SURROGATES COURT, WHICH YOU WOULD BE IF YOU HAVE A WILL, BECAUSE YOU HAVE THE TRUST IN THE WILL, THAT'S CALLED A TESTAMENTARY TRUST AS OPPOSED TO A LIVING TRUST THAT YOU MAKE DURING YOUR LIFETIME.
SO FOR EXAMPLE, FOR YOUNG CHILDREN OR GRANDCHILDREN, AND OVER THE 20 YEARS, THE TRUST MAY BE IN EXISTENCE.
YOU'RE GONNA HAVE TO MAKE CHANGES EVERY TIME YOU HAVE TO GO BACK TO COURT.
AND IT'S LITERALLY TAKING US A YEAR TO GET A CHANGE IN TRUSTEE OUT OF THE COURT.
SO THAT'S NOT A TIME THAT YOU, YOU KNOW, THAT YOU, YOU WOULD RATHER HAVE IT NOT BE IN THE COURTS.
UM, AND THE, AND THE, AND THE LAST ITEM IS REALLY, IF YOU HAVE PROPERTY IN MORE THAN ONE STATE.
SO IF YOU HAVE NEW YORK PROPERTY AND YOU HAVE A, A VACATION HOME IN FLORIDA OR SOUTH CAROLINA OR CALIFORNIA, WHEREVER YOU HAVE IT, YOU'RE GONNA END UP WITH AT LEAST TWO PROBATES.
YOU'RE GONNA NEED ONE IN NEW YORK AND YOU'RE GONNA NEED ANOTHER ONE.
WHEREAS IF YOU PUT THOSE TWO PROPERTIES INTO YOUR REVOCABLE TRUST, YOU DON'T HAVE TO DO PROBATES IN EITHER OF THOSE STATES.
SHOULD I, AT THIS POINT, DO YOU RECOMMEND MAKING A REVOCABLE TRUST? NOW HOW DO YOU INCORPORATE THE EXISTING WILL INTO THE REVOCABLE TRUST, OR YOU DO, OR YOU
SO, UM, I'M SURPRISED THAT YOU'RE MENTIONING THAT TRUSTS ARE BETTER THAN WILLS RIGHT NOW.
UM, WHICH IS SURPRISING FOR MOST PEOPLE.
JUST THINK WILL, WHY DON'T YOU GIVE HER
[00:20:01]
THE MICROPHONE? LAST QUESTION.OKAY, SO MY QUESTION WAS, UM, FROM WHAT YOU'RE SAYING, TRUSTS ARE BETTER THAN WILL'S RIGHT NOW AND WE'VE ALWAYS THOUGHT, WELL, THE WILL IS LIKE THE FINAL THING AND TRUSTS ARE MAYBE FOR MORE WEALTHIER PEOPLE.
NO, THAT'S NOT THE CASE AT ALL.
SO YOU ARE SAYING THAT TRUSTS ARE, LET ME JUST SAY AND THEN I JUST, BECAUSE EVERYBODY HERE YOU'RE GONNA WANT TO HEAR FROM.
SO I'M HAPPY TO ANSWER ANY OF THESE QUESTIONS.
ALSO, THESE MORE INDIVIDUAL QUESTIONS WE CAN DO AT THE END.
WHEN I, I WAS NEVER A BIG BELIEVER IN THE TRUSTS BECAUSE I THOUGHT IT WAS OVERSELL WHEN I'VE BEEN DOING THIS FOR 40 YEARS,
AND I STILL THINK THOSE DOCUMENTS ARE TOO MUCH.
BUT AS I'VE PROGRESSED AND YOU KNOW, FRANKLY, IT'S LIKE EVERYTHING ELSE IN THE WORLD THESE DAYS, THERE'S MORE DEMAND AND LESS AND LESS TO DO THE WORK.
SO THE COURTS ARE MORE BACKED UP THAN EVER.
I MEAN, LITERALLY IT CAN TAKE A YEAR TO GET SIMPLE LETTERS, WHICH IS WHAT YOU GET WHEN YOU PROBATE A WILL TO, TO BE ABLE TO ADMINISTER AN ESTATE.
SO YES, OVER THE COURSE OF THESE MANY YEARS, I WOULD DEFINITELY TELL YOU THAT REV TRUSTS ARE MUCH MORE THE BETTER VEHICLE THAN, THAN WILLS.
AND, AND THE ONE THING YOU HAVE TO UNDERSTAND ABOUT WILLS IS IT'S NOT INTUITIVE.
WHEN YOU DO A WILL, YOU CAN LEAVE EVERYTHING TO SOMEBODY WHO'S A BENEFICIARY, BUT THEY'RE NOT A DISTRIBUTEE.
SO IF YOU HAVE THREE KIDS AND ONE OF THEM IS ESTRANGED FROM YOU, WHEN YOU DIE WITH A WILL, REGARDLESS OF THE FACT, IF YOU LEAVE THAT CHILD OUT OF THE WILL, THEY HAVE TO AGREE TO THE PROBATE OF THAT WILL.
BECAUSE UNDER STATE LAW, THEY ARE A DISTRIBUTEE.
THEY DON'T CARE WHETHER THEY'RE A BENEFICIARY OR NOT.
SO PEOPLE WHO HAVE CONTENTION IN THEIR FAMILIES, WHICH UNFORTUNATELY WE SEE A LOT OF THESE DAYS, A WILL IS AN INVITATION FOR A FIGHT.
I'M NOT SAYING YOU CAN'T CONTEST A TRUST, BUT IT'S HARDER, IT'S NOT HANDED TO YOU AS PART OF THE PROCEEDING.
ALRIGHT, WHO IS THE NEXT CONTESTANT THAT WOULD LIKE TO SPIN THE WHEEL FOR A QUESTION? PERFECT.
OH, THIS MUST BE MEANT TO BE FOR YOU.
SO YOU HAVE PURPLE AND, UM, I AM ASSUMING THAT YOU CANNOT READ THAT FROM HERE BECAUSE IT IS VERY FAR
SO I WILL READ THESE, UH, START READING THESE QUESTIONS.
IF SOMETHING CATCHES YOUR EAR AND YOU WANT ME TO STOP, AND THAT'S THE QUESTION YOU THINK IS RIGHT FOR YOU, YOU LET ME KNOW.
THE FIRST IS, WHAT IS THE DIFFERENCE BETWEEN INDEPENDENT LIVING, ASSISTED LIVING AND NURSING HOMES? THE SECOND IS, HOW DO I KNOW IF IT MIGHT BE TIME TO CONSIDER ASSISTED LIVING? THE THIRD IS, HOW DO I COMPARE DIFFERENT SENIOR COMMUNITIES? WHAT SHOULD I LOOK FOR? AND LASTLY IS WHAT SIGNS INDICATE IT'S TIME TO BRING A PROFESSIONAL, I'M SORRY, TO BRING IN PROFESSIONAL HELP FOR MYSELF OR A LOVED ONE.
THE LAST ONE, OKAY, WHAT SIGNS INDICATE IT'S TIME TO BRING IN A PROFESSIONAL TO HELP FOR MYSELF OR A LOVED ONE? BRENDA? SO THINK ABOUT IF YOU'RE VISITING A FRIEND OR A NEIGHBOR, YOUR SISTER, THINGS THAT YOU SHOULD LOOK FOR.
OKAY? FIRST OF ALL, ARE THERE UNPAID BILLS? ARE BILLS SCATTERED AROUND? UH, WHAT ABOUT THE FOOD IN THE REFRIGERATOR? IS THERE A LOT OF EXPIRED FOOD? THESE ARE ALL THINGS TO LOOK FOR THAT MIGHT SAY TO YOU, HMM, SOMETHING'S GOING ON.
RIGHT? SOCIALIZED, UH, SOCIAL ISOLATION.
DOES YOUR LOVED ONE, YOUR FRIEND OR NEIGHBOR, THEY DON'T WANNA LEAVE THE HOUSE ANYMORE, THEY DON'T WANNA SEE FRIENDS.
YOU WANNA LOOK FOR CHANGE, RIGHT? SOMEONE THAT REFUSES TO BATHE SOIL, THE CLOTHING, RIGHT? HOW IS THE HOME ENVIRONMENT? MAYBE THE HOME ENVIRONMENT IS NO LONGER SAFE.
MAYBE YOUR FRIEND, YOUR SIBLING CAN NO LONGER ASCEND OR DESCEND THE STAIRS.
IN THAT CASE, YOU'D HAVE TO SAY TO YOURSELF, WOW, MAYBE THIS IS NOT THE BEST LIVING ENVIRONMENT.
MAYBE YOUR RECOGNIZING EITHER IN YOURSELF IN A LOVED ONE, CONSTANT REPEATING, NOT REMEMBERING THINGS I'M NOT TALKING ABOUT.
IF YOU'VE MISPLACED YOUR KEYS, WE ALL DO THAT, RIGHT? I'M TALKING ABOUT IF YOUR LOVED ONE PICKS UP KEYS AND THEY DON'T KNOW WHAT THEY'RE FOR, OR THEY PUT THE KEYS IN THE REFRIGERATOR AND THINGS THAT ARE HAPPENING OVER AND OVER AGAIN, MAYBE
[00:25:01]
IT'S TIME THAT YOU SIT DOWN AND, AND TALK TO THEM ABOUT MAYBE THIS ISN'T THE BEST ENVIRONMENT.HAS THERE BEEN WEIGHT LOSS? WEIGHT GAIN, AND LAST, AND THESE ARE, THIS IS JUST A VERY GENERALIZATION AGITATION.
MAYBE YOUR LOVED ONE IS AGITATED ALL THE TIME.
AND I'M NOT TALKING ABOUT JUST A ONE TIME THING.
AND IF YOU PUT ALL OF THESE THINGS TOGETHER, YOU WANNA SAY TO YOURSELF, MAYBE IT'S TIME FOR SOMETHING ELSE.
I'M NOT GONNA TALK ABOUT THE SOMETHING ELSE.
'CAUSE THAT'S ANOTHER QUESTION.
DO WE HAVE ANOTHER CONTESTANT TO SPIN THE WHEEL? PERFECT.
AND THEN WE'LL GO TO THE OTHER TWO NEXT.
OKAY, SO THE REMAINING QUESTIONS ON THE PURPLE COLUMN ARE, WHAT IS THE DIFFERENCE BETWEEN INDEPENDENT LIVING, ASSISTED LIVING AND NURSING HOMES? HOW DO I KNOW IF IT MIGHT BE TIME TO CONSIDER ASSISTED LIVING? HOW DO I COMPARE DIFFERENT SENIOR COMMUNITIES AND WHAT SHOULD I LOOK FOR? AND THERE'S ALSO A DAILY DOUBLE, OF COURSE.
I'M GONNA TAKE THE FIRST QUESTION.
OKAY, WHAT IS THE DIFFERENCE BETWEEN INDEPENDENT LIVING, ASSISTED LIVING AND NURSING HOMES?
I'M GOING TO BE VERY, VERY GENERAL HERE.
'CAUSE THERE'S A LOT OF INFORMATION WITH ALL THREE CATEGORIES.
IT'S REALLY IF THE UPKEEP OF YOUR HOME, YOU DON'T WANT THE UPKEEP ANYMORE.
YOU DON'T WANNA HAVE TO THINK ABOUT PAINTING AND GARDENING AND THINGS LIKE THAT.
INDEPENDENT LIVING IS WONDERFUL BECAUSE NOT ONLY DOES IT PROVIDE SOCIALIZATION, IT'S GOT GREAT FOOD, YOU'VE GOT AN APARTMENT, YOU'VE GOT ACTIVITIES.
SO IT'S REALLY FOR THE PERSON WHO NO LONGER WANTS TO STAY IN THEIR HOME.
AGAIN, THIS IS VERY, VERY GENERAL ASSISTED LIVING.
THINK OF THE PERSON WHO MAYBE THEY DON'T WANNA STAY IN THEIR HOME ANYMORE, BUT THEY NEED SOME ASSISTANCE.
THEY NEED SOME ASSISTANCE WITH WHAT'S CALLED ACTIVITIES OF DAILY LIVING.
ACTIVITIES OF DAILY LIVING INCLUDE THEY NEED SOME ASSISTANCE, BATHING, MAYBE PUTTING THE SOCKS ON, DRESSING, TRANSPORTATION, MEDICATION MANAGEMENT.
IN THAT CASE, ASSISTED LIVING WOULD BE YOUR BEST BET.
AND ASSISTED LIVING PROVIDES ALL OF THOSE WONDERFUL THINGS THAT INDEPENDENT LIVING PROVIDES.
THE GREAT FOOD, THE ACTIVITIES, THE SOCIALIZATION, BUT IT ALSO PROVIDES CARE.
SO AGAIN, THINK OF THE PERSON WHO THEY DON'T REALLY HAVE HIGH CARE NEEDS, BUT THEY NEED SOME ASSISTANCE.
NOW, I KNOW ON THE BOARD WE DIDN'T TALK ABOUT ENHANCED ASSISTED LIVING, BUT I REALLY FEEL I WANNA GET INTO THAT.
IN, IN A REGULAR ASSISTED LIVING COMMUNITY, YOUR CARE NEEDS CANNOT BE REALLY HIGH.
IT'S JUST THAT'S WHAT THE LICENSE SAYS.
IN AN ENHANCED ASSISTED LIVING, IT'S PRETTY DEFINITIVE.
AND THAT'S REALLY FOR FOLKS THAT NEED A LOT MORE CARE.
SO THINK OF THE LINE, THE LINE OF INDEPENDENT LIVING.
YOU DON'T REALLY NEED CARE ASSISTED LIVING.
YOU'VE NEED SOME MINIMAL CARE, BUT ENHANCED ASSISTED LIVING AT THAT POINT, PERHAPS YOU NEED, UM, YOU'RE IN A WHEELCHAIR OR YOU'VE GOT A PROGRESSIVE DISEASE LIKE PARKINSON'S OR MS, OR YOU'VE GOT EXTENSIVE DEMENTIA, OR YOU HAVE A LOT OF CARE NEEDS.
YOU MAY HAVE A WOUND, YOU MAY HAVE AN IV OR A CATHETER.
ENHANCED, ASSISTED LIVING PROVIDES CARE.
WE TALKED ABOUT SOCIALIZATION, THE GREAT FOOD, THE ACTIVITIES, A NURSING HOME.
NOW IT'S, IT'S, IT'S A GRAY AREA BECAUSE SOME ENHANCED ASSISTED LIVINGS PROVIDE A VERY HIGH LEVEL OF CARE IN A SKILLED NURSING HOME.
SKILLED NURSING PROVIDES 24 7 SKILLED MEDICAL CARE, 24 7 SKILLED MEDICAL CARE.
IF YOU'RE LOOKING FOR ALL THE DIFFERENT TYPES OF SENIOR LIVING, MAYBE FOR A LOVED ONE.
AND AT THAT STAGE IN THEIR LIFE, THEY NEED SKILLED MEDICAL CARE, THEY WOULD REQUIRE A NURSING HOME.
AND I SAY IT'S, IT'S A VERY GRAY AREA.
UM, SOME OF THE NURSING HOMES ARE A MORE STERILE ENVIRONMENT, SOME OF THEM, WHEREAS ASSISTED LIVING IS A MORE HOMELIKE ENVIRONMENT, RIGHT? NURSING HOMES INCLUDE MANAGEMENT OF WOUNDS, CATHETERS, IVS, ALL OF THAT STUFF.
[00:30:01]
AND USUALLY HAS A WIDER RANGE OF COMPLEX MEDICAL NEEDS.THAT'S WHY I SAY IT'S A GRAY AREA BECAUSE OFTEN ENHANCED ASSISTED LIVINGS CAN PROVIDE CARE FOR IVS AND CATHETERS.
HOWEVER, THAT LITTLE NUANCE THAT THE NURSING HOME HAS THE WIDER RANGE OF COMPLEX MEDICAL NEEDS.
I THINK ONE OF THE BIGGEST DIFFERENCES, MOST OF THE ENHANCED ASSISTED LIVINGS, OR I SHOULD SAY ALL OF THEM IN WESTCHESTER COUNTY, ARE PRIVATE PAY ONLY, MEANING YOU'VE GOTTA PAY WITH YOUR OWN FUNDS.
WHEREAS SKILLED NURSING, I WOULD SAY 90% OF THE PEOPLE THAT LIVE IN SKILLED NURSING LIVE THERE AND THE FUNDS ARE PAID FOR THROUGH MEDICAID.
SO TO ME THAT'S PROBABLY THE BIGGEST DIFFERENCE.
AND AGAIN, THIS IS VERY, VERY GENERAL.
WHERE IS THE TERM ACUTE
THANK YOU FOR SPINNING AND I BELIEVE WE HAD TWO OTHERS WHO WERE INTERESTED IN SPINNING AT THE SAME TABLE.
SORRY, IT DOESN'T MAKE THE COOL NOISES THAT TV SHOW DOES.
OKAY, SO WE HAVE THE ORANGE, WHICH LOOKS YELLOW, BUT I PROMISE IT'S ORANGE.
SO I WILL READ THESE, I WILL READ THESE SLOWLY TO YOU UNLESS YOU CAN SEE THEM.
BUT ASSUMING THAT YOU CANNOT, THE FIRST QUESTION UNDER THE ORANGE IS, WHAT ARE THE BENEFITS OF HAVING A CORPORATE FIDUCIARY FOR MY TRUST? THE SECOND QUESTION IS, WHAT ARE THE COMMON SERVICES OFFERED IN SENIOR LIVING COMMUNITIES? THE THIRD QUESTION IS, WHAT SHOULD I KNOW ABOUT SUPPLEMENTAL INSURANCE? MEDIGAP WHEN PLANNING MY FINANCES? THAT'S THE ONE.
WHAT SHOULD I KNOW ABOUT SUPPLEMENTAL INSURANCE WHEN PLANNING MY FINANCES? I AM WONDERING WHERE I GOT THAT QUESTION FROM.
SORRY, LET ME JUST, UH, WE'RE GONNA HAVE TO SKIP THAT ONE.
I, I THINK THAT QUESTION WASN'T SUPPOSED TO BE ON THERE.
CAN I SKIP AND OFFER YOU ANOTHER QUESTION? YEAH.
THE BOTTOM, THE BOTTOM ONE IS, WHAT IS THE PRIMARY FUNCTION OF A FINANCIAL ADVISOR WHEN CONSTRUCTION CONSTRUCTING FINANCIAL PLANNING AND ESTATE PLANNING? THAT'S OUR YEAH, MYSTERY QUESTION.
UM, SO REALLY THE, UM, THE PRIMARY FUNCTION OF A FINANCIAL ADVISOR IS REALLY TO BE THE QUARTERBACK.
SO WHAT'S WHAT HAPPENS IS WHEN YOU ARE DOING A FINANCIAL PLAN OR DOING A TRUST AND ESTATE PLAN, YOU TYPICALLY NEED MULTIPLE PROFESSIONALS, RIGHT? SO PATTY WOULD BE SOMEONE WHO DOES TRUST IN ESTATES.
YOUR FINANCIAL ADVISOR IS IN CHARGE OF FINDING THOSE PEOPLE FOR YOU.
BECAUSE WHEN YOU GET TO THE POINT WHERE YOU NEED TO DO, UH, ESTABLISH A TRUST OR YOU NEED TO DO SOME TAX PLANNING, THAT INVOLVES A CPA, AN ACCOUNTANT, AN ADVISOR, UM, DEPENDING ON IF YOU NEED, UM, SOME MEDICARE OR INSURANCE, THAT MEANS AN INSURANCE AGENT.
SO YOUR FINANCIAL ADVISOR IS THE PERSON WHO IS IN CHARGE OF UNDERSTANDING YOUR FULL FINANCIAL AND PERSONAL PICTURE, RIGHT? BECAUSE PATTY'S NOT LIKE THIS.
I WOULD, I WOULD, I WOULD, UM, BET ON IT, BUT A LOT OF DIFFERENT PROFESSIONALS LIKE ATTORNEYS, THEY DON'T REALLY REACH OUT TO THE FINANCIAL ADVISORS.
THEY DON'T REALLY REACH OUT TO THE CPAS.
THEY DON'T REALLY REACH OUT TO THE INSURANCE AGENTS.
SO IT'S SUCH AN OVERWHELMING PROCESS THAT IF YOU DON'T HAVE SOMEONE QUARTERBACKING IT FOR YOU, LIKE AN ADVISOR, IT CAN TAKE YOU A LOT LONGER THAN IT NEEDS TO GET THOSE THINGS DONE.
RIGHT? SO FOR EXAMPLE, I HAVE CLIENTS WHO, UM, I HAVE ONE CLIENT WHO IS AN OLDER GENTLEMAN WHO'S BEEN MAYBE 85 YEARS OLD, WHO IS ESTABLISHING A TRUST.
HE IS ESTABLISHING SOME LIFE INSURANCE.
HE'S ALSO, UM, LOOKING TO PUT HIS HOME INTO THE TRUST.
I MEAN, THERE'S A LOT GOING ON, RIGHT? UM, AND THE REASON THAT HE DECIDED TO DO THIS IS BECAUSE HE DOESN'T FEEL THAT HIS CHILDREN OR THE PERSON HE APPOINTED AS TRUSTEE OF HIS ESTATE IS, HAS THE TEMPERAMENT TO CARRY OUT THE, THE, UM, THE, THE THINGS LISTED IN HIS WILL, RIGHT? HE FEELS THAT IF HIS SON GOES TO PROBATE, HE'LL JUST GIVE AWAY THE MONEY,
[00:35:01]
RIGHT? AND SO IT'S UP TO ME AS THE ADVISOR TO FIND THE RIGHT ATTORNEY FOR HIM TO FIND THE RIGHT, UM, CPA FOR TAX REASONS.UM, AND THEN, YOU KNOW, ANYTHING ELSE THAT'S REALLY INCORPORATED INTO HIS FINANCIAL PLAN, IT'S NOT REALLY JUST ABOUT THE CASH FLOW ANALYSIS OR HOW MUCH MONEY YOU HAVE, IT'S REALLY ABOUT MAKING DECISIONS FOR RIGHT NOW YOUR CURRENT PLANNING IS HOW MUCH MONEY DO YOU HAVE TO LIVE? LET'S SAY IF YOU NEED AN ASSISTED LIVING, UM, COMMUNITY TO LIVE IN, HOW MUCH MONEY ARE YOU GONNA HAVE? IS IT GONNA CARRY OUT TILL THE END OF YOUR LIFE? AND IF IT, AND IF IT DOES, HOW MUCH MONEY YOU HAVE LEFT, HOW DO WE, UH, TRANSFER THAT WEALTH OVER TO YOUR HEIRS, YOUR CHILDREN, GRANDCHILDREN AND BEYOND? UM, SO YOUR ADVISOR IS REALLY IMPORTANT IN THIS PROCESS.
UM, DEPENDING ON YOUR ASSET BASE AND WHAT YOU NEED, UM, THEY ARE GONNA BE THE QUARTERBACK OF, OF THIS PROCESS FOR YOU.
UM, UNLESS YOU HAVE A REALLY GOOD ATTORNEY OR A CPA WHO CAN DO ALL OF THAT, TYPICALLY YOUR FINANCIAL ADVISOR LIKES TO GET A GENERAL PICTURE OF EVERY SINGLE THING IN YOUR LIFE.
SO IF AN ADVISOR IS NOT DOING THAT, UM, AND THEY'RE JUST WORRIED ABOUT YOUR INVESTMENTS AND YOUR PORTFOLIO, THEY'RE DOING YOU A DISSERVICE.
UM, THERE, THERE'S NO ONE NOW TODAY WHO IS GETTING PROFESSIONALS WHO ARE JUST DOING ONE THING FOR THEM, RIGHT? EVERYTHING IS A COMPREHENSIVE PROCESS, RIGHT? YOU CAN'T DO TAXES WITHOUT DOING TRUST IN THE ESTATES.
YOU CAN'T DO TRUST IN THE STATE WITHOUT KNOWING WHAT'S IN YOUR INVESTMENT PORTFOLIO, RIGHT? ALL OF IT IS TIED IN.
SO YOUR ADVISOR SHOULD BE ABLE TO, TO HOPEFULLY NAVIGATE ALL OF THAT FOR YOU.
SO NOW WE WILL, UH, SPIN THE WHEEL AGAIN.
I BELIEVE, UH, THERE'S A GENTLEMAN OVER THERE WHO WANTED TO SPIN, WHICH I'M ON MY WAY.
YEAH, WE SHOULD HAVE DONE TEAMS. I THINK YOU GUYS WOULD BE IN THE LEAD ORANGE.
ALRIGHT, WE HAVE ANOTHER ORANGE.
SO YOU HAVE THE OPTION OF DAILY DOUBLE.
WHAT ARE THE BENEFITS OF HAVING A CORPORATE FIDUCIARY FOR MY TRUST? WHAT ARE COMMON SERVICES OFFERED IN SENIOR LIVING COMMUNITIES DAILY? DOUBLE.
DO WE HAVE, UH, ONE OF THE EXPERTS THAT WOULD LIKE TO DO THE DAILY DOUBLE FOR THIS ONE? CAN BE ANYBODY.
SO I THINK DAILY DOUBLE, I'LL SAY IT HERE.
THIS IS NOT A SEXY QUESTION, IT'S AN INVESTMENT RELATED QUESTION, BUT IT'S IMPORTANT.
UM, HOW SHOULD MY PORTFOLIO BE INVESTED FOR MY CHILDREN AND FOR MY GRANDCHILDREN? DOES ANYBODY WANT TO GIVE THAT A SHOT? HOW SHOULD MY PORTFOLIO BE INVESTED FOR MY CHILDREN AND FOR MY GRANDCHILDREN? SAY, UM,
IT DEPENDS ON YOUR ASSET BASE.
SO TYPICALLY WHEN FOLKS THINK ABOUT SENIORS AND OLDER FOLKS WHO ARE LOOKING TO INVEST IN THE MARKET, THEY TYPICALLY GO WITH A INCREASINGLY CONSERVATIVE PORTFOLIO.
MEANING SOMETHING THAT IS EXTREMELY SAFE, LIKE INVESTING IN T BILLS OR GOVERNMENT BONDS, BECAUSE THAT HAS ALWAYS BEEN THE APPROACH TO INVESTING FOR SENIORS.
NOW, IF YOU ARE SOMEONE WHO HAS, UM, UH, AN ABUNDANT, UM, RETIREMENT ACCOUNT, OR YOU HAVE INVESTMENT ACCOUNTS THAT YOU ALREADY USE TO PAY FOR YOUR EXPENSES AND YOUR LIVING AT AN ASSISTED CARE, AND LET'S SAY YOU HAVE ADDITIONAL ACCOUNTS, BANK ACCOUNTS, OTHER INVESTMENT ACCOUNTS, OTHER RETIREMENT ACCOUNTS THAT YOU WOULD LIKE TO LEAVE TO YOUR HEIRS, TYPICALLY, IF YOU ARE LEAVING MONEY TO YOUR HEIRS, YOU'RE NOT INVESTING FOR YOURSELF, YOU'RE INVESTING FOR THEM, WHICH MEANS YOU TYPICALLY WANT TO GROW THE ASSETS.
SO IF YOU ARE 80 YEARS OLD, YOU ARE 90 YEARS OLD AND YOU ARE LOOKING TO INVEST FOR YOUR CHILDREN WHO ARE MAYBE IN THEIR SIXTIES AND THEY'RE, AND THEIR AND YOUR GRANDCHILDREN WHO ARE MAYBE YOUNGER, THIRTIES, TWENTIES, UM, YOU'RE LOOKING TO GROW THAT ASSET BASE.
SO YOU ARE TYPICALLY GONNA TAKE ON A HIGHER RISK PROFILE IN YOUR INVESTMENT STRATEGY, RIGHT? SO YOU'RE GONNA LOOK MORE INTO EQUITIES, LESS IN BONDS, RIGHT? THIS IS JUST A GENERALIZATION, BUT JUST BECAUSE YOU'RE OLDER AND YOU ARE LOOKING TO INVEST FOR YOUR, UM, GRANDCHILDREN AND YOUR HEIRS, IT DOES NOT MEAN THAT YOU AUTOMATICALLY GO WITH A CONSERVATIVE INVESTMENT APPROACH.
THAT'S ALWAYS, THAT'S ALWAYS BEEN HOW IT'S BEEN TAUGHT, UM, BUT IT'S NOT ALWAYS THE CASE.
SO IF YOU'RE LOOKING TO INVEST FOR DOWN THE FUTURE, RIGHT? UM, YOU TYPICALLY, YOU TYPICALLY HAVE TO TAKE ON A LITTLE BIT MORE RISK.
THAT'S JUST HOW THE MARKET WORKS.
UM, BUT THAT IS A, A, A DECISION THAT YOU MAKE WITH YOUR FINANCIAL ADVISOR.
[00:40:01]
UM, NO FINANCIAL ADVISOR SHOULD BE TELLING YOU HOW TO INVEST UNTIL THEY UNDERSTAND YOUR FULL FINANCIAL PICTURE.EVERYTHING, MEANING WHAT YOUR EXPENSES ARE, WHAT YOUR FUTURE EXPENSES MIGHT BE, RIGHT? A LOT OF PEOPLE COME TO ME AND SAY, HEY, I HAVE, YOU KNOW, HALF A MILLION DOLLARS RIGHT NOW AND I'D LIKE TO INVEST, BUT I'M ALSO THINKING ABOUT BUYING A HOME, UM, AND DOWNSIZING IN A YEAR.
WELL THEN WE CAN'T PUT YOUR MONEY INTO THE MARKET IF THAT'S THE CASE, BECAUSE WHAT IF A YEAR FROM NOW THE MARKET IS DOWN 15, 20%, HOW ARE YOU GONNA BUY THAT HOME? RIGHT? SO IT'S A, IT'S A CONVERSATION THAT YOU HAVE TO HAVE WITH YOUR ADVISOR.
I ASK A LOT OF QUESTIONS WHEN I FIRST MEET ANYONE, FORGET IT BEING A SENIOR ANYONE, BECAUSE I LIKE TO UNDERSTAND WHAT'S YOUR FAMILY SITUATION? WHAT'S YOUR HEALTH LIKE? UM, ARE YOU GOING TO BE MAKING A LARGE PURCHASE IN THE FUTURE? IF NOT, MAYBE WE CAN PUT THAT MONEY TO WORK FOR YOU.
SO THERE'S A LOT OF THINGS THAT YOUR ADVISOR SHOULD BE ASKING YOU.
AGAIN, IF SOMEONE IS NOT SITTING DOWN WITH YOU AND FIGURING OUT YOUR FULL FINANCIAL PICTURE PERSONALLY, PROFESSIONALLY, THEN THEY ARE DOING YOU A DISSERVICE.
UM, AND IT IT'S HARD TO KNOW WHAT THAT THEY, WHAT THEY SHOULD BE ASKING YOU.
UM, BUT YOU CAN TELL WHEN SOMEONE JUST WANTS TO INVEST YOUR MONEY FOR YOU VERSUS IF THEY CARE ABOUT, YOU KNOW, YOUR FULL FINANCIAL PICTURE.
UM, AND YOUR FULL FINANCIAL PICTURE IS NOT JUST YOUR INVESTMENTS, IT IS YOUR LIFE, IT IS YOUR PERSONAL LIFE.
EVERY DECISION YOU MAKE FINANCIALLY AFFECTS ONE AREA OF YOUR LIFE AND THE OTHER.
SO, UM, THAT IS, UH, THAT IS THE ANSWER TO MY QUESTION THERE,
THERE'S A FOLLOW UP OVER THERE.
IF I COULD, I'LL ADD SOMETHING TO THE QUESTION.
UM, A LOT OF TIMES YOU CAN LEAVE QUITE A BIT OF MONEY IN A 5 29 A UH, IT'S AN EDUCATIONAL FUND.
UM, IN SOME STATES THERE'S A BIG DEDUCTION IN OTHER STATES THERE ISN'T.
BUT IT'S MONEY THAT GROWS TOTALLY TAX FREE THAT'S BEING ABLE TO BE USED BY THAT GRANDCHILD IN ANY TYPE OF SCHOOLING, TRADE SCHOOL, PRIVATE SCHOOL, ANY KIND OF SCHOOL IN COLLEGE.
AS LONG AS YOU SHOW THAT THAT MONEY IS BEING USED FOR THAT EDUCATION.
AND THAT'S A GREAT WAY TO FUNNEL A LOT OF THE MONEY OUTTA YOUR ESTATE, FINANCIAL ESTATE, UM, TO GIVE TO YOUR GRANDCHILDREN.
ALRIGHT, MAY I HAVE YOUR TICKETS? THANK YOU.
WHO WILL SPEND NEXT? OKAY, PERFECT.
SO THIS IS TRADITIONAL MEDICARE COVERS.
WHAT PERCENTAGE OF YOUR STAY IN A NURSING FACILITY, WHAT IS THE PROCESS TRANSITIONING FROM HOSPITAL TO A CARE FACILITY? WHAT ARE SOME SIGNS THAT YOU MAY WANT TO START THINKING ABOUT HOME CARE? HOW, HOW, OH SORRY.
HOW MANY DAYS DOES MEDICARE PART A COVER WHEN YOU ARE IN A SKILLED NURSING FACILITY OR DAILY? DOUBLE? I CAN ANSWER THE LAST ONE.
SO I THINK 90 DAYS, 90 DAYS TAMMY, IS THAT CORRECT? SO DAYS PHYSICIAN.
UM, AND SO MEDICARE A DOES COVER IN A SKILLED NURSING FACILITY IN REHAB UP TO A HUNDRED DAYS.
AS LONG AS, UM, THE DOCUMENTATION SHOWS THAT THAT PERSON IS MAKING PROGRESS IN THAT SETTING, MEDICARE WILL CONTINUE TO COVER, UM, UP TO A HUNDRED DAYS.
AND, AND THEN AFTER THAT YOU WOULD EITHER SET UP A DISCHARGE PLAN TO GO HOME OR YOU WOULD LOOK INTO STAYING LONG-TERM IF THAT'S WHAT WAS NEEDED.
IF THE PERSON WASN'T SAFE TO RETURN HOME AND THEN YOU'D MEET WITH THE FACILITY AND FIGURE OUT, YOU KNOW, WHERE YOU'D BE MOVING TO.
SOME FACILITIES DON'T HAVE LONG-TERM CARE WHEN THEY DO SHORT-TERM CARE.
SO IF YOU DO COME TO US FOR SHORT-TERM CARE AND AFTER YOUR REHAB, IT DOESN'T SEEM THAT GOING HOME IS IS SAFE OR AN OPTION, THEN WE ARE ABLE TO OFFER A LONG-TERM BED.
UM, BUT THAT'S NOT COVERED BY MEDICARE.
SO THAT IS EITHER A PRIVATE PAID DAILY RATE OR FACILITY MEDICAID.
THAT'S THE TYPE OF MEDICAID WHERE THEY LOOK BACK FIVE YEARS OF STATEMENTS, THAT TYPE OF STUFF.
LONG TERM CARE ONE HAS LONG TERM CARE, LONG-TERM CARES FOR.
YOU CAN PAY PRIVATELY OR MEDICAID OR LONG TERM CARE INSURANCE OR THE LONG-TERM CARE INSURANCE.
BUT THAT'S A, THAT'S A, I'M SORRY, WHAT DID YOU JUST SAY? I LONG TERM CARE INSURANCE.
I THOUGHT THAT'S WHAT YOU WERE.
[00:45:02]
SOME PEOPLE DO HAVE THAT.UM, YEAH, HAVE A CONTRACT FOR LONG-TERM CARE.
THIS IS JUST A QUICK FOLLOW UP TO THAT.
UM, A LOT, QUITE A FEW SENIORS, UM, DON'T MEET THE CRITERIA FOR ACUTE REHAB.
THEY'RE TOO FRAIL, THEY CAN'T DO THE FOUR HOURS A DAY OR WHATEVER.
SO DOES THE MEDICARE A HUNDRED DAYS APPLY TO BOTH ACUTE REHAB AND SUBACUTE REHAB? NO, IT COMES OUTTA TWO DIFFERENT MEDICARE BINS, IF YOU WILL.
SO IF YOU WENT TO ACUTE REHAB, LIKE, UH, LIKE A PER REHAB OR HELEN HAYES, SOMETHING LIKE THIS, UM, IT DOES NOT AFFECT OR DIP INTO THE HUNDRED DAYS OF MEDICARE FOR A SUBACUTE REHAB CENTER.
SO A FACILITY LIKE MINE IS SKILLED NURSING AND REHAB.
UM, AND WE DO HAVE LONG TERM, BUT FOR OUR SHORT TERM BENEFIT OF MEDICARE, THAT'S WHERE THE HUNDRED DAYS OF COVERAGE THERE IS YOU.
YOUR MEDICARE BENEFIT ALSO COVERS IN AN ACUTE CARE SETTING, AND THAT'S THE ONE WHERE MINIMAL OF THREE HOURS A DAY AND THAT TYPE OF STUFF.
GENERALLY THEY, THAT'S A SHORT TERM THING IN TWO, THREE WEEKS, SOMETIMES A MONTH DEPENDING ON THE DIAGNOSIS.
UM, AND IF YOU'RE NOT READY FROM THAT TYPE OF SETTING, THE NEXT STEP DOWN WOULD BE TO A SUBACUTE SETTING.
AND THEN YOUR MEDICARE, UM, PART A FOR, UM, NURSING FACILITIES STARTS KICKING IN AND THAT'S HUNDRED DAYS STARTS.
SO THE HUNDRED DAYS IN SUBACUTE YOU WOULD GET CO.
ALRIGHT, WHO IS NEXT? OH, PERFECT.
OKAY, BLUE IS, DO I NEED A DURABLE POWER OF ATTORNEY AND A HEALTHCARE PROXY? WHAT HAPPENS IF I DO NOT HAVE AN ESTATE PLAN IF I BECOME INCA INCAPACITATED OR DIE? WHAT ARE IMPORTANT THINGS TO CONSIDER WHEN CHOOSING A HOME CARE PROVIDER? OR DAILY DOUBLE.
SHE'S GOING WITH THE DAILY DOUBLE.
SO YEAH, ANYONE CAN DO THE DAILY DOUBLE BECAUSE THERE'S, UH, MORE EXPERTS THAN COLUMNS.
WHAT YEAR, WHAT YEAR DID ELVIS PRESLEY FIRST APPEAR ON THE ED SULLIVAN SHOW? WHAT YEAR?
WHAT YEAR DID HE FIRST APPEAR ON THE ED SULLIVAN SHOW? 1956.
YOU CAN JUST PUT YOUR FIRST NAME ON, ON BOTH OF THEM AND WE'LL DO A, WE'LL DO A, A DRAWING RIGHT NOW.
DO, DO I HAVE EVERYONE'S TICKET THAT FILLED ONE OUT SO FAR AND WE'RE GONNA DO A, A, A DRAWING MID GAME.
SO WE'RE JUST GONNA PULL ON HERE.
OKAY, I'M GOING TO GRAB THIS ONE.
THE FIRST ONE THAT I SEE, LOOK AT THIS.
TAMMY DESIGNED ALL OF THIS HERSELF AND SHE MADE THE BASKET, I'M KIDDING.
WHO IS NEXT TO SPIN THE WHEEL? AWESOME.
WE HAVE ANOTHER PURPLE OR DARK BLUE.
OKAY, SO THERE ARE TWO QUESTIONS LEFT AND A DAILY DOUBLE ON THIS ONE.
THE QUESTIONS ARE, HOW DO I KNOW IF IT MIGHT BE TIME TO CONSIDER ASSISTED LIVING? AND HOW DO I COMPARE DIFFERENT SENIOR COMMUNITIES? WHAT DO I LOOK FOR THE DIFFERENCE IN SENIOR COMMUNITIES? WHAT DO I LOOK FOR?
[00:50:02]
I'LL JUMP IN.SIDE NUMBER ONE THING YOU'RE THINKING OF SENIOR LIVING.
NUMBER ONE, WHAT IS YOUR BUDGET? NUMBER ONE THING, YOU'VE GOTTA THINK ABOUT YOUR BUDGET.
IF YOU DON'T KNOW THE BUDGET, AGAIN, MAYBE YOU'RE LOOKING FOR A FRIEND, YOU NEED THAT INFORMATION, IT'S VITAL.
NUMBER TWO, WHAT ARE THE NEEDS REALLY, NUMBER ONE AND TWO, GO TOGETHER.
BUDGET AND NEEDS ARE THERE ABSOLUTELY NO CARE NEEDS? YOU'RE JUST LOOKING FOR SOCIALIZATION.
I WOULD GO THE ROUTE OF INDEPENDENT LIVING, BUT IF THEY'RE VERY, VERY HIGH CARE NEEDS, YOU WOULD NEED ENHANCED ASSISTED LIVING.
SO BUDGET, WHAT ARE THE NEEDS? THERE'S A LOT OF INFORMATION.
AGAIN, I'M GOING TO BE QUICK AND VERY GENERAL BECAUSE I WANT MY COLLEAGUES TO ALSO GO.
YOU'VE GOTTA THINK ABOUT WHAT ARE THE PREFERENCES.
DO YOU WANT A BIG COMMUNITY? DO YOU WANT A LOT OF LAND? DO YOU WANT POOL? DO YOU WANT, UM, DO YOU WANT A SMALLER COMMUNITY? DO YOU WANT IT TO BE MORE INTIMATE? YOU WANT TO RESEARCH YOUR PLACES, YOU WANT TO GO TO DIFFERENT PLACES.
DO YOU LIKE THE FIELD? DO YOU LIKE THE CULTURE? TALK TO PEOPLE.
TALK TO PEOPLE THAT LIVE THERE.
ASK THE FAMILIES THAT, THAT THEIR LOVED ONES LIVE THERE.
ARE THE STAFF SMILING? ARE THEY YELLING AT EACH OTHER ACTIVITIES? YOU WANT TO GRAB AN ACTIVITIES CALENDAR.
YOU WANNA LOOK AT IT AGAIN FOR YOURSELF, FOR YOUR LOVED ONE.
ARE THESE THE ACTIVITIES YOU WOULD FEEL COMFORTABLE DOING? OR DO THEY LOOK, EH, YOU WANT TO CHECK ONLINE REVIEWS? I SAY THIS BECAUSE IF YOU'RE LOOKING AT A COMMUNITY AND 90% OF THE REVIEWS ARE, ARE ONE STAR, THAT'S NOT SO GOOD.
YOU WANT TO VISIT THE COMMUNITIES MORE THAN ONCE AGAIN, I'M BEING VERY GENERAL.
THERE'S A WHOLE LOT MORE INFORMATION.
BUT PLEASE, IF YOU REMEMBER ANYTHING.
NUMBER ONE, WHAT IS YOUR BUDGET? NUMBER TWO, WHAT ARE THE CARE NEEDS? OKAY, THANK YOU.
WHO IS NEXT? OH, YES, NO, I, I WAS JUST GONNA SAY, SAY.
SO, UH, BECAUSE THERE ARE A COUPLE PROFESSIONALS, AND WE'RE JUST DOWN TO THE LAST 15 MINUTES, UM, I AM GOING TO HAVE, UM, THE PROFESSIONALS EACH SPEAK ON A COUPLE OF THE QUESTIONS THAT ARE OUT HERE.
UM, SO I WILL STILL ALLOW EACH OF YOU TO, YOU KNOW, PICK ONE OF THE QUESTIONS GIVEN THEIR SPECIFIC TOPICS.
UM, AND THEN, YOU KNOW, SOMEONE CAN RAISE THEIR HAND.
SO THIS WOULD BE, THIS PERSON DECIDES TO, DECIDES THE PACE.
OH, EVEN MY, MY VISION'S OFF, SORRY.
THIS PERSON DECIDES THE PACE, THE PLAN, AND EVERY STEP WHEN IT'S TIME TO DOWNSIZE AND MOVE.
UM, THIS IS WHAT YOU PASS ON WHEN YOU SHARE YOUR MEMORABLE STORIES AND SPECIAL KEEPSAKES WITH YOUR LOVED ONES.
AND WHEN YOU ASK, WHERE WILL I GO? WHO CAN I TRUST? WHAT ABOUT, I'M SORRY, I'M HAVING A TROUBLE READING IT.
WHAT ABOUT ALL MY THINGS? THIS HELPS YOU FEEL CALM AND CONFIDENT.
SO THESE THREE QUESTIONS BELONG TO ONE OF THE PROFESSIONALS.
DOES ANYONE HAVE A PREFERENCE ON WHICH ONE SHE ANSWERS? DOES ANYBODY WANNA SHOUT IT OUT? YOU'LL GET A TICKET FOR PARTICIPATING IF YOU DO
OKAY, SO I'LL REPEAT IT AGAIN.
WHEN YOU ASK, WHERE WILL I GO? WHO CAN I TRUST? WHAT ABOUT ALL OF MY THINGS? THIS HELPS YOU FEEL CALM AND CONFIDENT.
SECONDLY, THIS IS WHAT YOU PASS ON WHEN YOU SHARE YOUR MEMORABLE STORIES AND SPECIAL KEEPSAKES WITH YOUR LOVED ONES.
THIS PERSON DECIDES THE PACE, THE PLAN, AND EVERY STEP WHEN IT'S TIME TO DOWNSIZE AND MOVE THAT ONE.
SO THE ANSWER TO THAT, AND I'M GONNA REPEAT THE QUESTION, IS THAT THIS PERSON DECIDES TO PACE THE PLAN AND EVERY STEP WHEN IT'S TIME TO DOWNSIZE.
AND THE ANSWER TO THAT IS YOU THE HOMEOWNER.
YOU ARE THE MOST IMPORTANT PERSON THAT IS IN CHARGE FROM START TO FINISH.
OKAY? IT IS MY JOB TO HELP YOU MAKE INFORMED CHOICES, NOT TO RUSH YOU.
IT'S YOUR PACE, YOUR COMFORT, AND YOUR DECISIONS.
UNLESS YOU HAVE SOMEONE ELSE THAT IS EITHER A TRUSTED ADVISOR
[00:55:01]
OR YOU, ONE OF YOUR ADULT CHILDREN THAT YOU HAVE IN CHARGE, THAT YOU WANT TO COLLABORATE AND MAKE THOSE DECISIONS, THAT IS FINE, BUT YOU ARE IN CONTROL FROM THE BEGINNING, FROM START TO FINISH FOR EVERYTHING.NOW WE'RE GONNA PASS IT OVER TO ROB.
OH, SORRY, THERE'S A QUESTION HERE.
UH, I WOULD LIKE YOU SOMEONE TO TALK ABOUT THE HOME CARE PROVIDER.
'CAUSE THAT SEEMS TO BE THE BEGINNING OF A PROCESS AND UH, UM, SOME OF US HAVE DECIDED TO, UH, GO THAT ROUTE FOR THE LONG RANGE.
OKAY, YOU'RE GONNA SIT RIGHT THERE AND ANSWER THAT QUESTION,
UM, SO SPECIFICALLY, WHAT IS THE, WHAT IS YOUR QUESTION ABOUT HOME CARE? JUST LIKE, WHAT IS HOME CARE IN GENERAL, OR YOU WANT ME TO ANSWER? WHAT SHOULD YOU VERY SPECIFICALLY? OKAY, SO WHAT ARE IMPORTANT THINGS TO CONSIDER WHEN CHOOSING A PROVIDER? EXACTLY WHAT'S THE AVERAGE HOURLY RATE? OKAY.
SO IN WESTCHESTER, UM, THE RATE, THE AVERAGE AVERAGELY RATE FOR PRIVATE HOME CARE RIGHT NOW THAT WE SEE IS ANYWHERE FROM $40 AN HOUR ALL THE WAY DOWN TO $36 AN HOUR.
UM, SOME IMPORTANT THINGS TO CONSIDER WHEN YOU'RE, UH, CHOOSING WHO YOUR PROVIDER IS, IS THE MOST IMPORTANT THING THAT I WILL SAY IS TO ALWAYS, UM, DON'T FOCUS ON THE PRICE.
OBVIOUSLY THAT'S, IT'S EXTREMELY IMPORTANT, UM, BUT USUALLY WHEN THE PRICE IS VERY LOW, UM, YOU WANNA ASK CERTAIN QUESTIONS.
UM, MOST IMPORTANTLY, WHAT ARE THE, UM, WHAT ARE THE QUALIFICATIONS OF THE CAREGIVER THAT YOU'RE GONNA HAVE IN PLACE? UM, THE DIFFERENCE BETWEEN A COMPANION AND A HOME HEALTH AIDE IS THAT A COMPANION IS NOT, UH, SKILLED TO DO HANDS-ON CARE.
SO IF YOU HIRE A COMPANION AND IT'S IN THE BEGINNING, YOU KNOW, MAYBE IT COULD JUST BE WITH SOME CHORES AROUND THE HOUSE OR BRINGING YOU TO AN APPOINTMENT.
UM, IF YOU DO END UP HAVING NEEDS THAT ARE MORE ADVANCED AND YOU DO NEED HANDS-ON CARE, THAT COMPANION WILL NOT BE ABLE TO HELP YOU AT THAT POINT.
SO YOU'LL THEN HAVE TO SWITCH OVER TO A HOME HEALTH AIDE.
UM, SO I WOULD ALWAYS ASK WHAT ARE THE QUALIFICATIONS OF THE CAREGIVER THAT I'M HIRING? UM, ARE THEY, DO THEY HAVE CLEAR BACKGROUND CHECKS? A LOT OF, THERE'S A LOT OF COMPANIES OUT THERE THAT WILL OFFER YOU A PRIVATE AID.
UM, AND USUALLY WHEN IT'S A PRIVATE AIDE, THAT'S A PERSON THAT'S DOING IT ON THEIR OWN INDEPENDENTLY.
UM, IF YOU GO THROUGH AN AGENCY, A LICENSED AGENCY, UM, THOSE CAREGIVERS HAVE TO HAVE CLEAR BACKGROUND CHECKS, AND THEY DO HAVE TO BE CERTIFIED TO DO HANDS-ON CARE, UM, WITH CLEAR BACKGROUND CHECKS THROUGH THE DEPARTMENT OF HEALTH.
SO THAT'S VERY IMPORTANT TO CONSIDER.
IF YOU'RE, IF YOU EVER FIND AN AGENCY AND THE PRICE IS VERY LOW, I WOULD DEFINITELY ASK THOSE QUESTIONS.
ANOTHER IMPORTANT THING IS, ARE YOU SIGNING A CONTRACT? UM, SOME AGENCIES WILL HAVE YOU SIGN A CONTRACT AND YOU CANNOT GO WITH ANOTHER PROVIDER FOR A CERTAIN AMOUNT OF MONTHS.
UM, AND THEN YOU HAVE TO USE, YOU HAVE TO USE THEM FOR A CERTAIN AMOUNT OF HOURS.
UM, MY AGENCY, WE DON'T HAVE CONTRACTS.
YOU CAN CANCEL WHENEVER YOU WANT.
SO THAT'S ALWAYS SOMETHING THAT I WOULD ASK, WHAT ARE THE MINIMUMS? BECAUSE SOMETIMES YOU ARE REQUIRED TO USE, UH, THE AGENCY FOR 30 HOURS OR FIVE DAYS A WEEK, WHATEVER THE MINIMUMS ARE.
UM, AND THOSE ARE, THOSE ARE BASICALLY THE MOST IMPORTANT QUESTIONS, JUST FINDING OUT WHAT THE BACKGROUND OF THE CAREGIVERS ARE, UM, WHAT THE MINIMUMS ARE IF YOU'RE SIGNING A CONTRACT, AND IF THEY HAVE A CLEAR BACKGROUND CHECK.
I, I JUST WANTED TO KNOW WHAT KIND OF CERTIFICATION, THE HOME HEALTH CARE YOU HAD MENTIONED.
WHAT ARE THEY CERTIFIED IN? SO THE HOME HEALTH AIDES, UH, THE TITLE HOME HEALTH AIDE IS BASICALLY, UH, THEY GO THROUGH TRAINING, UM, TO DO HANDS-ON CARE.
SO LIKE THEY CAN HELP WITH SAFETY FROM MOVING SOMEONE FROM A CHAIR INTO A, A HOSPITAL BED USING A HOYER LIFT.
IF YOU HAVE A, A HOYER LIFT AND YOU JUST GOT SURGERY AND YOU'RE NOT ABLE TO WALK, UM, WASHING, BATHING, GROOMING, UM, A COMPANION CAN'T TOUCH YOU AT ALL.
SO A HOME HEALTH AIDE GOES TO SCHOOL, UM, TO GET A CERTIFICATION TO DO THE HANDS-ON CARE.
A A BIG DIFFERENCE THAT PEOPLE DON'T, UM, USUALLY KNOW IS THAT A HOME HEALTH AIDE CAN'T DO WOUND CARE.
UM, SO THEY CAN DO HANDS-ON CARE, BUT THEY CANNOT DO WOUND CARE.
THAT WOULD KIND OF BE WHERE THE LINE GETS DRAWN, AND A NURSE NEEDS TO DO THAT.
BUT A HOME HEALTH AIDE IS ABLE TO DO ALL FOR FORMS OF HANDS-ON, HANDS-ON CARE, EXCEPT FOR WOUND CARE.
THEY CANNOT GIVE YOU MEDICATION, BUT THINGS LIKE, UH, GROOMING, BATHING, HELPING YOU GET YOUR CLOTHING ON, THEY CAN DO, THEY CAN DO THAT.
AND THAT'S WHAT THEY'RE TRAINED TO DO, DO, TO MAKE SURE THAT THEY'RE DOING IT SAFELY.
UM, IF SOMEBODY CHOOSES NOT TO GO TO A NURSING HOME OR A SENIOR FACILITY, BUT WOULD LIKE TO BE LIKE WHAT THEY SAID, THE, UH, PLACE FOR MOM, SOMETHING LIKE THAT WHERE YOU HAVE SOMEBODY WHO LIVES WITH YOU OR STAYS WITH YOU ON A REGULAR BASIS, SO YOU'RE SAFE, UM, NOT NECESSARILY NURSING CARE, BUT IF YOU DID NEED NURSING CARE, IT COULD BE CALLED FOR.
BUT I'M THINKING ABOUT LIKE SOMETHING LIKE THAT.
WHAT WE'VE SEEN ADVERTISED A PLACE FOR MOM, AND I DON'T KNOW WHAT IT'S ABOUT, BUT CAN YOU ANSWER? YEAH.
A PLACE FOR MOM IS BASICALLY LIKE A, A THIRD PARTY THAT WILL KIND OF LIKE HELP YOU IF YOU'RE LOOKING FOR HOME CARE.
THEY'LL GIVE YOU AN OPTION, THEY'LL
[01:00:01]
GIVE YOU OPTIONS OF HOME CARE IN YOUR LOCAL AREA, AND THEY'LL GIVE YOU A LIST OF, UH, SENIOR LIVING COMMUNITIES.SO ONLY AFTER CORAL ROCK, THAT'S BASICALLY YEAH.
IT'S, IT'S, IT'S LIKE STAY AT HOME PEOPLE.
WELL, NO, IT'S ACTUALLY, IT'S NOT JUST FOR PEOPLE THAT WANNA STAY AT HOME.
IT'S IF YOU, WHAT YOU, BASICALLY WHAT YOU WANNA DO NEXT.
IF YOU KNOW THAT YOU NEED MORE CARE THAN YOU CURRENTLY HAVE AND YOU DON'T KNOW IF YOU WANNA STAY HOME OR GO INTO A COMMUNITY, A PLACE FOR MOM, YOU KNOW YOU WANNA STAY HOME, THEN THEY WILL GIVE YOU A LIST OF HOME CARE PROVIDERS.
THAT'S WHAT A PLACE FOR MOM WILL DO.
WE USED TO GET, UH, YEAH, GET RID THE MIC.
I JUST WANNA TELL YOU A PLACE FROM MOM.
EVERYBODY SEES THE COMMERCIALS, THEY DO NOT HAVE LOCAL REPRESENTATIVES.
SO WHATEVER YOU ARE THINKING OF, STAYING AT HOME WITH HOME CARE, MOVING TO A SENIOR LIVING COMMUNITY, THEY DO NOT HAVE LOCAL REPRESENTATIVES.
SO YOU WANNA ALWAYS KEEP THAT IN THE BACK OF YOUR MIND.
YES, THEY'VE CONTACTED THESE DIFFERENT PLACES, THERE IS NO LOCAL REPRESENTATION.
NOW I'M GONNA PASS IT OVER TO ROB.
ROB IS GOING TO ANSWER QUESTIONS.
UH, ROB IS GOING TO COVER QUESTIONS ON SENIOR LIVING.
UM, I WILL LET YOU CHOOSE YOUR QUESTIONS THAT YOU WOULD OH, I HAVE TO CHOOSE.
OR CAN OPEN UP WHAT COLUMN I AT? AM I IT'S, IT'S ALL OVER.
HOW ABOUT, UM, I, MY FAVORITE QUESTION IS WHAT DO PEOPLE DISCOVER ABOUT SENIOR LIVING THAT SURPRISES THEM? OH, YOU KNOW WHAT? OKAY.
DO YOU KNOW YOU CAN BRING YOUR PETS AND HAVE YOUR PETS LIVE WITH US? OH, DO YOU SEE MICROPHONE? OH, YES.
UH, IF YOU GOT TWO DOGS, BRING YOUR DOGS, UM, THEY CAN LIVE IN YOUR APARTMENT.
UM, DO YOU KNOW THAT WE HAVE A SHORT STAY PROGRAM TOO? SO SUNRISE HAS SOMETHING CALLED A ROAD HOME WHERE SOMEONE COULD STAY FOR 30 DAYS BEFORE THEY GO HOME.
SO IT'S ALMOST LIKE TESTING OUT ASSISTED LIVING, SORT OF LIKE A RESPITE STAY.
UM, AND ALSO WE ARE ALCOHOL FRIENDLY COMMUNITY.
WE HAVE HAPPY, HAPPY HOURS EVERY THREE O'CLOCK, THREE O'CLOCK EVERY DAY.
UM, AND FOR, FOR THOSE OF THOSE PEOPLE THAT CAN'T DRINK ALCOHOL OR THERE WAS A PROBLEM WITH ALCOHOL, WE SERVE NON-ALCOHOLIC DRINKS AS WELL, WHICH IS GREAT.
MY SIBLINGS AND I WERE VERY SURPRISED WHEN WE LOOKED INTO ONE PLACE FOR MY DAD AND WE WERE TOLD THAT IF HIS NEEDS CHANGED SO THAT HE NEEDED, UM, CARE FOR DEMENTIA OR ALZHEIMER'S, HE WOULD HAVE TO LEAVE THE FACILITY.
THAT'S WHAT YOU NEED TO LOOK AT WHEN YOU GO AND VISIT A COMMUNITY.
WE ARE AGE IN PLACE COMMUNITY.
UM, SO SOMEONE WHO COMES IN AND DOESN'T HAVE DEMENTIA, BUT MAYBE JUST STARTING A LITTLE BIT OF DEMENTIA, YOU CAN COME IN AND LIVE IN ASSISTED LIVING, THEN MAYBE ONE DAY YOU MAY GRADUATE TO THE, UH, WE CALL IT REMINISCENCE FLOOR.
UM, AND IT'S LOOKS EXACTLY LIKE OUR REGULAR FLOORS.
I MEAN, IT'S A VERY SPECIAL PLACE.
IT'S JUST PEOPLE LIVE IN MEMORY CARE BECAUSE THEY COULD BE A DANGER TO THEMSELVES OR THEY COULD, THERE COULD BE PROBLEMS, YOU KNOW? SO WE DON'T WANT TO HAVE THAT PROBLEM.
I SEE IT EVERY DAY WHERE I SAW SOMETHING.
DO WE HAVE A MOVING PERSON HERE? OH, THERE SHE IS.
I SAW SOMETHING THE OTHER DAY THAT WAS INCREDIBLE.
UM, SOMEONE WAS GRADUATING TO MEMORY CARE.
SHE WENT TO LUNCH AND THE MOVING COMPANY CAME IN AND WITHIN THE HOUR MOVED HER ROOM AND SHE DIDN'T EVEN KNOW THE DIFFERENCE.
AND IT LOOKED EXACTLY LIKE THE ROOM IN AL IT WAS, THERE WAS TEARS.
THE FAMILY WAS UN OVERWHELMED.
AND SHE DIDN'T EVEN KNOW THE DIFFERENCE.
AND THAT'S THE WAY WE ARE, YOU KNOW, UM, WE ARE, UM, A HIGHER LEVEL OF CARE.
SO WE DO HAVE THAT HIGHER LICENSE FOR HIGHER LEVEL OF CARE AS WELL.
SO YOU DON'T HAVE THAT PROBLEM IF YOU COME IN AND YOU DON'T NEED ANY CARE AND ONE DAY YOU DO.
I FEEL LIKE, UH, MAURY POVICH
NO, I'M JUST GONNA TELL YOU THAT MY SISTER-IN-LAW WAS AT YOUR FACILITY.
WHICH ONE? SUNRISE ON CENTRAL AVENUE.
DID SHE LIKE IT? WELL, YOU KNOW, ALRIGHT.
NO, THEY HAD, SHE HAD MEMORY ISSUES.
SHE WAS IN FLEETWOOD? NO, RIGHT IN YONKERS ON OH, CRISFIELD STREET.
YEAH, SHE WAS AT CRESTWOOD, BUT SHE HAD TO BE MOVED 'CAUSE MY SISTER-IN-LAW WAS TOO MUCH GOING BACK AND FORTH.
'CAUSE SHE LIVED UPSTATE A LITTLE BIT.
[01:05:01]
YEAH, IT IS TOUGH.UM, HOW DOES THAT GET PAID? WHAT WAS THAT? HOW DOES THAT GET PAID? SO IT IS PRIVATE PAY, BUT THEY DO TAKE LONG, LONG-TERM CARE INSURANCE AS WELL.
AND ALSO, YOU KNOW, A LOT OF PEOPLE DON'T KNOW THIS, BUT VA BENEFITS PAYS FOR ALSO ASSISTED LIVING AS WELL.
SO YOU VETERANS OUT THERE, EVEN IF YOUR SPOUSES WERE VETERANS, I WOULD DEFINITELY LOOK INTO THAT.
IF YOU'RE LOOKING AND EVEN WITH HOME CARE, RIGHT.
VA BENEFITS PAY FOR HOME CARE.
SO ALL IT IS IS ABOUT REGISTERING AND SEE IF YOU APPLY, YOU KNOW, YOU'RE ACCEPTED FOR THAT.
AND YOU CAN GET LIKE CLOSE TO $3,000 A MONTH, WHICH IS REALLY AMAZING.
SO I HIGHLY RECOMMEND IT, BUT JUST DON'T GET COULD WINKED.
BECAUSE, UM, THERE'S A LOT OF AGENCIES OUT THERE THAT'LL SAY, OH, WE'LL DO ALL THE PAPERWORK FOR YOU, BUT THEY'RE GONNA CHARGE YOU $5,000.
SO JUST BE VERY CAREFUL, YOU KNOW, UH, YOU CAN CONTACT THE VA AND THEY CAN HELP YOU OUT.
UM, BUT THERE ARE AGENCIES OUT THERE AND THAT'S THEIR BUSINESS TO TAKE CARE OF THE PAPERWORK LIKE ANYTHING ELSE, YOU KNOW? SO, BUT DEFINITELY I WOULD DEFINITELY LOOK INTO THAT.
I HAD TO DO IT FOR MY OWN FAMILY MEMBERS.
JUST SO YOU KNOW, I COME FROM A FAMILY OF NINE CHILDREN.
MY OLDEST BROTHER IS IN ASSISTED LIVING AND I NAVIGATED THAT FOR HIM.
I CAN'T GET HIM OUTTA LAS VEGAS, BUT YOU KNOW, THE WEATHER'S JUST BEAUTIFUL EVERY DAY.
SO I'M TRYING TO GET HIM BACK TO NEW YORK, CONNECTICUT, BUT IT'S NOT GONNA HAPPEN.
BUT HE'S VERY HAPPY AND HE MOVED THERE NOT BECAUSE OF HIMSELF WAS BECAUSE OF HIS WIFE HAD DEMENTIA AND SHE PASSED ON AND HE NEVER LEFT.
AND IT SAVED HIS LIFE ACTUALLY FROM BEING THERE, YOU KNOW, MED MANAGEMENT, THE WHOLE BIT.
REMEMBER? SO WHO MENTIONED, I THINK BRENDA MENTIONED LOSING WEIGHT.
HE WAS EMACIATED WHEN I WENT TO VISIT HIM AND I TOLD MY OTHER BROTHERS AND SISTERS, WE HAVE TO DO SOMETHING OR WE'RE GONNA LOSE OUR BIG, OUR OLDEST BROTHER.
AND WE DID, WE TOOK CARE OF HIM AND HE'S DOING GREAT RIGHT NOW.
I DON'T KNOW IF YOU CAN, UH, ANSWER ME ABOUT THE MONEY BUSINESS, HOW MUCH MONEY IT'LL COST TO GET STAY HOME.
SO BASICALLY WHEN IT COMES TO ASSISTED LIVING, IT IS PRIVATE PAY.
SO WHEN YOU COME TO VISIT, THEY CAN GIVE YOU A COST OF WHAT A ROOM OR APARTMENT WOULD BE.
SO WHEN YOU WALK OUT OF THAT, OUT OF THAT INITIAL MEETING WITH THEM, YOU, YOU ARE WALKING OUT WITH THE EXACT COST OF WHAT THE ROOM WOULD BE.
SO IT COULD BE A ONE BEDROOM, COULD BE A STUDIO, WHATEVER YOUR PREFERENCE IS, IS TWO BEDROOM MAYBE.
UM, SO WHEN YOU WALK OUTTA THERE, YOU'RE GONNA GET, THEY'RE VERY TRANSPARENT AS THEY SHOULD BE.
UM, AND AS FAR AS CARE LEVEL IS CONCERNED, WE DO AN ASSESSMENT OF THE OPPORTUNITY THAT IS COMING TO US.
UM, AND WE'LL GO OUT AND DO A FREE ASSESSMENT TO LET YOU KNOW WHAT THE CARE LEVEL PRICE IS AS WELL.
ACTIVITIES, EVERYTHING IS INCLUDED.
SO YOU COME IN, SAY YOU'RE INDEPENDENT, RIGHT? YOU PAY $4,000 A MONTH, ACTIVITIES, FOOD, THREE MEALS A DAY, UM, APARTMENT CLEANED, TRASH TAKEN OUT EVERY DAY, ALL INCLUDED.
AND IF YOU NEED TO GO, LIKE SAY TO THE SUPERMARKET, THEY'LL DRIVE YOU THERE.
UH, IF YOU NEED TO GO, UM, MEDICAL APPOINTMENT, THEY'LL TAKE YOU TO A MEDICAL APPOINTMENT AND THEY'LL WAIT WITH YOU.
UM, YEAH, EVERYTHING'S INCLUDED IN THAT.
JUST TO DIFFERENT TOPIC FOR THE LAWYER.
WHAT HAPPENS IF I DO NOT HAVE AN ESTATE PLAN? LET ME GIVE IT TO YOU.
WHAT HAPPENS IF I DO NOT HAVE AN ESTATE PLAN IF I BECOME INCAPACITATED OR DIE? THANK YOU.
UM, WELL, UM, DYING OBVIOUSLY IS A BIT DIFFERENT THAN LIVING WITH AN INCAPACITY THAT YOU HAVEN'T PREPARED FOR.
SO, UM, ONE OF THE MOST IMPORTANT DOCUMENTS THAT PEOPLE CAN DO THESE DAYS REALLY IS A, UH, COMPREHENSIVE POWER OF ATTORNEY BECAUSE PEOPLE ARE LIVING A LONG TIME AND WHEN YOU LIVE LONGER, YOU HAVE A CH A GREATER CHANCE OF HAVING SOME PORTION OF YOUR LIFE WHERE YOU'RE GONNA NEED SOME ASSISTANCE.
UM, AND SO, UM, IF YOU HAVE THE POWER OF ATTORNEY IN PLACE ALONG WITH A HEALTHCARE PROXY, POWER OF ATTORNEY IS FINANCIAL DECISION MAKING PROXY IS, IS MEDICAL DECISION MAKING, THEN, UH, AND HOPEFULLY YOU HAVE A TRUSTED PERSON THAT YOU FEEL THAT YOU WOULD BE ABLE TO PUT IN THAT POSITION, WHICH, YOU KNOW, SOMETIMES IS DIFFICULT FOR PEOPLE, UM, ESPECIALLY PEOPLE BECAUSE WE'RE HAVING MANY MORE PEOPLE WHO ARE NOT MARRYING, NOT HAVING KIDS, AND THEY'RE ENDING UP, UM, WITHOUT
[01:10:01]
SOMEBODY WHO THEY FEEL THAT THEY CAN TRUST.SO THERE'S A WHOLE NOTHER DEVELOPMENT OF PROFESSIONALS, UH, WITH REGARD TO ACTING AS AGENTS FOR PEOPLE.
BUT IF YOU HAVE, IF YOU DON'T HAVE A POWER OF ATTORNEY AND A HEALTHCARE PROXY AND YOU BECOME INCAPACITATED, THEN THE LAST RESORT REMEDY IS GUARDIANSHIP.
AND GUARDIANSHIP IS NOT FOR THE FAINT OF HEART BECAUSE IT IS, UM, A LEGAL PROCESS.
UM, WHEN YOU, UM, GET GUARDIANSHIP, THE COURT IS STRIPPING THE INDIVIDUAL OF THEIR CIVIL RIGHTS AND GIVING THEM TO ANOTHER PERSON.
UM, AND IF IT'S A FULL GUARDIANSHIP, THEN ESSENTIALLY THAT PERSON IS LEFT WITH NO ABILITY TO DO ANYTHING FOR THEMSELVES.
UH, THE ONLY THING YOU CAN'T DO IS SOMEBODY CAN'T GET MARRIED FOR YOU AND THEY CAN'T MAKE A WILL FOR YOU.
BUT OTHER THAN THAT, IF SOMEBODY GETS FULL GUARDIANSHIP OVER YOU, THEY HAVE COMPLETE CONTROL OVER YOUR FINANCES.
GUARDIANSHIP CAN BE A WONDERFUL THING.
UM, IF YOU HAVE THE RIGHT COMBINATION OF PEOPLE, UM, AND SOMEBODY JUST AGES AND NEVER DID ESTATE PLANNING, BUT THEY'VE GOT LOVING FAMILY MEMBERS WHO ARE STEPPING IN AND WHO ARE HELPING THEM.
UM, AND THEN IT'S NOT A DRAMA, BUT UNFORTUNATELY, MUCH OF GUARDIANSHIP IS A DRAMA BECAUSE PEOPLE GET INVOLVED WHO MAYBE SHOULDN'T GET INVOLVED OR THEY HAVE THE WRONG MOTIVES TO GET INVOLVED.
UM, BUT THAT IS THE WAY THAT YOU HAVE TO GO.
IF YOU HAVE NO POWER OF ATTORNEY AND A HEALTHCARE PROXY, SOMETIMES YOU MIGHT HAVE A HEALTHCARE, YOU MIGHT HAVE A POWER OF ATTORNEY, BUT IT DOESN'T GIVE THE ABILITY TO DO.
WE OFTEN DO MEDICAID PLANNING FOR PEOPLE.
UM, AND SOMETIMES IF YOU HAVE A POWER OF ATTORNEY WHERE THERE'S NO ABILITY TO TRANSFER ASSETS, LIKE FOR EXAMPLE, BETWEEN SPOUSES, UM, THE WIFE IS STRUGGLING.
UM, SHE HAS ASSETS IN HER NAME THAT MAKE HER INELIGIBLE FOR MEDICAID.
SHE NEEDS TO TRANSFER THOSE ASSETS TO THE SPOUSE, BUT THERE WAS NEVER A POWER OF ATTORNEY.
WE GO INTO GUARDIANSHIP COURT WITH A PLAN FOR MEDICAID.
UM, AND IN THOSE CASES IT CAN BE, YOU KNOW, IT'S FINE, YOU CAN DO IT, IT'S EXTRA WORK, IT'S EXTRA MONEY, IT'S AN EXTRA MOTION.
UM, YOU COULD HAVE ELIMINATED THAT WITH A POWER OF ATTORNEY THAT, UH, ANTICIPATED MEDICAID PLANNING.
UM, OR IF, YOU KNOW, PEOPLE HAVE ASSETS AND THEY NEED TO DO ESTATE PLANNING THAT THEY NEVER DID, YOU CAN ALSO DO THAT WITH A, A, YOU KNOW, A COMPREHENSIVE POWER OF ATTORNEY.
SO, BUT IF YOU DON'T HAVE IT, THAT'S WHERE YOU, THAT'S WHERE YOU NEED TO GO, IS TO GUARDIANSHIP.
IF YES, THIS IS JUST RELATED TO WHAT YOU, SURE.
SO IN ORDER FOR A PERSON TO GET MEDICAID MM-HMM
HOW, HOW MANY YEARS IN ADVANCE IN ORDER TO QUALIFY FOR MEDICAID, HOW MANY YEARS IN ADVANCE DO YOU HAVE TO HAVE GIVEN YOUR MONEY TO SOMEBODY ELSE? OKAY, SO SPOUSES ARE DIFFERENT BECAUSE SPOUSES HAVE, AND LET ME PREFACE SAYING TWO THINGS.
ONE IS THAT NEW YORK HAS VERY GENEROUS MEDICAID.
HOWEVER, AS YOU ALL I'M SURE ARE AWARE, UM, THAT MEDICAID IS A BIG TOPIC THESE DAYS AND IT'S NOT NECESSARILY GOING IN THE RIGHT DIRECTION FOR MY CLIENTS.
UM, WE HAVE BEEN STRUGGLING WITH MEDICAID ELIGIBILITY FOR QUITE SOME TIME NOW.
SO IT'S BEEN, WE WERE AWARE OF IT A LONG TIME BEFORE OTHER PEOPLE WERE AWARE OF IT.
SO IN NEW YORK, SPOUSES CAN TRANSFER RESOURCES FROM ONE SPOUSE TO THE OTHER AND THEY CAN QUALIFY THAT SPOUSE CAN QUALIFY FOR MEDICAID.
YOU DON'T HAVE ANY WAITING PERIOD.
HOWEVER, THE SPOUSE DOES HAVE A RIGHT OF A RESPONSIBILITY FOR SUPPORT FOR THE SPOUSE.
SO MEDICAID CAN COME IN AND SAY YOU NEED TO CONTRIBUTE, BUT THE SPOUSE WILL GET MEDICAID IMMEDIATELY, UM, ON THEIR OWN ELIGIBILITY.
IF IT'S NOT A SPOUSE, THEN IT'S A FIVE YEAR WAITING PERIOD FOR INSTITUTIONAL MEDICAID.
IT IS, THERE IS NO WAITING PERIOD IN NEW YORK FOR COMMUNITY MEDICAID FOR HOME CARE.
HOWEVER, THERE IS A LAW ON THE BOOKS THAT'S BEEN THERE SINCE OCTOBER OF 20 RELATING TO IMPLEMENTING A TWO AND A HALF YEAR WAITING PERIOD FOR HOME CARE.
BUT BECAUSE OF THE PANDEMIC, IT NEVER GOT IMPLEMENTED AND IT HAS STILL NOT BEEN IMPLEMENTED.
SO HOME CARE, THERE'S NO WAITING PERIOD.
NURSING HOME, THERE IS A FIVE YEAR WAITING PERIOD FOR MEDICAID IF YOU'VE MOVED ASSETS AROUND.
I JUST WANT TO ADD TO PATTY'S, UM, COMMENTS ABOUT WHAT HAPPENS TO YOUR ASSETS IF YOU DON'T HAVE AN ESTATE PLAN OR IF YOU DIE, ONE THING YOU CAN DO RIGHT NOW.
SO LET'S SAY YOU HAVE A RETIREMENT ACCOUNT.
LET'S SAY YOU HAVE BANK ACCOUNTS.
MY MOTHER THOUGHT THAT IF SHE DIES, HER BANK ACCOUNTS JUST GO TO HER CHILDREN.
SO THE ONE THING THAT E EVEN IF IT'S YOUR SPOUSE, THEY HA IT HAS TO BE TITLED CORRECTLY.
SO WHAT YOU CAN DO RIGHT NOW, IF YOU WANT TO, IF YOU WANT TO HAVE ASSETS PASSED ON TO SOMEONE AND YOU DON'T HAVE A TRUST OR A WILL OR AN ESTATE PLAN IS WHAT YOU CAN DO IS GO TO YOUR BANK AND SAY, I WANT TO PUT A TRANSFER ON DEATH ON MY BANK ACCOUNT.
[01:15:01]
TRANSFER ON DEATH MEANS.EVEN IF YOU DON'T HAVE TRUST, YOU CAN DO THAT.
THIS IS, THIS IS ABOUT ACCOUNT TITLING.
SO, SO A LOT OF, A LOT OF, AND, AND PATTY CAN TALK MORE ABOUT THIS, BUT A LOT OF HOW YOUR ASSETS GET PASSED ON IS BASED OFF OF HOW THEY'RE TITLED WHEN YOU DIE.
SO IF IT'S IN A TRUST, IT'S NOT IN YOUR NAME AND IT'S GOING TO A BENEFICIARY THAT'S TITLED ONE WAY.
UM, A TRANSFER ON DEATH IS SOMETHING YOU CAN DO WITH YOUR BANK ACCOUNT.
SO IF YOU HAVE A HUNDRED THOUSAND DOLLARS IN A SAVINGS ACCOUNT THAT YOU NEVER GAVE TO ANYONE AND YOU WANT TO DO IT NOW WHILE YOU'RE ALIVE, YOU CAN, OKAY, YOU CAN DO THE SAME THING WITH AN INVESTMENT ACCOUNT.
SO IF YOU HAVE WHAT'S CALLED A TAXABLE INVESTMENT ACCOUNT, LET'S SAY YOU, YOU KNOW, A LOT OF PEOPLE DIE.
THEY HAVE, YOU KNOW, A HUNDRED THOUSAND DOLLARS ACCOUNT AT SCHWAB OR FIDELITY THAT THEY FORGOT ABOUT TO TELL THEIR CHILDREN, YOU CAN PUT A TRANSFER ON DEATH ON THAT ACCOUNT.
IN ADDITION TO THAT, IF YOU HAVE AN A RETIREMENT ACCOUNT, THEY'RE, THEY'RE ALL DIFFERENT FOR TAX RELATED REASONS.
A RETIREMENT ACCOUNT, WHAT YOU WANT TO PUT IS A DESIGNATED BENEFICIARY.
LET'S SAY, UM, YOU HAVE A RETIREMENT ACCOUNT THAT YOU ROLLED OVER A 401K AND NOW YOU'RE LIVING OFF OF THAT.
LET'S SAY YOU'RE GONNA DIE AND YOU'RE GONNA END UP WITH A COUPLE HUNDRED THOUSAND DOLLARS IN THAT ACCOUNT.
YOU WANT TO ADD BENEFICIARIES ON THAT ACCOUNT.
SO IT CAN BE, UH, YOUR CHILDREN, IT CAN BE YOUR GRANDCHILDREN, AND YOU CAN DIVIDE IT UP INTO HOW MUCH YOU WANT.
SO IF IT'S A HUNDRED THOUSAND DOLLARS AND YOU HAVE FOUR KIDS AND YOU SAY, I WANT EACH OF MY KIDS TO GET 25%, YOU CAN LIST IT AS THAT.
NOW, A LOT OF PEOPLE NEVER GET AROUND TO DOING THEIR ESTATE PLAN.
THEY NEVER GET AROUND TO ACTUALLY CHANGING THE TITLES OF THEIR ACCOUNTS.
UM, FOR EXAMPLE, I HAD A GENTLEMAN WHO PASSED AWAY AND LEFT, UH, HE WAS JOINT OWNER ON THE ACCOUNT WITH HIS SON.
INSTEAD OF DOING TRANSFER ON DEATH, HE DID JOINT OWNERSHIP.
AND SO HIS SON HAD TO GO BACK TO THE BANK AND NOW CHANGE THE TITLE OF THE ACCOUNT TO SINGLE OWNER.
YOU JUST WANNA AVOID THOSE LITTLE THINGS, RIGHT? YOU CAN DO A LOT OF THAT PLANNING.
NOW, OBVIOUSLY TALKING TO AN ATTORNEY OR TALKING TO A FINANCIAL ADVISOR WOULD BE YOUR BEST BET SO THAT THEY CAN DO A FULL COMPREHENSIVE ANALYSIS.
BUT IF YOU WANT TO LEAVE ASSETS OVER TO YOUR CHILDREN OR GRANDCHILDREN RIGHT NOW, IF YOU HAVE AN IRA GO AND ADD BENEFICIARIES, A LOT OF PEOPLE HAVE IRAS WITH NO BENEFICIARIES LISTED.
SO IF THEY DIE, AGAIN, ALL OF THESE ASSETS, THEY DON'T HAVE ANYWHERE TO GO, RIGHT? SO THAT'S WHY THEY GO TO PROBATE.
UM, SO YOU WANT TO MAKE SURE YOU DO THAT.
DEREK, LET ME JUST REAL QUICK.
UM, AND DEREK'S A HUNDRED PERCENT RIGHT, RETIREMENT ASSETS ARE A WHOLE DIFFERENT ANIMAL AND YOU NEED BENEFICIARIES ON THEM.
'CAUSE IF YOU DON'T, THEY GET PAYABLE TO THE ESTATE AND INSTEAD OF THE KIDS BEING ABLE TO TAKE A 10 YEAR STRETCH, THEY'VE ONLY GOT A FIVE YEAR STRETCH AND YOU HAVE TO KEEP THE ESTATE OPEN.
BUT QUICK ANSWER TO THE QUESTION, WHICH, IF YOU DIE WITHOUT ANYTHING, YOU DIE WITHOUT ANYTHING.
THE STATE LAW DETERMINES WHO GETS YOUR ASSETS TO THE EXTENT THAT YOU HAVE NOT NAMED A BENEFICIARY OR A JOINT OWNER THEN.
AND YOU KNOW, THAT DEPENDS UPON WHETHER IT'S SPOUSE, CHILDREN, UM, BROTHERS AND SISTERS, YOU KNOW, PARENTS, IF YOU HAVE A PARENT STILL SURVIVING.
SO THE LAW WILL TELL YOU WHO, YOU KNOW, THERE'S A PRIORITY OF WHO GETS YOUR PROPERTY IF YOU DIE WITHOUT A WILL AND WITHOUT DESIGNATED BENEFICIARIES.
SO WHAT IS THE DIFFERENCE BETWEEN THE QUESTION THAT I ASKED ABOUT THE CREATING A REVOCABLE TRUST AS OPPOSED TO PULLING THE ASSETS IN THE NAME TRANSPARENT DEBT? WHAT IS THE DIFFERENCE OF THE WHICH IS BETTER? I MEAN, WELL, YOU KNOW, THESE ARE, THESE ARE QUESTIONS THAT ARE HARD TO, UM, DESCRIBE IN EVERY SITUATION.
SO IF YOU HAVE A VERY PLAIN VANILLA SITUATION OF CHILDREN OR A SPOUSE AND CHILDREN AND YOU KNOW, THOSE ARE WHO THE BENEFICIARIES.
BUT SAY YOU HAVE A PREDECEASED CHILD AND THEY HAVE CHILDREN, AND THEY MIGHT BE MINOR CHILDREN, SO YOU CAN'T DO THAT WITH THE BENEFICIARY FORMS. AND IN FACT, BENEFICIARY FORMS GET INCREASINGLY MORE RESTRICTIVE.
I MEAN, I HAVE CLIENTS COME IN AND SAY, FIDELITY WILL ONLY LET ME PUT ON TWO BENEFICIARIES.
SO YOU CAN'T DO, I MEAN, TO DEREK'S POINT, CERTAINLY IN THE SHORT TERM, AND IF YOU HAVE VERY, YOU KNOW, CLEAR BENEFICIARIES, YOU CAN DO IT THAT WAY, BUT IT DOESN'T ADDRESS ALL CIRCUMSTANCES.
WHEREAS A TRUST YOU CAN COVER, YOU CAN HAVE A DESCENDANT'S TRUST UNDER THE TRUST FOR ANY MILLION OF YOUR BENEFICIARIES.
YOU CAN HAVE A TAX TRUST FOR YOUR SPOUSE IF YOU'RE A TAXABLE SITUATION.
YEAH, WE'RE GONNA BREAK FOR INDIVIDUAL.
UH, BUT, BUT I'M GONNA CALL THE RAFFLE ITEMS. UM, AND THEN EVERYONE'S GONNA BREAK TO FOR INDIVIDUAL QUESTIONS FOR THE EXPERTS.
THAT WAY WE CAN QUESTION, I'LL ANSWER THERE RIGHT AFTER THIS.
OKAY, SO WE'RE GONNA DO THE RAFFLES.
ARE YOU GONNA DO RAFFLE? ARE YOU GONNA DO A RAFFLE? YOU WANT ME TO SPIN? UM, OH, I DON'T EVEN KNOW WHY I'M SPINNING.
DID YOU IN THERE OR NOT? OH, ALL RIGHT.
LUIS IS PULLING THE RAFFLE ITEMS FOR THE LAST OKAY.
UM, MAUREEN? MAUREEN M MAUREEN
[01:20:01]
M MAUREEN.UM, YOU COULD PULL ANOTHER ONE.
OR DO YOU HAVE TO GO? THAT'S OKAY.
UH, I THINK THERE'S THREE MORE.
OH, IS THAT EMPTY? OH, GOODIES.
YOU DIDN'T GET A CHANCE TO TALK? HMM.
CAN I SAY A SECOND? YEAH, YEAH.
I JUST, UH, WANT TO INTRODUCE MYSELF.
I'M LOUISE CHALIP FROM WESTCHESTER JEWISH COMMUNITY SERVICE, WHICH IS A NON-SECTARIAN SOCIAL SERVICE AGENCIES.
WE HAVE ALL KINDS OF WONDERFUL PROGRAMS, MOST OF THEM PRO BONO FOR FAMILIES FROM LITERALLY FROM BIRTH THROUGH SENIOR AGES.
AND WE HAVE SUPPORT GROUPS FOR SENIORS.
WE HAVE, UH, PROJECT TIME OUT.
IF YOU'RE A CAREGIVER, IT NEED TO GET AWAY DURING THE DAY FOR A LITTLE BIT.
WE HAVE A COMPANION, THE COMPANIONS AVAILABLE.
THEY'RE NOT NURSES, THEY'RE COMPANIONS, BUT THEY WILL STAY WITH YOUR LOVED ONE WHILE YOU DO YOUR ERRANDS OR WHATEVER YOU HAVE TO DO.
I ALSO HAVE A GRANT FROM THE COUNTY CALLED LIVABLE COMMUNITIES, WHERE WE HAVE ALL KINDS OF WONDERFUL PROGRAMS. ACTUALLY, TIARA AND I AND ANNE, ALL WE KIND OF CONNECTED.
AND I, I'M DELIGHTED THAT THIS PROGRAM CAME HERE.
SO, UH, IF YOU NEED TO GET IN TOUCH WITH ME FOR ANY REASON, ANNE WILL BE ABLE TO GIVE YOU THAT INFORMATION.
AND IT'S GREAT PROGRAM AND TERRIFIC PANEL.
IT'S GOOD TO SEE EVERYBODY, AND THANKS FOR YOUR GREAT QUESTIONS.
WE'RE REALLY TERRIFIC AND THANK YOU, TIARA.
SO FOLKS, I'M GONNA SING AN ELVIS SONG NOW.
I JUST WANNA THANK TIARA, TIARA PUT THIS ALL TOGETHER.
SO I JUST WANT YOU ALL TO KNOW, AND THANK YOU, TIARA.
I AS WELL, WOULD LIKE TO THANK TIARA AND A WONDERFUL PANEL OF SPEAKERS, UM, HERE TODAY.
I THINK YOU GOT A LOT OF GOOD INFORMATION AND IT WAS FUN, RIGHT? OKAY.
IF YOU WANNA GET IN TOUCH WITH ANY OF THE PROFESSIONALS, ALL OF THEIR INFORMATION IS AT THE TABLE, AND THEN THE ON THE BIOS THAT YOU EACH HAVE.
SO, UH, IF YOU HAVE ANY, ANY FOLLOW UPS, QUESTIONS OR ANYTHING.