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Category Archives: Aging

Losing Your Grip?

Written on February 3, 2012 by Thom Cooper in Aging, Asset Protection, Planning

By Dolly Wilkerson

Have you jumped the fence into Middle Age? We may grow wiser with years thanks to lessons we learn, but maybe not as quickly as we used to. Words and names flow to the tip of the tongue and then evaporate there at the most embarrassing moments. It’s frustrating and we all suffer from it, some more then others. A recent study called “Age of Reason” states that our mental sweet spot occurs at the average age of 53.

Preparing for retirement is only a small part of the picture. You have to prepare for the unfortunate reality that at some point, your thinking is going to diminish and your ability to make sound decisions that affect you and your family will also suffer. It is only common sense that you begin the planning early and revisit it often.

Four steps that are recommended include:

Get your documents together: starting with a durable power of attorney (POA). Other documents should include an up to date will, health care POA, and current beneficiary forms just to name a few.

Know someone who can give you a second opinion: This could be a responsible adult child, a capable friend you’ve known for a long time, a trusted financial adviser, or an elder law attorney specializing in these matters.

Read the fine print: make sure the annuity or the financial instrument you are considering purchasing actually covers the long term care you are interested in. In a recent case in Westwood, NJ a daughter, whose father suffered from Alzheimer’s and was living in an assisted living facility tried to exercise the waiver on the annuity he owned. The insurance company turned her down citing that it waived fees only for those living in “nursing homes”.

Give your adviser a back door way of protecting you: Most advisers and elder law attorneys will ask for an “incapacity letter”. It allows the professional to alert a designated person if mental decline becomes apparent in the normal course of doing business.

The toughest part of all is knowing when to sound the alarm. Linda Patchett of Chapel Hill, NC, gets it right when she says “Within each person rages the tension between maintaining independence and self-hood and recognizing deficits”. Age 60, she says, is “a very good time to bring the issues of aging into sharper focus.”

Ref: AARP Magazine, January-February 2012, “Your Money / Financially Speaking / Sound the alarm if you’re not as mentally sharp as you once were”

Will You be Happy Centenarian?

Written on January 25, 2012 by Thom Cooper in Aging

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By Kathy Cooper

The UN estimates that there are around 455,000 centenarians, those who have reached the age of 100. Here are pictures of some of them. You can tell they have a story to tell. What will your story be?

Karsten Thormaehlen's “Happy at On Hundred”

Alzheimer’s Disease and the “And Then” Test

Written on January 23, 2012 by Thom Cooper in Aging, Health

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By Jordan Myers

Alzheimer’s Disease is NOT a normal part of aging. The Alzheimer’s Association says that, “although the greatest known risk factor is increasing age, and the majority of people with Alzheimer's are 65 and older. But Alzheimer's is not just a disease of old age. Up to 5 percent of people with the disease have early onset Alzheimer's (also known as younger-onset), which often appears when someone is in their 40s or 50s.”

The Alzheimer’s Association also notes that, “many people have trouble with memory — this does NOT mean they have Alzheimer's. There are many different causes of memory loss. I recently attended a round-table meeting of professionals in the senior community. A topic of discussion at our meeting was noticing the changes and signs of dementia in older adults. When dealing with a parent or loved one who is developing symptoms of the disease, there may be noticeable signs, or there may not. People that are struggling with the disease may not be incompetent, but may be having trouble with critical thinking and decision-making skills.

A member of the group discussed an interesting technique in helping a loved one notice these changes. She referred to it as the “And Then Test”. An individual suffering from the onset of Alzheimer’s disease and dementia may begin making irrational choices or decisions. To help them identify these poor or irrational judgments, ask them afterwards “And then what?” By forcing them to follow the series of events and the consequences, you sometimes stimulate their critical thinking skills, or identify if they are able to make important decisions on their own. If the series can be complete through 3, 4, or 5 “And then what’s” then they are probably aware of the decisions their making and the consequences. If they cannot, well then this exercise will hopefully make them aware as well as you!

If you or a loved one is experiencing symptoms of dementia, it is best to visit a doctor so the cause can be determined and proper treatment can begin. Also, remember that you need to start planning as early as possible with an elder law attorney to protect their assets.

Our Aging Population

Written on December 6, 2011 by Thom Cooper in Aging

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By Bob Kueppers

The oldest members of the Baby Boom generation are just hitting 65. That means a much larger percentage that ever before of the US population are soon-to-be seniors. "All Assisted Living homes" has a great infograph illustrating this growing demographic.

Hope for Alzheimer’s Patients

Written on September 16, 2011 by Thom Cooper in Aging, Health

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By: JM Megail Gaumer

The debilitating disease of Alzheimer’s received a glimmer of hope today according to a nasal spray study being conducted by the Veterans Affairs Puget Sound Health Care System in Seattle, Washington reported by NBC News. In a Phase II trial of 104 volunteers with Alzheimer’s or mild cognitive impairment patients showed slowed or stopped progression of the disease. These are encouraging results for the treatment of this disease, which has not seen any effective treatments to date.

While the study is far from complete, researchers will soon begin the next phase of the study on a much larger scale to determine its success. Even though it would still take years for the nasal spray to become available if the results are positive, to those who suffer the disease and the family members who watch their loved ones slipping away, it is hope they need.

We see and speak to these families on a daily basis and while we are not medical researchers, we are available to help you plan, allowing you to focus your efforts on the care of your loved ones. Please call for a consultation so that we may begin helping you and your family.

Some Friday Fun Facts .. Boomers as Silver Surfers?

Written on August 12, 2011 by Thom Cooper in Aging

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By Robin Courch

One Baby Boomer is reaching the age of 65 every eight seconds since January 1, 2011, according to the January/February issue of the AARP Bulletin. That’s more than 10,000 per day.

Adults 50 and older own 65% of the aggregate net worth of all US households (US Consumer Expenditure Survey)

One-third of the 195.3 million Internet users in the US are adults aged 50+ (aka Silver Surfers”) and represent the Web’s largest constituency (Jupiter Research)

“Boomers” were born between 1946 and 1964.

By 2015, those aged 50 and older will represent 45% of the US population (AARP)

The boomers were the first generation with significant spending power, and that combined with their numbers fueled the growth of massive marketing campaigns and the introduction of new products, along with new terminology, such as “pop group” and “Hippie, ” some of whom progressed to “Yuppie.”

See “The Baby Boomers” full story: http://bulldog2.redlands.edu/fac/diane_macunovich/web/baby_boomers.pdf

Now, boomers are retiring at a time when their savings have been decimated by the recession, pensions are vanishing, home values have declined, jobs are being lost and new ones are scarce. Health care costs are rising and the future of Medicare, Social Security and Medicaid are uncertain.

Boomers range from healthy and active individuals living at home to nursing home residents. They range from the financially needy to the wealthy, well educated to illiterate, mentally alert to those with dementia.

Every family’s situation is different and there are no simplistic answers, however we haven’t even scratched the surface of new tools and technologies to aid us in the science of aging. The arena for research, development, design, testing, and launching of products and services geared toward the “boomer consumer” is vast and boomers are the ones driving the demand, since after all we will be the end users. I have confidence and great hope for a better way of growing old.

What Seniors Want

Written on August 1, 2011 by Thom Cooper in Aging

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By Kathy Cooper

Has it ever occurred to you that there is a gold mine in making products that seniors want and can use to make their lives easier? Yes, there are websites and catalogs that have some aids, but, I beginning to believe that the feeble attempts to produce senior-oriented products must be designed by people young enough to have no earthly idea what it’s like to struggle with aging. To my knowledge, these designers have missed the opportunity to take advantage of a few simple ideas:

Why can’t they make a TV remote with two buttons – one for on/off/volume and the other for changing channels? Have you ever tried to teach your elderly parents how to use the typical remote control? I think that you might find that only 15-year-olds really know what to do with them.

I am amazed that more seniors don’t kill themselves trying to get their prescriptions set up. Yes, there are buzzers (my mom would not hear them) and fancy pill boxes, but that assumes that the senior can figure out the schedule! I had to make a spreadsheet to keep up with my mom’s prescriptions. Why can’t drug stores offer a service to pre-package all the pills due each day at specific times?

And what’s the deal with shoes – do they have to be so big and ugly when their designed for the golden age set? Velcro, as far as I know, comes in all sizes. It doesn’t take much Velcro to keep shoes in place but every person over 50 who has Velcro sneakers looks like they are wearing a tank on each foot that most of them stumble over as they walk! I can’t understand why they can’t make a half-stylish flat shoe with a couple of thin Velcro strips to keep them on their feet – easy on, easy off and much easier on the eyes.

One final rant: walkers. Who designed walkers so the squeak when you fold them up in the back of the car – wouldn’t a couple of rubber bumpers make sense? And, what about the way they’re designed to take up as much room as possible – has no one looked at the way an umbrella folds up with a simple button mechanism? Oh, yeah, and what about the disaster-waiting-to-happen that occurs when you want to carry your coffee in one hand and push your walker with the other into the living room? It is crazy.

Designers, if you’re out there, take heed. As we age, we Baby Boomers are not going to put up with the unattractive shoes and the inconvenient walkers. We do not intend to be humiliated by the TV remote nor do we wish to kill ourselves with complex pill schedules.

Estate Planning in Good Times and Bad

Written on July 20, 2011 by Thom Cooper in Aging, Estate Planning, Planning

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By Robin Crouch

With growing numbers of baby boomers entering retirement age and thousands of US soldiers returning home, there is a mounting need for long-term planning for heath and continuing care benefits.

Our clients depend on us to help them ease their tax burdens, preserve their assets and safeguard their futures. The cost of long-term care can consume a person’s assets if an effective estate plan is not in place.

Keeping up with critical developments in elder law and providing real solutions to the unique problems veterans face can be difficult. Through continuing education and experience, our Attorneys and staff offer the newest and most effective life plan procedures and strategies for qualifying clients for benefits while preserving their wealth.

“The consequences of today are determined by the actions of the past. To change your future, alter your decisions today.”~ Anonymous

Don’t be disappointed five years from now by the things you didn’t do today, call Cooper, Adel & Associates to map out a guide to your Life Plan.

Hoping Retirement Doesn’t Become a Joke

Written on July 14, 2011 by Thom Cooper in Aging, Asset Protection, Estate Planning, Planning

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By Julian Guilfoyle

“A man is known by the company that keeps him on after retirement age.” Anon

Soon-to-be retirees have a plight worth empathizing. The last ten years has brought them two devastating recessions, the first was marked by a national tragedy, the latter a housing crisis that threatened their front door itself. All too often they heard, “ It’s a recession when your neighbor loses his job; it’s a depression when you lose yours”. Translated for today it must be, it’s a “bubble” when your neighbor loses their home, it’s a crisis when you lose yours.

I believe the housing crisis has further reaching implications that have yet to be seen. For instance, imagine a soon-to-be-retiree who before the crisis invested a portion of their retirement to pay off their mortgage. I know why they chose that route; it had always been a sound strategy to invest in your principal residence. The thought was, at any point if one wished to downsize in retirement, they could, then reap the rewards of their homes’ gain in value. At the very least, they thought, when we pass on we will have left an inheritance for our children. Little could anyone realize that a few short years later their homes would be worth less than the mortgage they paid off. It doesn’t end there. As the crisis squeezed the value of their homes, the shock it caused to the market sent their IRA or other retirement vehicle back into the red. Little do they realize that if either they or their spouse require public benefits because of a health care event as they age, all of their sacrifice could be lost to Ohio’s estate recovery program.

As the baby boomers retire, at a rate of ten thousand per day for the next nineteen years no less, it’s no secret that across our nation purses are tightening. Retirees have watched their parents enjoy the stability of provided by Medicare and Social Security. Now like the rest of us, they wonder if they will be able to depend on those entitlements as well. The rules of the game have been changing too much as of late making it more difficult to make sound decisions.

Between long-term care, protecting and preserving their income and assets, and avoiding over-taxation, soon-to-be-retirees have much to think about. Call us for a free consultation to discuss your situation: In a DIY world, don’t stay a soon-to-be uninformed retiree, get your ducks in a row and become an informed retiree.

Choosing between assisted living or a nursing home

Written on June 29, 2011 by Thom Cooper in Aging, Nursing Home Planning, Planning

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(from NYTimes.com)

Too often there is a gray line between when a loved one should enter an assisted living facility vs. a nursing home. Paula Span wrote and interesting article that was recently featured in the NewYork Times discusses this issue.

“Like so many adult children, Catherine Hawes confronted The Promise. You may have experienced this fraught conversation, too: Your elderly parent grasps your hand and pleads, “Promise me you’ll never put me in a nursing home.”

Dr. Hawes, a professor of health policy and management at the Texas A&M Health Science Center, happens to be one of the nation’s leading experts on long-term care. “I’ve been in this business for 35 years, but when my mother said, ‘I’d rather die than go to a nursing home — promise me you’ll never put me in a nursing home,’ I felt like every other child feels. It’s a knife to the heart.”

The great interest in assisted living over the past 20 years stems, in part, from families making The Promise. Assisted living — a term encompassing a bewildering variety of facilities, from small family-operated homes to 100-unit complexes -– has advantages and disadvantages, but chief among its attractions is that it’s not a nursing home.

When families can no longer keep an older adult in his own home (the almost universal preference) and are investigating congregate living, that’s everyone’s first thought. Everyone says, ‘My mom doesn’t belong in a nursing home,’ so they think assisted living, regardless of her medical needs or prognosis.

“Good nursing home” is not a contradiction, by the way, despite the industry’s longstanding and well-documented problems. “Nursing homes have gotten a bad rap,” says Lisa Gwyther, the veteran social worker who directs the Duke Family Support Program in Durham, N.C. There are good ones, and there are seniors who need them.

For instance, “anyone with moderate to severe cognitive impairment and problem behaviors like resisting care or becoming alarmed if someone tries to help them shower generally belongs in either a dementia unit with well-trained staff or in a nursing home. In standard assisted living, there’s not enough staff to help.”

Dr. Hawes says the ideal candidate for assisted living was Miss Daisy, the character in the play and the film starring Jessica Tandy. Miss Daisy, lucid and opinionated, didn’t need extensive nursing or personal care, just transportation, light housekeeping and meals, and the attention of the courtly Morgan Freeman. If that’s your mother, she may not need a nursing home.

At least, not yet. Families shopping for facilities hear a lot about “aging in place.” Marketing directors may imply, or even say, that this will be your parent’s last home. But however suitable assisted living may be when a resident moves in, the average stay is a little over two years, and the most common reason for moving out is needing more care than it can provide.”

If you find the decision between assisted living or a nursing home to be a stressful one, think about the financial aspect of it as well. Don’t wait for “crisis planning” and get your ducks in a row by scheduling a free consultation with the Thom L. Cooper Company.