3 Good Tips for Traveling with Disabilities

/in /by

Traveling with disabilities or accessible traveling can seem, for some, like an overwhelming task with so many extra considerations. However, it doesn’t have to be if the right research, planning, and preparations are done ahead of time. There are even travel agencies that specialize in disabled travel. The most important thing is to be prepared.

Consult with a Physician

Whenever a disabled person is planning to travel, one of the first steps to take is to discuss the travel plans with the person’s physician. Be sure to give the doctor an accurate picture of what the trip will entail. In many cases, the physician can help plan for medical needs while traveling. The doctor can prescribe certain measures to help make travel easier and can provide you with a medical statement for emergency situations. It is also helpful to have your doctor’s name and phone number available while traveling, as well as to identify medical care at the travel destination. Be sure to carry extra medication in case of unforeseen delays and have all medication in carry-on bags to prevent loss. Be prepared because the doctor may also advise against certain types of travel depending on the disabled person and their disability.

Know Your Rights

When planning for accessible travel, it is important to know the rights of people with disabilities. The Transportation Security Administration (TSA) has certain procedures for travelers with disabilities and medical conditions. It is important, before going through airport security, to understand these procedures. The Air Carrier Access Act and the Americans with Disabilities Act (ADA) also provide information regarding the laws for those traveling with disabilities. Unfortunately, many employees of airlines, cruises, theme parks, and other travel destinations will not know the law regarding those with disabilities, so it is always best to obtain the information ahead of time.

Plan Ahead

Planning ahead is the most important tip and encompasses all the other tips. One easy way to plan ahead is to hire a travel agency that specializes in accessible travel. These agencies can plan for the specific disabilities and needs of the traveler with disabilities. If you wish to plan your own travel, then begin to plan early. First, research and create an itinerary for your trip. Websites can be helpful in obtaining information about accessibility and services offered. Even with websites, calls should be made to schedule the necessary accommodations that are needed to make each stop on the itinerary enjoyable. Remember to be detailed when describing the disability, so that everyone understands the limitations accurately.

Planning ahead for flights can also be very helpful for people with disabilities. If possible, avoid connecting flights and fly direct to the destination. It is also recommended to check in with the flight attendant before landing to make an exit plan. Once you’ve disembarked, if a wheelchair is necessary, make sure you have set up accessible ground transportation to and from the airport. All of this can be done ahead of time to help ensure more relaxing travel for everyone involved in the adventure.

The experience of travel can be smooth and enjoyable with the right information and planning. Of course, even the best plans can experience turbulence along the way but planning and documenting can help to lessen any bumps along the way. Just remember, after calling and booking for the special needs, call again and touch base 24-48 hours in advance of traveling to ensure all appropriate accommodations are in order.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our Ruston office by calling us at (318) 255-1760.

The Newest Trends in Senior Living for 2020

/in /by

Health Dimensions Group (HDG ) has released its list for 2020 entitled “Top Trends in Aging Services: Preparing for Historic Changes.” As the silver tsunami of baby boomers continues to enter the senior living and care organizations markets, the general response has been uncertainty as to how to meet changing and varied senior needs while maintaining profitability.  Owners and operators of senior living facilities must become responsive and make changes that are swift and diverse.

Actuaries used to define senior housing construction projections and schedules are based on population data that are five or more years out. These metrics attempt to address occupancy and growth challenges as senior living occupancy rates fluctuated between the 86 – 88 percent mark for 2019 according to new data from the National Investment Center for Seniors Housing & Care (NIC). The third quarter of 2019 set a record for the highest demand of net new senior housing units while the construction data indicates a slowdown is near. The population projections of 2015 are not in accord with the latest senior housing demand. More cost-effective construction options and the repurposing of existing real estate is becoming a necessity to offset occupancy pressures and saturated markets.

For lower-income seniors, alternative living care models, including the Program of All-Inclusive Care for the Elderly (PACE), integrate Medicare and Medicaid financing; provide a comprehensive service delivery system. This coordination of care is an effort to defer or avoid seniors moving into a long-term care fee-for-service facility. Implementing this program and other, less costly models of care can help to address lower-income senior housing issues. These models will continue to leverage technology to drive innovation and efficiencies, as well as address workforce shortages.

The most challenging market segment for senior living is that of middle-income seniors. Those seniors without sufficient resources for long-term care but who are also not in a position to qualify for Medicaid seem to face some of the most significant issues as it relates to housing and healthcare costs. According to McKnight’s Senior Living, investors and operators focus on the upper end of income distribution as their preferred targeted residents while leaving state and local programs to provide for low-income seniors. This scenario leaves a large portion of middle-income seniors whose living needs are not adequately being addressed.

Applied digital technologies are changing the senior living sector, and the race to seize substantial market share in the active adult and under-addressed middle-class needs has not gone unnoticed by tech behemoths like Apple and Amazon. Alexis Ohanian, the co-founder of Reddit, who runs a venture capital firm, is predicting that a significant change is imminent for senior living. New startups, heavy on innovation and technology, will bring major disruption to existing senior living models and facilities very soon.

Existing operators and investors of aging senior living facilities are increasing investment in a wide range of offerings and services to remain operationally sound and competitive. One service strategy is to partner with home health agencies that provide therapy under Medicare Part B while a senior resident ages in place. Another is to create more public spaces within facilities. The creation of roof-top restaurants and park spaces on the property can increase senior socialization alleviating depression, which is a contributing factor to downward health spirals for seniors. Smartwatch technology that acts as a smart key for residents as well as a movement and health monitor reduces the number of daily interactions with staff and provides a way for loved ones to monitor their spouse or parent remotely. Creating more job flexibility for staff and dramatically increasing wages for hourly positions is a necessity to recruit and retain competent staff in a tight labor force.

While many of the baby boomers are still below the average age of residents that live in traditional senior communities, demographics point to the fact that the senior living industry will soon be under more pressure than ever to provide for a diverse and increasingly particular population. Market sector opportunities in middle-income senior living will drive innovation as competition increases, and companies vie for market share. These opportunities to realize new solutions will positively affect the entire senior income spectrum for housing.

We help seniors come up with comprehensive plans to address the aging process and the challenges that come with it.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our Ruston, Louisiana office by calling us at (318) 255-1760.

 

The Truth About Millennials and Financial Planning

/in /by

Millennials include fiscally conservative, savings oriented, and future planners seeking financial freedom as core attributes. A large part of millennials’ formative years was influenced by the US sub-prime mortgage crisis beginning in 2007, shortly followed by an international banking crisis, which led to what became known as the Great Recession. The millennial generation would have ranged from ages 11 – 26 years of age when this economic downturn began. Living through this economic volatility, not seen since the Great Depression, gave rise to the fiscally conservative millennial mindset. The other socio-economic force that continues to shape the millennial fiscal mindset is the student loan crisis. Cbinsights.com finds 41 percent of millennials carry student loan debt for which there is no personal bankruptcy relief. This debt crisis places unique financial pressures on nearly half of a generation, and many are seeking new ways to manage their income, debt, and future savings.

This conservative mindset has underpinnings of investment optimism about achieving financial goals according to reporting by the Union Bank of Switzerland Investor Watch report (UBS), and millennial goals are different from generations before them. The definitions of what being successful include a focus on personal success rather than maxing out returns on investments. This personal success is a balance of financial, relationship, and experiential factors, prioritizing long-term financial considerations like retirement or caregiving aging parents. Millennials understand their number one goal is to attain financial freedom, with a conscience. The UBS report goes on to say that 78 percent of millennials are more likely than other generations to believe income is a critical success factor and feel that income should be about 220,000 dollars to be considered a success. Millennials are also more apt to think money can buy happiness because their pursuit of money is geared toward financial freedom rather than excessive accumulation.

UBS Investor Watch Report

According to Forbes, many mid-life millennials (late 20’s and 30’s) are changing the order of, or opting out of traditional family and financial milestones of their predecessor generations. Some will have children before marriage; others will resolve all debt (think student loans) before entering into homeownership, and most will invest with sustainability and environmental concerns at the forefront of decision making. As the oldest millennials turn age 40 in 2020, many are conducting personal financial checkups, taking stock of their assets, liabilities, and insurance needs. Re-evaluation of and adjustments to financial plans help to ensure financial goals can be met.

Though most millennials do not yet have a professional financial advisor, ten self-directed steps can help to evaluate your current financial plans and make any necessary adjustments.

  • Specifically, relist your financial goals and work backward from them to see what financial processes you need to put in place to achieve those goals. Embrace learning and be patient as you track your spending, pay yourself first, and break long term goals into short achievable steps.
  • Think about life insurance. What will happen to your family or loved ones in the event your family has to survive without you and the income you provide? A death benefit will provide financial stability and help them to survive.
  • If you have not already done so, make a will and include medical directives, and consider a durable power of attorney should you become incapacitated.
  • Revisit the parameters of your current budget, and if you are willing, get outside professional input as most people’s expenses are higher than they think. There is a human tendency to overlook some existing expenditures and not be aggressive enough when it is time to make cuts in spending.
  • Assess and update your investment choices. Particularly pay attention to your 401(k) plan and other retirement savings vehicles like IRAs. Confirm they are aligned to your risk tolerance and perhaps reduce the number of high-risk equities into slower, high-dividend stocks. Look at the advantages of adding an annuity into your 401(k) plan and other changes that the SECURE Act of 2020 brings to retirement planning. Understand that the old model of 60 – 40 equities to bond ratio is no longer deemed advisable.
  • If you have excessive credit card debt, address it now. Pay down the highest interest balance(s) first if you are servicing debt as opposed to attacking a principal payment.
  • Do you have student loans? Again, pay down the highest-interest loans first by monthly auto-deducting it from your checking account. Explore the possibility of consolidating multiple student loans into one payment and negotiate a lower rate and longer time to pay lower monthly payments.
  • Weigh the costs of homeownership. Some millennials, particularly those without children, may prefer not to be anchored to home real estate, maintaining the flexibility of movement for job opportunities. Those who want a home must assess financial responsibilities beyond the costs of a mortgage and real estate tax, considering the workload and cost of home upkeep.
  • Review your health insurance, and be sure it is adequate to cover your family’s needs. Children especially are subject to many doctor visits and requirements for attending school with proper vaccinations. If you are fortunate enough to have health insurance through your employer, check that the deductible and co-insurance options make the most sense for your situation.
  • Finally, take a good look at your health situation. While this doesn’t sound related to finances in the long run, it is. Is your diet unhealthy, and are you overweight? These factors potentially set you up for the likelihood of diabetes two and future joint and mobility problems. Are your cholesterol and blood pressure numbers in a healthy range? Do you need to reduce alcohol intake? Do you work out consistently in the three formats you need, which are weight training (strength building), aerobic exercise, and a stretching routine like yoga? Being as physically healthy as possible reduces overall health costs.

Millennials are at the cusp of their middle age planning stage of life and realizing that life’s priorities are a moving target.  While the above pertains to millennials, the importance of planning – both legal and financial – is critical at any age.

We help families of all ages plan for what is important to them, and to make sure their plans and wishes and properly documented. If you’d like to discuss your particular situation, please give us a call. We’d be honored to help.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our Ruston, Louisiana office by calling us at (318) 255-1760.

The Biggest Worry to Getting on Medicaid

/in , /by

Home ownership is the American Dream. People work hard all their lives to own a home, and it is often their most valuable and significant possession. So when health begins to fail and the need for long-term care arises, we often get this fear-filled question from our clients: will they take away my home?

The enormous and on-going costs of nursing-home care are astronomical, on average around $8,500.00 a month depending on location. The joint federal and state Medicaid program foots the bill for one in four of around 75 million recipients in this country. This is an enormous drain on government funds. To recoup some of those costs, then, the Medicaid rules permit states to take the value of a recipient’s home in some cases, to reimburse the program for funds it has expended.

Yet, because a home is such an essential family possession, the rules treat a primary residence as exempt – that is, its value is not counted as available to pay for nursing home care from the homeowner’s pocket, before Medicaid kicks in. The home is protected, to a certain extent, for the benefit of Medicaid recipients and their close relatives.

That protection can be lost, however. The value of the house can be counted against a Medicaid applicant, and benefits denied or curtailed, when:

  • A homeowner has no living spouse or dependents, and
  • The owner moves into a facility permanently, with no intent to return home, or
  • The owner dies.

In other words, as long as the owner expresses the intent to return home, and the owner’s spouse or disabled or blind child live in the home, the home will not be counted against the owner for Medicaid-eligibility purposes.

Once the owner passes, however the state may place a lien on the home, to secure reimbursement of the value of the Medicaid services the owner received. This lien makes it impossible to sell the home or refinance a mortgage, without first paying the state what it may be owed.

As elder law attorneys we know a number of ways to protect homes from this kind of attachment. If you come to us at least five years before you anticipate needing nursing-home care, we can preserve your home or its value such that Medicaid will not count it, or lien against it, at all.

Or, if a child moves into the home and cares for an ailing parent for two years, permitting the parent to stay home and out of a nursing home, the house can then be given as a gift to that child without any Medicaid penalty or disqualification. Ordinarily, Medicaid heavily penalizes giving away property, but this is one exception.

There are other strategies available. The home can be given to a disabled child without penalty or disqualification. Or, you might keep the right to live in the house for your lifetime and deed the remainder interest to others, who will then own the house after you pass. However, each strategy comes with risks that must be fully explored before determining the correct one.

An overall plan that is tailored to suit each individual, and to meet as many contingencies as possible, requires juggling a number of puzzle-pieces. There is no one cookie-cutter solution. The key is to plan before you or your spouse may need nursing-home care.

As one piece in the overall picture of a balanced estate plan, we can help you save your home.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our Ruston, Louisiana office by calling us at (318) 255-1760.

Baby Boomers in the New Decade

/in /by

The baby boom generation is comprised of those Americans born 1946-1964, and according to the US Census Bureau (Bureau of Census), their numbers are estimated to be 73 million strong. This number represents nearly 20 percent of the American public. As they enter their 60, 70, and 80th decades, their influence will help to guide how billions of federal funds will be spent on critical public services like health care, housing, and social safety net programs like social security. The guiding forces behind baby boomer life in the 2020s are high expectations during a much longer retirement, more investment choices but less investment safety, and rising interest rates. There is more of a reliance on personal savings instead of pensions (which are often underfunded), while the gap of aging success between the rich and the poor remains.

As a demographic group, baby boomers wield the most financial power of any living generation.

Business Insider

As such, they continue to have a powerful impact on the direction of the US economy. Aside from federal spending, baby boomers are a significant focus of the marketing campaigns and business plans of many corporations. As a generation, they are also shifting focus from lifespan to healthspan. The all too cliché phrase 60 is the new 40 is rooted in how many baby boomers feel, more active and vibrant than ever before, and with a bank account to command attention and buy freedom of choice. An extension of this wellness trend is a retiring populous that is busy traveling, running marathons, building homes, starting new businesses and new chapters of life. Mindfulness and wellness are hallmarks of this generation, and it is leading them to a higher quality of retirement life.

Despite this aggregate of optimistic financial data, there is evidence suggesting the current poverty rate of 9 percent in the elderly American population will remain steady in the coming decade. Approximately 7 million older people will be living without sufficient income to meet housing, utilities, food, and medical needs. Many more baby boomers may fall into the poverty category in the 2020s because of insufficient retirement planning. Addressing this inequality will be challenging as successful aging is in large part due to financial stability as the rich are living longer while the poor are dying younger. Measuring retirement security then is based on overall healthspan (the number of years you can live independently) and wealth span (the amount of money over time you have available for your non-working years). The success of baby boomers’ retirement is generally defined decades earlier by a person or their spouse’s education level, work history, economic affluence and accumulation throughout their working years with a bit of luck tossed in.

The time in which baby boomers have had to accrue wealth has been primarily an economic boom cycle with a couple of economic corrections and downturns, most notably the Great Recession of 2008. Depending on how a baby boomer may have been financially positioned during these times can be the difference between substantial personal savings and struggling to meet retirement income needs. The equivalent purchasing power of one dollar in 1980 is $3.12 in 2020. A steadily increasing interest rate and an overall lessening of the dollars purchasing power can make fixed income living a precarious situation. Additionally, the cost of living adjustment (COLA) through social security benefits is not favorably weighted to living expenses of the aging US population. The deregulation and rules of financial vehicles that offer low to no tax rates like IRAs, Roth IRAs, annuities, life insurance policies, and more are continuously amended, mostly in the economic favor of the government or corporations offering the financial options. Even private and government pensions are not safe from payout reductions. The Social Security Administration (SSA) is admitting that without legislative reform to its program, social security benefits will only meet 75 percent of scheduled benefits by the year 2035.

The socioeconomic impact of the baby boomers will be an active force throughout the 2020s. As a generation, they are morphing the word “retirement” into the notion of a transitional life phase as they seek to repurpose their lives rather than sit on the proverbial front porch swing. Creative and inventive life shifts are inevitable as baby boomers spend down their wealth and money-making institutions, private or government, are poised to earn or tax those dollars.

We help baby boomers create comprehensive estate plans that focus on their current health and financial needs and the needs of those they wish to leave an inheritance to.

If you have questions or need guidance in your planning or planning for a loved one, please do not hesitate to contact our Ruston, Louisiana office by calling us at (318) 255-1760.